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SUDA Pharmaceuticals (ASX:SUD) signs distribution deal for sleep spray

Health Care
ASX:SUD
24 August 2021 14:20 (AEST)
Suda Pharmaceuticals (ASX:SUD) - CEO and MD, Michael Baker

Source: Suda Pharmaceuticals

SUDA Pharmaceuticals (SUD) has entered an exclusive licence and distribution agreement for ZolpiMist in Australia.

The agreement was signed with STADA Pharmaceuticals Australia, a member of the global, German-based STADA Group.

Under the agreement, SUDA will receive an upfront fee of $170,000 plus a milestone payment of $40,000.

SUDA will also gain a 10 per cent royalty, based on net sales of ZolpiMist, which it will manufacture and supply at an agreed price.

ZolpiMist is a fast-acting oral spray for the treatment of insomnia. The product is said to reduce sleep latency and be easy to consume without water or swallowing, unlike conventional tablets.

According to a survey conducted by the University of Southampton, the number of people suffering from sleep problems rose from one in six, to one in four during the COVID-19 pandemic.

Clinical data has demonstrated a faster onset of action using ZolpiMist over conventional tablet forms of the drug, a critical factor for an effective anti-insomnia medication.

SUDA’s Executive Director of Business Development David Phillips said the company was excited about developing its partnership with STADA, which it said had strong credentials to successfully market ZolpiMist in Australia.

“By completing an agreement in Australia, we continue to make progress for the commercial build out of ZolpiMist,” Mr Phillips said.  

“This partnership is anticipated to lead to SUDA’s first revenue stream from the commercialisation of a product from our portfolio.”

SUDA Pharmaceuticals closed up 2.13 per cent to 4.8 cents on August 24.  
      

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