Q BioMed Inc. said it acquired generic non-opioid cancer bone pain drug Strontium-89 Chloride USP after entering a settlement deal with Bio-Nucleonics Inc.
The settlement resulted in Q Biomed's immediate ownership of the generic medicine, including its abbreviated new drug application.
Strontium-89 Chloride, marketed under the Metastron brand, is a U.S. Food and Drug Administration-approved treatment for excruciating pain in the bones due to cancer spreading to new areas of the body. The medicine is administered as a single injection, with one dose said to reduce pain and lasts in three or more months.
Under a 2016 licensing deal, Q Biomed was granted the exclusive global license to the generic drug and related intellectual property. The agreement also gave the New York-based company an option to acquire the assets within three years of the deal.
In December 2018, Q Biomed sued BioNucleonics and other related parties in the Supreme Court of New York, New York County for not transferring the rights to the drug even after being notified by the company that it will exercise the option to acquire the assets covered by their initial licensing agreement.
Q Biomed also accused BioNucleonics of misappropriation of funds, breach of contract, fraud and fraudulent inducement.
New York-based Q Biomed is preparing to launch Strontium-89 Chloride USP in the U.S. market by late 2019, pending the FDA's approval of the contract facility that will manufacture the drug.
