HepaLife Technologies Inc. (OTC:HPLF) formed a new subsidiary to launch its existing transdermal drug delivery and wound care technologies into new markets.
The new business, Alliqua BioMedical Inc., will develop and manufacture its own proprietary products using the New York City-based company’s IP.
HepaLife in May acquired AquaMed Technologies Inc., which makes hydrogels used for transdermal drug delivery, in an all-stock deal valued at about $16 million. The company said AquaMed’s 16,500 square foot cGMP compliant, Food & Drug Administration-registered, facility is "crucial in helping Alliqua meet its strategic growth objectives." As part of the new firm’s launch, HepaLife named AquaMed CEO Matt Harriton to be Alliqua’s chief executive.
HepaLife’s product offering includes biomedical products focused on the development and manufacturing of both drug delivery and liver health technologies.