Teva Pharmaceutical to Give Microchips Biotech US$35 Mn to Commercialize Drug Delivery Technology
Published By : 18 Jun 2015 | Published By : QYRESEARCH
Microchips Biotech announced on Wednesday its first partnership will world’s largest generic drugs maker Teva Pharmaceutical. Microchips Biotech is a spinout of MIT and is currently developing an implant meant for long term drug delivery.
Teva Pharmaceutical will be paying Microchips Biotech US$ 35 million in order to commercialize the drug delivery technology in an undisclosed area. By gaining the support of the pharmaceutical giant, getting the technology to reach a wider audience will become possible.
The drug delivery innovation by Microchips is a microchip array the size of a finger nail. These can be implanted in the human body and programmed in a manner that will release certain doses of drugs over several months or even years. The frequency or dosage of the drugs can be wirelessly altered or changed from an external device. Microchips states that these drug delivery devices can administer medication for as long as 16 years.
The core idea of the long term drug delivery system is to help patients who depend on daily medication manage their dosage schedules and stick to them regularly. This system could also prove to be a painless alternative to delivery mechanisms such as daily injections.
Microchips Biotech is developing this drug delivery system for numerous disease areas. However, the company has noted that contraceptives for women, diabetes, and treatment options for osteoporosis are the initial target areas.
Cheryl Blanchard, the chief executive stated in an email that the alliance with Teva Pharmaceutical is an excellent opportunity to bring this technology to a wider market.
Entrepreneurs and researchers at the Massachusetts Institute of Technology Michael Cima and Robert Langer first described this idea of implanting drug delivery systems back in 1999 in the journal Nature. Microchips Biotech was founded in the years following that idea.
The main investors of the company include Medtronic, Polaris Partners, Flybridge Capital Partners, Intersouth Partners, and Interwest Partners.