Arovella Therapeutics Ltd (ASX: ALA), a biotechnology company focused on developing its invariant Natural Killer T (iNKT) cell platform and its oral spray delivery technology to treat cancer and conditions that affect the central nervous system, announces that STADA Australia has initiated its commercial launch for ZolpiMist (zolpidem tartrate), a product indicated for the short-term treatment of insomnia in adults.
On 29 July 2020, Arovella announced that the Therapeutics Goods Administration (TGA) approved the registration of Arovella’s most advanced product, ZolpiMist, for the short-term treatment of insomnia in adults. Subsequently, on 24 August 2021, Arovella announced that it entered into a licence and distribution agreement with STADA Australia. Following successful manufacturing of the product, STADA have initiated their commercial launch of the product in Australia.
Under the terms of the agreement, Arovella will coordinate manufacturing of the product through its Australian manufacturer. Arovella is in the process of implementing a more economical, elegant, and userfriendly child resistant lock (CRL). Arovella will receive a milestone payment of $40,000 upon the anticipated TGA approval of the new CRL. The CRL is expected to be implemented from the second batch of product manufactured. Once the new CRL has been implemented, in addition to supply price, Arovella will receive a 10% royalty on net sales of the product.
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