SCILEX PHARMACEUTICALS ANNOUNCES STRATEGIC INVESMENT BY ITOCHU CHEMICAL FRONTIER CORPORATION
Malvern, PA – March 19, 2015 – SCILEX Pharmaceuticals, Inc., a company engaged in the development and commercialization of products focused on the treatment of pain, today announced that ITOCHU CHEMICAL FRONTIER Corporation (ICF, Tokyo Japan), a member of ITOCHU Corporation (ITOCHU, 8001: TYO, ITOCY: OTC), one of the three leading sogo shosha (general trading company) in Japan, has made a strategic investment in SCILEX. ICF has worked closely with SCILEX as an advisor and development partner for its flagship product under development, ZTlido™ since 2013. This investment by ICF is its first in a U.S. pharmaceutical company and makes ICF SCILEX’s largest investor.
“SCILEX has identified a niche in which it can be globally competitive and we are excited by the company’s potential,” ICF’s pharmaceutical division director and managing executive officer Toshinari Hidekuma said. “We look forward to working together further, to bring ZTlido’s unique patch delivery system to the market.”
Remarking on the partnership, SCILEX co-founder and Chief Executive Officer Anthony Mack said: “We are delighted to have the endorsement of a globally recognized strategic partner. Partnering with ICF will enable us to draw on their deep networks and expertise to help develop and commercialize our products in a global marketplace.”
About ITOCHU and ICF
The history of ITOCHU Corporation dates back to 1858 when the Company’s founder Chubei Itoh commenced linen trading operations. Since then, ITOCHU has evolved and grown over 150 years.
With approximately 130 bases in 65 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment in Japan and overseas.
ICF is the core operation company with a mission, as a member of ITOCHU group, to contribute to improvement of the human health and life through its global business dealings in the field of pharmaceuticals, life-science products, performance products, specialty chemicals, and functional polymers.
About SCILEX Pharmaceuticals
SCILEX Pharmaceuticals, Inc., located in Malvern, PA, is an emerging specialty pharmaceutical company engaged in the development and commercialization of products for the treatment of pain. The Company’s vision is to become a world-class, global pharmaceutical company that delivers the next generation of innovative products. Leveraging its network of global relationships, the Company seeks to acquire high barrier-to-entry, late-stage products for development and commercialization. The Company’s first product under development, ZTlido™, is a next-generation patch formulation under development for the treatment of relieving pain.
For more information visit www.scilexpharma.com.
CONTACT:
SCILEX Pharmaceuticals, Inc.
William Pedranti
949-413-2672
wpedranti@scilexpharma.com