LIFE sciences outfit NovaBiotics yesterday sealed a licensing deal with New York-listed Taro to develop a treatment for fungal nail infections, which could trigger tens of millions of dollars’ worth of royalty payments for the Aberdeen-based firm.
Deborah O’Neil, the founder and chief executive of the company, which was spun-out from the Rowett Institute, remained tight-lipped over the financial details of the agreement.
But she said the deal was “very big in a Scottish context” and added that she was attracted to working with Taro because it will help with the second phase of clinical trials of the treatment in the United States.
“Two of the staff involved have brought the only other successful nail fungal treatments to market,” she told The Scotsman.
The worldwide nail fungus treatment market is expected to be worth more than £2 billion a year by 2022, according to figures from GlobalData.