Transdermal Delivery Solutions Corp. (TDSC), has agreed to sell all Intellectual Property rights to its investigational medicinal product INS-2301 (formerly named Levellor™) to InsuLife AS. INS-2301 is a potentially transformational diabetes therapy, offering a needle-free transdermal (spray-on-the-skin) insulin delivery. Previously, InsuLife held licensed exclusive market rights for this technology in Europe. Through this agreement, the company will have ownership, and by that exclusive worldwide rights, to all INS-2301 IP.
“We are happy to announce this agreement between our two companies, allowing InsuLife to develop and commercialize INS-2301 for a market potentially more than ten times the size of that under our original agreement,” says Aage Naerdal, CEO of InsuLife AS.
“We look forward to continuing our close relationship with InsuLife,” says Kenneth B. Kirby, President of TDSC. “This agreement allows us to participate in the success of INS-2301 while freeing up resources for TDSC to investigate and develop transdermal delivery solutions to other therapeutic areas.”
As a part of the transaction terms, TDSC is to obtain a significant shareholding in InsuLife and thus maintain a mutual basis for future close cooperation.
Having conducted a successful funding round, InsuLife will now embark onto its regulatory pathway, aiming at introducing INS-2301 to the market by 2024.