QUINNOVA PHARMACEUTICALS, INC. JOINS THE AMNEAL ENTERPRISES, LLC
New Alliance Extends Reach Into Dermatology
Bridgewater, NJ (USA), December 20, 2010 -- Amneal Enterprises, LLC, an
alliance of life science companies, is pleased to announce the addition of
Quinnova Pharmaceuticals, Inc., Newtown, PA, as an independent affiliate of
Amneal Enterprises, LLC via its acquisition by AmDerma Pharmaceuticals, LLC.
This exciting move enables Amneal Enterprises to expand strategically into
the fast-growing dermatology market.
“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,” explained Chirag Patel, Co-Chairman of Amneal Enterprises, LLC.
“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.”
As a member of the Amneal Enterprises alliance of life science companies,
Quinnova can take advantage of extensive resources in research &
development, marketing strategy, intellectual property, business development
and other areas across the member alliance companies. The dermatology firm
is expected to accelerate its growth with this broad-based support. Quinnova
and other companies aligned under the Amneal Enterprises umbrella stand to
gain significant value from the affiliation by leveraging each company’s
strengths to move faster toward realizing aggressive and bold long-term
goals. Under the new ownership, Quinnova Pharmaceuticals 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. 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,” said Jeffrey S. Day, Quinnova’s
President and CEO.
Quinnova Pharmaceuticals is a specialty pharmaceutical company that develops
and markets novel topical delivery platforms based on prescription
dermatology drugs. The company’s FDA-approved Proderm Technology™ Delivery
System (“Proderm”) addresses the need for improved, cost-effective treatment
options for skin disorders such as dermatitis, fungal infection, psoriasis
and acne while simultaneously enhancing efficacy and patient compliance.
Quinnova currently has several prescription medications on the market,
including its FDA-approved NEOSALUS brand of foam and cream, which are
available through dermatologists, podiatrists and pediatricians. Because of
its flexibility, Proderm presents an excellent platform for future product
development in a variety of indications.
“I have been working with Quinnova Pharmaceuticals since the inception of
the company. I believe their technology platforms offer a unique opportunity
to develop topical treatments for skin diseases, creating new treatment
options for the physician and enhancing patient compliance,” said Joseph F.
Fowler, MD, Clinical Professor of Dermatology at the University of
Louisville and Scientific Advisor to Quinnova.
The U.S. therapeutic dermatology market - encompassing disorders and
diseases of the skin, mucous membrane, hair and nails - is presently valued
at $6.4 billion annually. It is expected to grow to $8.9 billion by 2013 due
to the often chronic nature of skin diseases. Dermatologists and podiatrists
are generally dissatisfied with current treatment options, citing poor
efficacy and low patient compliance.
About Amneal Enterprises, LLC
Amneal Enterprises, LLC, with principal offices in Bridgewater, NJ, is a
U.S.-based alliance of independent, diverse, closely-held life science
companies with products ranging from generic drugs to specialty pharma and
biologicals to innovative delivery technologies. While all member
enterprises and management teams are independent and unique to their
business entities, they share a common culture of high science, commitment
to regulatory compliance and the highest standards of good business
practices. With access to the full complement of business and technical
resources across the aligned members, they also share a common vision of
rapidly becoming market leaders in their individual fields. For more
About Quinnova Pharmaceuticals, Inc.
Quinnova Pharmaceuticals, Inc. is a specialty pharmaceutical company focused
on the development and commercial sale of prescription drug products based
on innovative dermal drug delivery platforms. Quinnova employs a
“reformulation strategy” whereby already-proven safe and effective
pharmaceutical ingredients are delivered in unique, effective, convenient,
cosmetically elegant and patent-protected delivery systems. This
“reformulation strategy” enables Quinnova to bring revenue-generating
prescription products to market on a relatively short development time line.
For more information, visit
Advisor, Sales & Marketing Strategy
Amneal Enterprises, LLC
620 Newport Center Drive, 14th Floor
Newport Beach, California 92660
Cheryl Lechok Communications, LLC
30 Glen Terrace
Stamford, CT 06906