Sumitomo Dainippon Pharma Co announced a partnership with BehaVR Inc to commercialize both prescription digital therapeutics and VR technology. The virtual platform is being developed as an alternative therapy to treat patients with depression and anxiety disorders.
- The companies will pursue FDA clearance for three products that aim to treat patients with social anxiety, generalized anxiety, or major depressive disorder using a Virtual reality platform.
- Sumitomo Dainippon Pharma will pay $5M upfront to BehaVR and up to $18 million for R&D support payments, including operational support fees.
- Once healthcare regulators approve the use of VR therapy, Sumitomo Dainippon Pharma will fund BehaVR an additional $140M in milestone payments.
- BehaVR will charge tiered royalties on global sales of digital therapeutic products.