HealthSport's wholly owned subsidiary InnoZen has entered into a letter of intent (LOI) with Cure Pharmaceutical to establish a joint venture for the development of malaria drug products using oral thin-film device technology.
Under the non-binding LOI, the parties will contribute technology, research and development and other resources and will negotiate the formation of a joint venture, for the development and commercialisation of certain pharmaceutical products.
The products utilise InnoZen’s and HealthSport’s oral thin-film technology in order to provide the sustainable and profitable delivery of affordable medications to all markets.
InnoZen COO Thomas Beckett said that combining their companies’ resources and expertise will provide a opportunity to further advance their thin-film technology and to leverage the resources to open up markets around the world for the distribution and sale of our proprietary products.
Cure Pharmaceutical CEO Edward Bjurstrom said that they believe that HealthSport’s technology has substantial advantages over other drug delivery technologies currently in the market and that their joint venture could provide more effective, affordable and sustainable healthcare solutions for some of the destructive diseases and wide-spread medical conditions.