Kaneka Teams Up For Drug Delivery

Japan’s Kaneka has formed a joint venture with MedRx, a research and development firm based on the Japanese island of Shikoku that is developing ionic-liquid-based systems for delivering drugs through the skin. The new venture, owned 51% by Kaneka and 49% by MedRx, will take over programs that MedRx is now developing on its own. Kaneka will contribute cash and expertise in polymer technology. The partners expect that their venture will achieve annual sales of $55 million within five years. MedRx is conducting Phase I human trials of a system for delivering the anti-inflammatory drug etodolac.