Biosyntech, Nicholas Piramal sign agreement
Mumbai, Nov 20: Canadian biotechnology company Biosyntech today signed a scientific collaboration agreement with its biopharmaceutical partner, Nicholas Piramal.
The collaboration involves clinical studies for BST-InPod, being developed to alleviate the chronic pain associated with foot fat pads.
Nicholas Piramal Strategic Alliances and Communications director Dr Swati Piramal told reporters after signing the MoU that the collaboration will help generate more clinical data at a lower cost in India. Nicholas Piramal holds 17 per cent equity stake in Biosyntech.
Chronic heel pain is widespread, and according to the American College of Foot and Ankle Surgeons, 14 per cent of the adult population suffer from it. Injected directly into the fat pad, BST-InPod is expected to result in long-term reduction in pain by improving the biomechanical function of the treated fat pad.
Later, while talking to sources, Dr Piramal said, ''We're looking for a perfect medicine for arthritis and the new medicine, which is likely to hit the market soon, will regenerate the cartilege in patient's body and help cure the chronic pain associated with foot-fat pads.'' She said the phase-II clinical trials for the development of drug will be conducted in both countries, India and Canada.