Australian emergency medical solutions specialist Medical Developments International Limited (ASX: MVP) has signed an extension to an agreement with the CSIRO to develop new manufacturing technologies for pharmaceutical products.
MVP CEO John Sharman said the collective ambition of the two organisations is to develop the next generation of manufacturing technologies to make “small molecule” pharmaceutical products at a significantly reduced cost and improved quality, compared with traditional processes.
We have seen good progress in the development of multiple continuous flow technologies,” Mr Sharman said.
“Our Lidocaine continuous flow process is in the final stages of development after which it could be ready to go to market. There are several other technologies in various stages of completion. This extension will underwrite MVP as a world leader in continuous flow technology.”
MVP will invest up to $5 million in this project over five years by funding the project as follows:
- 60% cash or shares. MVP may elect to pay up to 60% of the CSIRO fee by issuing ordinary shares; and
- 40% from funds received from CSIRO in return for share Options. CSIRO has agreed to invest 40% of its fee back into MVP by way of purchasing share “Options”.
CSIRO Manufacturing’s Science Director, Dr Paul Savage, said that by introducing transformative processing technologies, the organisation aims to further assist the global competitiveness and growth of the Australian pharmaceutical manufacturing industry.
