Consort Medical PLC Announcement of master development agreement (5172M)

TIDMCSRT

RNS Number : 5172M

Consort Medical PLC

14 October 2016

Consort Medical plc

14 October 2016

Consort Medical closes Syrina(TM) Auto-Injector Master Development Agreement

Consort Medical plc ("Consort Medical", "Consort") (LSE: CSRT), is pleased to announce that Bespak has entered into a master development agreement including key commercial supply terms with a leading global biopharmaceutical company ("Company"). The agreement is focused on Bespak's novel Vapoursoft(TM) driven auto-injector technology, Syrina(TM).

Under the agreement, Bespak will develop a Syrina(TM) embodiment of a single product through to commercialisation. The framework of the agreement also allows for inclusion of additional development programmes for other products. In the event that the Company elects to commercialise the developed device, the agreement provides that the parties will enter into a full commercial supply agreement.

Syrina(TM) is one of a range of novel technologies developed at Bespak's Cambridge, UK based Innovation Centre. Through the use of a liquid gas propellant, rather than a spring to drive the delivery of the drug, Syrina(TM) facilitates delivery of a broader range of drug formulations and volumes, whilst also reducing or eliminating potential for glass syringe breakage.

Jon Glenn, Chief Executive Officer of Consort Medical, commented:

"We are delighted to initiate this collaboration for the development of a Syrina(TM) auto-injector product. This reinforces Bespak's position as a leading provider of drug delivery device solutions. We believe that Syrina(TM) and Vapoursoft(TM) offer significant opportunities for pharmaceutical and biopharmaceutical companies to develop patient-centric presentations of their drugs."

ENDS

Enquiries:

 
 Consort Medical                     Tel: [phone] 
 Jonathan Glenn - Chief Executive 
  Officer 
  Richard Cotton - Chief Financial 
  Officer 
 
 FTI Consulting                      Tel: [phone] 
 Ben Atwell / Simon Conway 
 

Note:

   1          Market Abuse Regulations (MAR) 

This announcement contains inside information.

Consort Medical plc is a leading, global, single source drug and delivery device company (CDMO). We are at the leading edge of innovation and we are committed to investing in patient, clinician and customer driven innovation to create new treatments, new markets and new opportunities.

Our businesses

Bespak is a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including respiratory, nasal, and injectable products, and the manufacture of devices for the point of care diagnostics market. www.bespak.com.

Aesica is a leading provider of finished dose and active pharmaceutical ingredient (API) development and manufacturing services to pharmaceutical partners. www.aesica-pharma.com.

We employ more than 2000 people globally of which 1400 are located in the UK. We have UK facilities in King's Lynn, Cambridge, Nelson, Milton Keynes, Cramlington, Queenborough and Hemel Hempstead, German facilities in Monheim and Zwickau and a facility in Pianezza, Italy. Consort Medical is a public company quoted on the premium list of the London Stock Exchange (LSE: CSRT). www.consortmedical.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 14, 2016 02:00 ET (06:00 GMT)