JERUSALEM, Dec. 11, 2019 /PRNewswire/ -- Intec Pharma Ltd.
(NASDAQ: NTEC) ("Intec" or "the Company") today announces the
termination of the Feasibility and Option agreement with Novartis
for the development of a custom-designed Accordion Pill®
(AP) for a proprietary Novartis compound, despite the AP having met
the technical and pharmacokinetic (PK) clinical specifications set
forth by Novartis. Novartis, following an internal and revised
commercial strategic assessment, advised Intec that this program no
longer meets Novartis' mid to long-term strategic goals. Novartis
agreed to pay Intec Pharma $1.5 million
USD on conclusion of the program.
This project was originally announced in January 2018. Under the terms of the agreement,
the drug and therapeutic area were not disclosed.
"While we are disappointed that Novartis is not moving forward
with this AP, the technical and clinical work conducted as part of
this program has added to our growing body of scientific knowledge
relating to the Accordion Pill platform and has expanded our tool
chest of drug-on-film technology," stated Jeffrey A. Meckler, Vice Chairman and Chief
Executive Officer of Intec Pharma. "We have enjoyed working
with the Novartis team and, given their enhanced understanding of
the advantages of our gastric retentive AP oral drug delivery
technology, we are now looking to identify additional compounds in
the Novartis portfolio that can benefit from the unique
characteristics the AP platform."
As previously announced, the Company is in the process of
restructuring the clinical manufacturing planned to support this
program in order to reduce costs.
About Intec Pharma Ltd.
Intec Pharma is a clinical-stage biopharmaceutical company
focused on developing drugs based on its proprietary Accordion Pill
platform technology. The Company's Accordion Pill is an oral drug
delivery system that is designed to improve the efficacy and safety
of existing drugs and drugs in development by utilizing an
efficient gastric retention and specific release mechanism. The
Company's product pipeline includes two product candidates in
clinical trial stages: Accordion Pill Carbidopa/Levodopa, or
AP-CD/LD, which is in late-stage development for the treatment of
Parkinson's disease symptoms in advanced Parkinson's disease
patients, and AP-cannabinoids, an Accordion Pill to deliver either
or both of the primary cannabinoids contained in Cannabis sativa,
cannabidiol (CBD) and tetrahydrocannabinol (THC) for various pain
indications. In addition, the Company has a research collaboration
with Merck & Co.
For more information, visit www.intecpharma.com. Intec Pharma
routinely posts information that may be important to investors in
the Investor Relations section of its website.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward looking statements about our
expectations, beliefs and intentions. Forward-looking statements
can be identified by the use of forward-looking words such as
"believe", "expect", "intend", "plan", "may", "should", "could",
"might", "seek", "target", "will", "project", "forecast",
"continue" or "anticipate" or their negatives or variations of
these words or other comparable words or by the fact that these
statements do not relate strictly to historical matters. These
forward-looking statements are based on assumptions and assessments
made in light of management's experience and perception of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate. Forward-looking
statements in this press release are made as of the date of this
press release, and we undertake no duty to update or revise any
such statements, whether as a result of new information, future
events or otherwise. Forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties,
many of which are outside of our control. Many factors could cause
our actual activities or results to differ materially from the
activities and results anticipated in forward-looking statements,
including, but not limited to, the following: our limited operating
history and history of operating losses, our ability to continue as
a going concern, our ability to obtain additional financing, our
ability to successfully operate our business or execute our
business plan, our ability to enter into collaborative, licensing,
and other commercial relationships and on terms commercially
reasonable to us, the timing and cost of our clinical trials, the
completion and receiving favorable results in our clinical trials,
our ability to obtain and maintain regulatory approval of our
product candidates, our ability to protect and maintain our
intellectual property and licensing arrangements, our ability to
develop, manufacture and commercialize our product candidates, the
risk of product liability claims, the availability of
reimbursement, and the influence of extensive and costly government
regulation and our ability to remain listed on the Nasdaq Capital
Market. More detailed information about the risks and uncertainties
affecting us is contained under the heading "Risk Factors" included
in our most recent Annual Report on Form 10-K filed with
the SEC on February 27, 2019, and in other filings
that we have made and may make with the Securities and
Exchange Commission in the future.
Intec Pharma Investor Contact:
Anne Marie Fields
VP-Corporate Communications & Investor Relations
646-200-8808
amf@intec-us.com
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SOURCE Intec Pharma Ltd.