Cipher Pharmaceuticals (OTCBB:CPHMF; TSX:DND) has entered into a definitive distribution and supply agreement with Tecnofarma International, giving Tecnofarma the exclusive right to market, sell and distribute CIP-Tramadol ER in Latin America.
Uruguay-based Tecnofarma operates in 18 Latin American countries and will launch the product in certain territories, including Brazil and Mexico.
CIP-Tramadol ER is an extended-release formulation of tramadol, which is used for the treatment of moderate to moderately severe chronic pain in adults. The product received FDA approval in 2010.
“Completing this agreement demonstrates progress with our strategy to extend the reach of our currently marketed products and generate additional revenue streams,” Larry Andrews, president and CEO of Cipher said in a statement.
“Tecnofarma is a significant player in the region with deep experience in pain management, which positions it well to introduce our extended-release tramadol product in key Latin American markets,” he added.
Under the terms of the agreement, Cipher will receive an upfront payment and is eligible for additional milestones based on regulatory approval in Brazil and Mexico.
Cipher will supply product to Tecnofarma. Product manufacturing will be fulfilled by Cipher’s partner, Galephar Pharmaceutical Research.