Iconovo AB (publ) announced today that the company has made a decision to invest in the development of a new dry powder inhalation platform. This platform will comprise a new inhalation device, ICOpre, and bespoke dry powder formulations. The new products are developed to target the global market including the US.
In the coming ten years, the inhalation market is expected to be dominated by the GlaxoSmithKline products based on the new Ellipta inhalation device. At present, five drug products are available in Ellipta with a total market value of 2.7 BUSD (2018). The value is expected to grow to 5.0 BUSD in 2024 (source: Evaluate Pharma Vantage publications). The first patent protecting these products will expire starting 2025 and Iconovo is investing to be able to offer generic versions of these products. Iconovo's estimates of the business opportunity has been validated by PWC Strategy and their global network.
Ellipta is a pre-filled inhalation device holding 30 doses. Each individual dry powder dose is filled and sealed at the factory in order to guarantee a high precision. A generic version of Ellipta in the US must also use a pre-filled device, in order to be registered. Iconovo intends, therefore, to develop a novel device, ICOpre, which is pre-filled and meets all other requirements for generic approval in Europe and in the US. ICOpre will be based on novel and proprietary technology and will not be limited by the Ellipta patents valid until 2030.
Iconovo estimates the development time to be about 3 years. 20 MSEK has been reserved for the investment. Iconovo is well financed with 40 MSEK in cash to back the investment.
"This is the biggest and most important investment in Iconovo's five-year history. With the ICOpre-platform we will be able to reach, not only the European market, but also the very valuable US market. We are one of the companies in the world capable of offering a comprehensive inhalation platform including both an inhalation device and dry powder formulation", says Dr. Orest Lastow, CEO.
For further information please contact:
Orest Lastow, VD, orest.lastow@iconovo.se, telephone: 076-5422220
About Iconovo AB
Iconovo was founded in 2013 by people with long experience in inhalation development. The company develops inhalers and associated drug preparations that are used to treat asthma and COPD. However, Iconovo also has the competence to develop products for new types of inhaled drugs such as vaccines.
By working with Iconovo, pharmaceutical companies and generic companies can access a complete pharmaceutical product, thereby eliminating the complex and costly early stages of the development phase. Iconovo licenses its patented products to customers and offers a faster way to the inhalation market with lower risk and at a lower cost.
More information about the company can be found at www.iconovo.se.
Iconovo is based in Lund and its share.
This information is information that Iconovo is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at October 25th, 2019 08:15 CEST.
