Terms of the deal include cash milestone payments and a royalty in exchange for exclusive worldwide rights to SNI’s lead drug- TV1001SR. Dr. Amol Soin, founder and CEO of Soin Neuroscience, is an inventor of the drug and a practicing pain management physician who has witnessed the opioid epidemic cripple his hometown of Dayton, OH.
Dr. Soin also is the current president of the State Medical Board of Ohio– appointed to the board in 2013 by Governor John Kasich. “As physicians, we have limited tools to treat pain since most of the stronger painkillers are addicting. It is important for us have options to treat pain without opioids- we desperately need newer safer medications. This is what led me on this journey of research and development- to help those who are suffering without creating addicts,” Dr. Soin said.
Cleveland Diabetes Care (CDC), led by its CEO Dr. Charles Richardson, MD, plans to move the drug through its final clinical stage, obtain FDA approval, and commence market launch. Dr. Richardson, who is also the founder of CDC, is a successful biotech entrepreneur and inventor who has founded several successful biotech companies including Cleveland Heart and Transworld Med as well as several other businesses.
“I am excited that TV1001SR will be in capable hands to move forward with a team led by Dr. Richardson who has the talent and skill set to help take this product to market,” Dr. Amol Soin noted.
In a recently completed Phase II trial of TV1001SR, patients who suffered from painful diabetic neuropathy noted significant reduction in pain. This is compelling since the drug offers a new way to treat pain with a new type of medication that lacks addiction or sedating side effects. Given the rise of abuse and…