BRIDGEWATER, N.J. — Amneal Enterprises LLC has expanded into the dermatology market with the addition of Quinnova Pharmaceuticals Inc. as an independent affiliate.
Newtown, Pa.-based Quinnova joins the Amneal alliance of life science companies through its acquisition by AmDerma Pharmaceuticals LLC, Amneal said Monday.
A specialty pharmaceutical firm, Quinnova develops and markets novel topical delivery platforms based on prescription dermatology drugs. The company’s Proderm Technology Delivery System addresses the need for improved, cost-effective treatment options for skin disorders such as dermatitis, fungal infection, psoriasis and acne while enhancing efficacy and patient compliance, according to Amneal.
Quinnova currently has several prescription medications on the market, including Neosalus foam and cream. Because of its flexibility, Proderm presents an excellent platform for future product development in a variety of indication, Amneal noted.
"Dermatology has long been an area of strong interest to us. There are enormous unmet needs, a culture of innovative physicians and important opportunities for newer and better technologies. We are determined to create a much-needed next generation dermatology company and have identified Quinnova as an ideal organization with the potential to grow into a great enterprise," stated Chirag Patel, co-chairman of Amneal Enterprises. "We see exciting times ahead with Quinnova’s outstanding team and unique topical delivery platforms, further empowered by leveraging the full range of Amneal Enterprises resources."
Amneal said that as a member of the alliance, Quinnova can take advantage of extensive resources in research and development, marketing strategy, intellectual property, business development and other areas.
Under the new ownership, Quinnova will remain an independently operating company.
"I’m very excited about becoming a member of the Amneal Enterprises family of aligned companies and what it represents for all of us at Quinnova Pharmaceuticals," commented Quinnova president and chief executive officer Jeffrey Day. "It will allow us to revitalize initiatives we started four years ago, ramp up our commercial operations, complete high-potential R&D projects, build out a robust pipeline and fulfill the vision of what we’ve always believed our company can be."
According to Amneal, the U.S. therapeutic dermatology market — encompassing disorders and diseases of the skin, mucous membrane, hair and nails — is estimated at $6.4 billion annually and is expected to grow to $8.9 billion by 2013 because of the often chronic nature of skin diseases. Dermatologists and podiatrists are generally dissatisfied with current treatment options, citing poor efficacy and low patient compliance, the company added.
