Q BioMed makes headway with commercial launch of cancer bone pain drug; announces legal settlement on ownership

Q BioMed Inc (OTCQB:QBIO), the biotech accelerator group, reached a milestone Wednesday in its bid to commercially launch its cancer bone pain drug as it announced a settlement in the legal action, which means it now has outright ownership.

The company has reached agreement with BioNucleonics Inc over the non-opioid cancer bone pain drug Strontium-89 Chloride USP and will assume immediate ownership of the drug, including the aNDA (abbreviated new drug application), under a “mutually favorable global royalty agreement”, it said in a statement.

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The drug is for the treatment of metastatic bone cancer pain via a single injection and has been shown to reduce or even eliminate the need for opioid therapies.  It is effective in reducing pain in the majority of patients and lasts three or more months with one dose.

“We have never been more confident in the merits of this program. It has taken longer than anticipated to get here, but we are soon going to be able to serve the needs of patients suffering from metastatic bone pain and provide them the chance to minimize their pain and improve their quality of life during a meaningful moment in their lives,” said Q BioMed chief executive Denis Corin.

“With millions of potential patients, this is a major market opportunity for us and our shareholders. In addition, we are investigating and planning expansion trials to provide additional indications for the drug and entry into an even larger therapeutic market.”

Gearing up efforts

Q Biomed has been gearing up its commercial efforts and FDA approval is pending for a contract facility that will manufacture the drug in the US.

“While we cannot comment on the FDA review of our contract facility, we are proactively preparing for launch late this year. We have on-boarded our commercial team and will make further announcements regarding national and international distribution in the very near future. In addition, our commercial infrastructure is prepared, including pharmacovigilance, medical information, government contracting and marketing,” the company said in today’s statement.

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