BOSTON, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Elektrofi,Inc., a biopharmaceutical formulation technology company focused on leveraging strategic partnerships to revolutionize the delivery of biologic therapies, announced today that it has entered a multi-target research collaboration and license agreement with Eli Lilly and Company to develop next-generation medicines that can be delivered subcutaneously. The deal strengthens Elektrofi’s position as a global partner and scientific technology innovator that is reformulating the future of biologic delivery through its proprietary ultra-high concentration microparticle suspension technology platform.

“We are in an exciting era of patient-centered care and believe patients have a right to receive life-changing therapies on their terms,” said Chase Coffman, Chief Executive Officer, Elektrofi. “Our collaboration with Lilly further validates the potential value of our expertise, our capabilities, and our proprietary technology platform, especially in the areas of autoimmune disease, oncology, and neuroscience. Our team is looking forward to collaborating with Lilly and leveraging the talents and insights of the collective team to accomplish what is yet to be done.”

Collaboration Details
Under the terms of the agreement, Elektrofi will receive an upfront payment of $20 million in exchange for Lilly receiving exclusive rights to three targets. Elektrofi will also receive potential future payments surpassing $150 million per target, subject to achieving developmental, regulatory, and sales-based milestones, as well as tiered royalties up to a mid-single digit on global net sales. To further expand the agreement, Lilly will have the option to secure up to two additional targets for additional payments. Lilly will be responsible for clinical development and commercialization of each product.

About Elektrofi 
Elektrofi is a biopharmaceutical formulation technology company that is revolutionizing the delivery of biologic therapies by giving patients the ability to control how they want to receive and benefit from life-changing medicines. Our breakthrough ultra-high concentration microparticle technology platform resolves the limitations associated with intravenously biologic therapies by enabling convenient at-home subcutaneous self-administration. With a focus on monoclonal antibodies, therapeutic proteins, and other large molecule drugs, we create, develop, and commercialize subcutaneous biologic therapies in collaboration with strategic partners. We believe a patient-centered healthcare approach can lead to a healthier world. We are headquartered in Boston and innovate globally.

Formulating the Future of Biologics. www.Elektrofi.com

Elektrofi Media Contact: Paulette Gangemi media@elektrofi.com

Source:- Globenewswire