NORTH BRUNSWICK, N.J., Feb. 19, 2019 (GLOBE NEWSWIRE) -- Aucta Pharmaceuticals, Inc. (Aucta) announced today that it has entered into an agreement with Oakrum Pharma, LLC (Oakrum) to develop and manufacture four prescription generic pharmaceutical products that are intended to be commercialized in the U.S. under the Oakrum label. It is anticipated that the products will serve the retail market and will include oral solutions and topicals. The total addressable market exceeded $300 million in the aggregate for the 12-month period ending December 31, 2018, according to available data from IQVIA.
Shoufeng Li, CEO of Aucta, stated, “We selected Oakrum to be our exclusive U.S. marketer for these products because of the commercialization expertise the Oakrum team will bring to this collaboration. We continue to expand both our product development portfolio and our partnerships to help grow our business and continue to bring high-quality affordable prescription products to market.”
Marco Polizzi, CEO of Oakrum, stated, “We are excited to partner with Aucta on our first external product development collaboration. Aucta provides unique product development capabilities and scientific expertise that should grant Oakrum access to difficult-to-formulate products, and these products will contribute to our objective of bringing more affordable specialty and rare disease prescription products to market. These products are part of our growing pipeline of unique and high-quality affordable medicines.”
About Aucta Pharmaceuticals, Inc.
Aucta Pharmaceuticals, Inc. is a research and technology based pharmaceutical company focusing on the development and commercialization of niche generic and branded specialty products. The company’s corporate strategy is to focus on proven molecules, and, through innovation, create new therapeutics with lower scientific risk that fulfill unmet medical needs. Aucta’s specialty division has a therapeutic focus in CNS, Dermatology, and Pediatrics. For more information, visit www.auctapharma.com.
About Oakrum Pharma LLC
Oakrum Pharma, LLC is a privately-owned biopharmaceutical company focusing on development and commercialization of affordable drug therapies for rare diseases and specialty products with significant unmet needs. For more information, visit www.oakrumpharma.com.
Forward-looking Statements
Statements in this press release that are not historical facts, including statements about future expectations of Aucta are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Aucta intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Aucta’s actual results to be materially different from its historical results or from any results expressed or implied by said statements. Aucta’s actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of clinical trials, regulatory actions and the need for regulatory approvals, Aucta’s ability to fund development of its technology and to successfully complete clinical trials, the length of time and costs required to complete clinical trials and to submit applications for regulatory approvals, products developed by competing companies, commercial acceptance of Aucta’s products, and other factors. Aucta is not responsible for updating events occurring after the date of this press release.
Patricia Yang
(732)640-0030
pr@auctapharma.com