Local drug firm sells tech for $25 million

Intelliject, a Richmond-based pharmaceutical company, just closed a $25 million licensing deal with drug maker Sanofi-aventis. Intelliject also secured $208 million in milestone payments that are promised as the product moves through the regulatory process and into the marketplace.

Intelliject was founded in 2004 by a local set of twins, Evan and Eric Edwards. Both suffer from anaphylaxis — severe allergic reactions to certain foods and insect bites. (The duo were on Style Weekly’s annual Top 40 under 40. You can read more about them here.)

The treatment for such reactions is a shot of epinephrine, also known as adrenaline. That drug is typically administered in the emergency room, or by a portable injection device carrying a predetermined dosage of the drug.

The Edwards brothers launched the company seeking to develop a better injection device, one that wasn’t so bulky and had clear instructions in case a complete stranger was the only person around to use it in the event of a severe allergic reaction.

The result is a device about the size of a credit card. The injector is also equipped with a voice chip that plays an auto recording explaining how to deliver the shot.

“There is still a lot of work to be done,” said Neil Hughes, vice president of marketing for Intelliject.

As part of the deal, Intelliject is still responsible for developing the product and getting it through the approval process.

“We expect to make an FDA submission some time early next year,” said Hughes. “Once we make the submission, it is up to them how long it takes to approve it, which is usually about a year.”

Hughes said Intelliject had been talking with pharmaceutical companies in the “allergy space” for about a year and has been in negotiations with Sanofi-aventis for a few months.

Intelliject has about 10 employees and is backed by several investors that are mostly based in Richmond, Hughes said.

“This is very much a validation for them,” said Hughes.

Al Harris is a BizSense reporter. Please send news tips to Al@richmondbizsense.com.