Penwest Pharmaceuticals Co. has signed a development and licensing agreement with Cobalt Laboratories Inc. to develop a formulation of an undisclosed compound utilizing Penwest's TIMERx drug delivery technology. Under the terms of the agreement, Penwest will receive undisclosed fees and payments.
Jennifer L. Good, Penwest's President and CEO, said, "We are pleased to have signed this development and licensing agreement with Cobalt. This is the second collaboration we have entered into to license our proven TIMERx drug delivery technology outside our primary focus in neurology. These arrangements fit with our strategy of leveraging the value of our proprietary drug delivery technologies to provide additional financial benefit to Penwest while permitting us to focus our internal resources on building our own product pipeline."
Penwest is a drug development pharmaceutical company dedicated to bringing to the marketplace innovative products that help improve the lives of patients. The company's goal is to identify, develop and commercialize prescription products that address unmet medical needs, primarily for disorders of the nervous system.
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