SCOTTSDALE, Ariz., Aug. 13, 2013 /PRNewswire/ -- Prismic Pharmaceuticals, Inc., the Scottsdale, Arizona-based pharmaceutical company, today announced that it has secured another worldwide agreement. This time, the agreement covers inflammatory and painful conditions such as Diabetic Neuropathy and other Neuropathic disorders, as well as Osteo and Rheumatoid Arthritis and other pain-related conditions.
Prismic signed the strategic partnership agreement with the Italian company Epitech Group SRL. It gives Prismic rights to Epitech's entire product range, including Palmitoylethanolamide (PEA) for all conditions and, perhaps more importantly, all regulatory categories. This means that Prismic's exclusive rights extend from food and nutritional supplements, to Medical Foods and Foods for Special Medical Purposes, to exclusive rights for prescription drugs.
Commenting on the agreement, Prismic's Chairman and CEO, Peter Moriarty, stated, "This is another milestone achievement for Prismic in rapidly building value for our shareholders. These are valuable assets with robust patent protection and significant commercial potential, not just in the United States but on a global basis. We, therefore, plan to expeditiously seek commercial partnerships throughout the world."
According to Moriarty, the only areas excluded in the worldwide agreement are Italy and Spain, and the limited number of instances where Epitech has a pre-existing product arrangement in place with a third-party company.
Prismic's Chief Medical Officer, Dr. Teo Forcht Dagi, stated that, "This partnership is also of great importance to Prismic because Epitech has a very impressive pipeline in the field of Central Nervous System (CNS) disorders. Epitech's team is working on neuroinflammation and neurodegeneration through modulation of non-neuronal cells such as microglia, astrocytes, and mast-cells."
Epitech's CEO, Dr. Raffaella della Valle, commented, "We are delighted to enter into this strategic partnership agreement with Prismic Pharmaceuticals. Epitech prides itself on the quality of our research and development, and on our extensive patent portfolios. We are very aware of the fact that our products, and, in particular, micronized and ultra-micronized Palmitoylethanolamide (PEA), have tremendous commercial potential in all of the major markets of the world. By partnering with Prismic, whose Management team has exceptional commercial and business development experience, we are confident that PEA, and our other products, will soon be launched in the major markets by key companies with whom Prismic partners."
About Prismic Pharmaceuticals, Inc.
Prismic Pharmaceuticals, Inc., is a privately held pharmaceutical company focused on the development and marketing of prescription medical foods for the clinical dietary management of the metabolic processes associated with many of the disorders associated with the aging population, particularly where inflammation is involved. The company is based in Scottsdale, Arizona, and was founded in 2011. Contact 480.422.1810 or visit www.PrismicPharma.com.
About Epitech Group SRL.
Epitech Group SRL is a pharmaceutical company, headquartered in Padova, Italy, with a strong commitment to R & D in the pharmacology of biological modulation. It has developed and markets a range of products in Italy and Spain directly and through commercial partners. www.Epitech.it
Peter J. Moriarty
SOURCE Prismic Pharmaceuticals, Inc.