PALM BEACH, Florida, April 25, 2017 /PRNewswire/ --
Q BioMed Inc. (OTCQB: QBIO) and ASDERA LLC today announce a licensing agreement that provides Q Biomed with the worldwide exclusive rights to ASDERA's ASD-002, which is being developed to treat a rare pediatric nonverbal disorder. Under the terms of the agreement, Q Biomed receives global rights to develop and commercialize the drug in the rare pediatric disease market.
Among the more than 60,000 US children who develop autism spectrum disorders (ASD) every year, 20,000 become nonverbal or lose the ability to speak. The numbers are similar in Europe and this nonverbal group will have to rely on assisted living for the rest of their life. Read this and more news for Q BioMed at: http://marketnewsupdates.com/news/qbio.html
Denis Corin, CEO of Q Biomed said, "Given the severity of this disorder, and the immense emotional toll on these children and their families, our goal is to move the product forward quickly, by using all the regulatory tools available to us to expedite the advancement of this drug candidate."
The cost for treatment and assisted living in the US alone can equal or exceed ten million dollars per patient over a lifetime. The estimated cost to the US healthcare system and lost productivity is estimated at 200 billion dollars each. Currently, there is no treatment for this disorder. EEG, behavioral, and genetic testing, can identify a much targeted population of children in their second year of life that we believe would respond to this treatment. "We are very excited about the potential of ASD-002 and hopefully this will allow thousands of children each year to develop speech and live independent and productive lives," added Corin.
In other Youth Mental Disorders and ADHD developments as well as stock performances in the market of leading pharma companies:
Novartis AG (NYSE: NVS) closed up slightly on Monday at $74.61 trading over 2.9 Million shares by the market close. As recently as December of last year, there were rumors that Novartis intended to sell its older drugs for central nervous system conditions. The drugs that were being considered for sale included Ritalin for treating Attention Deficit Disorder and Exelon for treating Alzheimer's. The sale is yet to materialize though and the Chief Executive Officer of Novartis, Joe Jimenez, has continuously asserted that the central nervous system drugs remain a priority.
Shire plc (NASDAQ: SHPG) recently announced that Vyvanse is now available in the U.S. as a chewable tablet. "Vyvanse chewable tablets will offer an option to patients who may need an alternate form of this medication," Mark Rus, MS, head of the U.S. neuroscience franchise at Shire, said in a press release. "Our primary responsibility is to our patients and, with the new Vyvanse chewable formulation, we offer physicians an option to help patients who may have difficulty swallowing or would prefer a chewable tablet, to help manage their condition."
Mylan N.V. (NASDAQ: MYL) closed up slightly on Monday at $37.47 trading over 4.3 Million shares by the market close. Mylan launched the generic version of Janssen's Concerta nearly 4 months ago in the US market. It received final FDA approval for the product's ANDA. "The launch of generic Concerta tablets demonstrates Mylan's leadership in complex development and manufacturing and in bringing to market a broad portfolio of high quality generics," said Mylan CEO, Heather Bresch in a press release.
Eli Lilly and Company (NYSE: LLY) closed up on Monday at $83.42 trading over 4.7 Million shares by the market close. LLY manufactures Strattera (atomoxetine), which affects chemicals in the brain and nerves that contribute to hyperactivity and impulse control. Strattera is used to treat attention deficit hyperactivity disorder (ADHD).
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