BioNxt Solutions Inc. ("BioNxt" or the "Company") is pleased to report that it has signed a non-binding term sheet (the "Term Sheet") for the acquisition of certain intellectual property assets and rights related to a novel solid oral drug dosage form coating delivery technology (the "Technology").
The Term Sheet sets out a number of terms (the "Terms") for the acquisition that include but are not limited to: 1) the transfer and assignment of all right, title and interest in the Technology from the transferor to BioNxt; 2) a royalty on net sales derived from the sale of products developed, manufactured, used or sold utilizing the Technology is to be paid by BioNxt to the transferor (the "Royalty"); 3) reimbursement of costs incurred in connection with filing and prosecuting patents (plus overhead) are to be paid by BioNxt to the transferor; and 4) the Royalty may be reduced at any time provided that BioNxt pays the transferor a lump sum. The Terms are subject to the Parties' entering into a definitive technology transfer agreement and full details will be provided upon signing.
"BioNxt is extremely pleased to expand our technology portfolio with an additional drug delivery platform," said Hugh Rogers, CEO & Director of BioNxt. "This novel coating system could significantly improve oral tablet and capsule drug delivery with more precise and predictable dosing. We see a broad range of potential applications from nutritional supplements and over the counter medications to prescription medications and psychedelic compounds."
The global oral solid dosage pharmaceutical market was valued at US$ 524.6B in 2021 and is expected to top US$ 1.03T in value by the end of 2032, expanding rapidly at a CAGR of 6.4% over the 2022-2032 study period according to Fact.MR research and consulting. Revenue from the sales of oral solid dosage pharmaceuticals accounted for 23.8% share of the global pharmaceutical drug delivery market in 2021.