logo-loader
viewQ BioMed Inc.

Q BioMed's manufacturer of cancer bone pain drug Strontium-89 wins FDA clearance; shares rocket

The long-awaited approval of the IsoTherapeutics Group facility means the pain drug will soon be available to US patients and the rest of the world

Q BioMed Inc - Q BioMed Inc announced the US Food and Drug Administration has cleared its contract manufacturer IsoTherapeutics Group LLC to produce the company’s non-opioid cancer bone pain drug Strontium-89 Chloride USP
Strontium-89 is a non-opioid radiopharmaceutical for the treatment of painful skeletal metastases caused by cancer

Q BioMed Inc (OTCMKTS:QBIO) announced Wednesday that the US Food and Drug Administration has cleared its contract manufacturer IsoTherapeutics Group LLC to produce the company’s non-opioid cancer bone pain drug Strontium-89 Chloride USP. 

The long-awaited approval of the facility means that this important oncologic pain drug will soon be available to patients in the US and the rest of the world, according to a statement.  

Following the milestone announcement, the company's stock rocketed 343% higher to close at $1.62 a share on the over-the-counter markets.  

Q BioMed is now the only FDA-approved source for this drug in the western world. The company meanwhile is activating its planned commercial operations to support marketing, sales, and distribution in the US and, soon, in the rest of the world.

READ: Q BioMed partner Mannin wins $7.5M grant from German state to develop glaucoma therapies

Strontium-89 is a non-opioid radiopharmaceutical indicated for the treatment of painful skeletal metastases caused by cancer. The product is administered intravenously once every three months as an alternative to opioid analgesics and plays a critical role in the treatment of metastatic bone pain. 

The product has a long history of providing well-documented and significant pain relief for patients suffering from the excruciating pain associated with primary cancers that have spread to the bone, including breast, prostate, lung and others. 

Q BioMed said now is an ideal time to be launching Strontium-89, given the current concerns with the over-use of opioid drugs. In addition, as more therapies come to market for the treatment of primary cancers, more people are living longer with metastatic disease. 

It is estimated that about 2 million patients experience debilitating bone pain from metastatic disease. The opportunity to provide significant pain relief to this group is substantial.

"We have been anticipating this critical regulatory step for a long time, certainly longer than we hoped, but we are thrilled that we can now move forward with certainty,” said  CEO Denis Corin. “This is the start of a new chapter in the evolution of our company, and we are looking forward to serving the needs of thousands of patients suffering from metastatic bone pain, providing them the chance to minimize their pain and positively impact life with metastatic disease.

"With millions of potential patients around the world, this is a major market opportunity for our company. In addition, we are investigating and planning expansion trials to provide additional indications for the drug and entry into an even larger therapeutic market."

The New York City-based company will provide shareholders and those awaiting the drug's availability an update in the next 60 days.

-- UPDATES stock price --

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Q BioMed Inc.

Price: 1.46 USD

OTCQB:QBIO
Market: OTCQB
Market Cap: $24.41 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Q BioMed Inc. named herein, including the promotion by the Company of Q BioMed Inc. in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Q BioMed shares soar on FDA greenlight to begin...

Q BioMed Inc (OTCMKTS:QBIO) CEO Denis Corin tells Proactive the biotech is 'extremely pleased' with the FDA's decision to green light the production of its drug Strontium-89 Chloride with its contract manufacturer IsoTherapeutics Group LLC. Corin says IsoTherapeutics Group will produce the...

3 weeks, 3 days ago

3 min read