Circassia Pharmaceuticals said last week that it inked a deal for the exclusive commercialization rights to AIT Therapeutics’ nitric oxide device, AirNOvent, in the U.S. and China.
Using an electric voltage, the portable AirNOvent system produces nitric oxide from the nitrogen and oxygen in the air.
According to the terms of the deal, Circassia is slated to pay $7.35 million up front to AIT, with a number of additional payments contingent upon regulatory milestones.
The agreement includes all potential indications in the hospital setting for the administration of inhaled nitric oxide at up to 80 parts per million, Circassia said, including hypoxic respiratory failure linked to persistant pulmonary hypertension in newborns.
“Acquiring the US and Chinese commercialization rights to the innovative product AirNOvent represents an important milestone in Circassia’s strategic transformation into a commercially-focused respiratory pharmaceutical business,” CEO Steve Harris said in prepared remarks.
“With our commercial platform established in the United States and our rapid expansion in China nearing completion, we look forward to leveraging our infrastructure to commercialize this novel product, once approved,” Harris added.
