Business
Skye Bioscience and Tautomer Bioscience Enter Exclusive License for SBI-100 for Development and Sale of Products for Chronic Pain and Other Indications in South Africa and Rest of Africa
San Diego, California and Johannesburg, South Africa--(Newsfile Corp. - December 5, 2023) - Skye Bioscience, Inc. (OTCQB: SKYE) ("Skye"), a pharmaceutical
About this update from Skye Bioscience, Inc.
[{"type":"text","content":"San Diego, California and Johannesburg, South Africa--(Newsfile Corp. - December 5, 2023) - Skye Bioscience, Inc. (OTCQB: SKYE) (\"Skye\"), a pharmaceutical company developing drugs targeting the endocannabinoid system, and Tautomer Bioscience (Pty) Limited (\"Tautomer\"), a privately-owned biopharmaceutical company focused on addressing unmet medical needs in oncology, pain management and infectious diseases, announced today that they have entered into an agreement under which Skye is providing Tautomer with an exclusive license to develop and commercialize Skye's proprietary THC prodrug, SBI-100, as a novel suppository application for chronic intractable pain and other indications (\"Tautomer Products\") in South Africa and the rest of Africa.\nUnder the terms of the agreement Tautomer has the right to develop and commercialize products based on Skye's active pharmaceutical ingredient, SBI-100, formulated as a suppository, and related intellectual property. Tautomer is responsible for all formulation, preclinical and clinical development, drug product manufacturing and regulatory costs. Skye will receive development milestones, sales milestones, and tiered double-digit royalties on net product sales and will be compensated for all development work, including the supply of SBI-100 active pharmaceutical ingredient (\"API\") for the Tautomer Products. Under the terms of the agreement Tautomer will also purchase Skye shares in open market transactions complying with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Skye has retained certain rights and options to obtain rights to the future use of new jointly developed intellectual property and other intellectual property owned or controlled by Tautomer related to SBI-100.\n\"Chronic pain causes disability, with significant personal and societal cost. According to PAIN SA, chronic pain affects 20% of the adult population in South Africa, with women and the elderly the worst affected. Our region, like the rest of the world, requires more non-opioid alternatives to address this growing epidemic,\" said Martin Magwaza, Managing Director of Tautomer. \"South Africa has a progressive regulatory, legislative, and academic environment which embraces cannabinoids as therapies. Tautomer believes that the SBI-100 technology is an ideal candidate to harness the power of the endo...