Velcera, Novartis sign global licensing agreement

LANGHORNE, PA. — Velcera Inc. inked a global licensing agreement with Nov-artis Animal Health to develop, register and commercialize a canine product using Velcera's patented oral mucosal drug-delivery technology.

Details were not disclosed, but the deal generally calls for upfront payments, milestone payments along the development path and royalties based on Novartis sales, Velcera officials report. It's the latest move by the new animal-health company to stake a claim in the $10 billion pet-health market with the deployment of its drug-delivery system, a metered-dose liquid mist to the oral mucosa branded Promist™.

In related news, Velcera named former EP MedSystem's executive Mathew C. Hill its chief financial officer, completed an equity financing deal in March (terms not disclosed) and became a public-reporting company.

Velcera President and CEO Dennis Steadman says the events are milestones in the company's development.