Pitney Pharmaceuticals Pty Ltd
Pitney Pharmaceuticals Pty Ltd is an Australian company, which is in the business of developing therapeutic cancer products.  It has exclusive rights to two oncology technology platforms, which are being developed with an aim to improve the outcomes of patients with cancer.    
The technology platforms

​Pitney is undertaking further research of an anthelminthic active to determine the clinical scope and application of this active in oncology.  Pitney has entered into a Collaborative Research and Option Agreement with a leading global animal health company, Novartis, setting out the terms of the research program including ownership of intellectual property and results, an option to licence granted by Pitney over its intellectual property ownership, and other standard commercial terms associated with agreements of this type for the uses in veterinary oncology.   

In addition to the work to develop a veterinary product with Novartis, Pitney is separately clinically evaluating this anthelminthic in human cancers.   

Albendazole (Platform 2):

Albendazole is an approved anti-parasitic drug that is being investigated for its use in treating ascites-related malignancy. The market is estimated at approximately $500 million per annum as defined by the only product on the market (Removab).

 PharmAust is focused on developing an intraperitoneal formulation of albendazole to enable localization of the drug in the abdomen with minimal systemic toxicity and effective reduction of ascites accumulation in the abdomen. In order to successfully commercialise the product the company will need to:Albendazole is an approved anti-parasitic drug that is being investigated for its use in treating ascites-related malignancy. The market is estimated at approximately $500 million per annum as defined by the only product on the market (Removab).

PharmAust is focused on developing an intraperitoneal formulation of albendazole to enable localization of the drug in the abdomen with minimal systemic toxicity and effective reduction of ascites accumulation in the abdomen. In order to successfully commercialise the product the company will need to:

1) Phase II study undertaken with a new formulation of albendazole designed to retain the drug in the abdomen. This activity may be undertaken with a partner specializing in drug formulation and development. The study will be in a rising dose format in order to identify the optimal therapeutic dose of the new albendazole formulation​.

2) Phase III registration trial as a prelude to launching with a partner (this trial may be unnecessary depending on the degree of clarity and efficacy seen in the Phase II and on whether regulators allow PharmAust to expand the Phase II trial into a registration trial.

Intellectual property and licences for the platforms
 
The intellectual property for all three platforms has been developed during the past 10 years at the University of New South Wales, St George Hospital in Sydney and is being commercialised by New South Innovations Pty Ltd (the commercialisation arm of the University of New South Wales). 

​Pitney has been granted three exclusive worldwide royalty-free non-transferable licences (one for each platform) to use, make, develop, sell and commercially exploit the technology in any way it deems appropriate.  Each licence has a specific "Statement of Intent", which sets out how the technology for each platform is to be developed.  Under the terms of each licence agreement, NewSouth Innovations Pty Ltd may terminate the licence if Pitney does not use the technology in accordance with each Statement of Intent within 3 years of the effective date of the licence agreement.