Neumentum to receive $3MM upfront payment and is eligible to receive total development, regulatory and sales-based milestones of up to an additional $50MM plus royalties
MORRISTOWN, NJ, October 21, 2020 – Neumentum Inc., a pharmaceutical company dedicated to transforming the way pain is treated – without opioids – today announced that the company has entered into a license agreement with Nuance Biotech Co. Ltd (Nuance), a China based specialty pharmaceutical company, providing Nuance with the exclusive rights to develop and commercialize Neumentum’s novel ketorolac for IV infusion (NTM-001) in China. NTM-001, is a novel, alcohol-free formulation of ketorolac in a convenient to use pre-mixed bag for continuous 24 hours IV infusion, for the treatment of moderately severe acute pain requiring analgesia at the opioid level, usually in a postoperative setting.
“This collaboration with Nuance provides a path to develop NTM-001 in China, which has become a very large market for pain products, and validates the global need for non-opioid analgesics,” said Scott Shively, chief executive officer of Neumentum. “We are pleased to be working with Nuance, whose stated mission is to become the leading Pain company in China.”
Under the terms of the agreement, Neumentum will receive an upfront payment of $3 million and is eligible to receive additional potential development, regulatory and sales milestone payments of up to $50 million, as well as low-double-digit percentage royalty payments on future net sales, which percentage is subject to reduction under customary circumstances. In addition, subject to the terms and conditions set forth in the agreement, Neumentum granted to Nuance a non-exclusive option to develop and commercialize NTM-001 in certain Asian Pacific countries and territories other than China.
“We are excited to collaborate with Neumentum, a global leader in the space of pain, to bring NTM-001 to China,” said Mark Lotter, founder and CEO of Nuance. “NTM-001 is a differentiated product addressing unmet needs in China. As a company specializing in Post-Operative Pain management, the addition of NTM-001 strengthens the current portfolio and allows for Nuance to assume a leadership position in this area. We are committed to the successful commercialization of this drug and building a comprehensive portfolio in China.”
About NTM-001
NTM-001 is a novel, alcohol-free formulation of ketorolac in a convenient to use pre-mixed bag for continuous 24 hours IV infusion, for the treatment of moderately severe acute pain requiring analgesia at the opioid level, usually in a postoperative setting with the benefit of consistent pain relief without the risks associated with opioids, or the disadvantages of bolus short-acting ketorolac.
About Nuance
Nuance is a fully integrated pharmaceutical company engaged in creating value through China’s specialty pharmaceutical markets, with an established focus on iron deficiency, pain management and respiratory. Nuance is founded in 2014 and received multiple rounds of financing from leading investors which includes the CBC Group (formerly C-Bridge Capital), which is one of the largest and most active healthcare-dedicated investment firms in Asia.
About Neumentum: Addressing a National Health Emergency
Opioid use is considered a critical public health concern in the US. In 2018, 9.9 million people over age of 12 reported misusing prescription opioid pain relievers, and opioids were involved in 46,802 overdose deaths2. Opioids also account for over 305,000 emergency department visits annually for non-fatal overdoses3. Despite these staggering statistics, and the frequently reported opioid-induced side effects such as nausea, vomiting, constipation and somnolence, 168 million prescriptions– over 51 prescriptions per 100 Americans–were written for opioids in 20184
Neumentum is dedicated to becoming a leading non-opioid analgesic and neurology specialty pharmaceutical company with product candidates that have the potential to provide the benefits of safe and effective pain management, without the risks for abuse, misuse and diversion seen with opioids or the opioid-induced side effects including potentially life-threatening respiratory depression. Neumentum is led by a world-wide executive team of biotech and pharmaceutical industry leaders who have extensive experience in pain and neurology, from drug development through commercialization. For more information, visit www.Neumentum.com.
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INVESTOR CONTACT:
Scott Shively
CEO & Co-founder
scottshively@neumentum.com
(833) NEUPAIN
MEDIA CONTACT:
Kate Coyle
Westwicke, an ICR company
Kate.Coyle@westwicke.com
203-682-8210
[1] SAMSHA, Key Substance Use and Mental Health Indicators in the US: Results from the 2018 National Survey on Drug Use and Health. P13, Fig 10. [2] Wilson N, Kariisa M, Seth P, Smith H IV, Davis NL. MMWR Morb Mortal Wkly Rep 2020; 69:290–297 [3] Vivolo-Kantor AM, Hoots BE, Scholl L, et al. MMWR Morb Mortal Wkly Rep 2020;69:371–376 [4] www.cdc.gov/drugoverdose/maps/rxrate-maps.html, accessed 16 Jul 2020