NeurogesX Inc. (Nasdaq: NGSX) has obtained US Food and Drug Administration (FDA) approval for Qutenza (capsaicin) patch for the treatment of neuropathic pain caused by post-herpes neuralgia, nerve pain that can follow shingles. The company notes that Qutenza is the first and only product containing prescription strength capsaicin for this pain.
The announcement is good news for Moshe (Mori) Arkin, who has invested NIS 20 million in the San Francisco-based pharmaceutical company, and owns 15% of it.
NeurogesX's share rose 7.2% at the opening today to $8.83, giving a market cap of $155 million.
NeurogesX plans to commercialize Qutenza in the US through its own sales force and with the initial launch in the first half of 2010. It noted that a million Americans a year suffer from shingles, about 20% of whom develop post-herpes neuralgia. The market is estimated at $300 million a year in the US.
Arkin is best known for his sale of Agis to Perrigo Company (Nasdaq:PRGO; TASE:PRGO). Last month, he participated in the sale of Ap-Sab-Ar Holdings Ltd. (the Apax Partners-Saban Capital Group Inc.-Arkin consortium) 30% holding in Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ) to Shaul Elovitch's 012 Smile.Communications Ltd. (Nasdaq:SMLC; TASE: SMLC) for NIS 6.5 billion. Arkin has other investments in biomedical companies, including in Exalenz Bioscience Ltd. (TASE:EXEN).
Published by Globes [online], Israel business news - www.globes-online.com - on November 17, 2009
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