Biotechnology company Dance Biopharm Holdings Inc reported on Tuesday the completion of the acquisition of Harmony Biopharm Limited, the holder of its Dance-501 Asia license, from Harmony Plus Holdings Limited, an affiliate of Harmony Asset Management Group.

As part of a consulting / advisory agreement, Harmony will continue to advise Dance for the development of Dance-501 insulin product in China

Under the terms of the agreement, Dance will compensate Harmony with a combination of stock and a percentage of future revenues on sales of Dance-501 in China.

According to the company, Dance-501 consists of a high purity liquid formulation of recombinant human insulin stored in a dispenser for administration with a small handheld electronic inhaler. The electronic inhaler utilizes a patented vibrating mesh technology, designed to produce consistently sized particles of liquid insulin in the form of a soft mist, allowing the efficient and consistent delivery of insulin into the lungs in a few breaths.

Harmony and Dongbao, the top Chinese insulin manufacturer and marketer in China, were responsible for the development of a regulatory pathway with the Chinese FDA that calls for China to be part of a global Phase 3 programme that would enable the same regulatory documents to be used in the US, EU and China. This obviates the need for a "China alone" study and greatly facilitates bringing the product to market more efficiently. Dance-501 has not yet been approved by any regulatory authority.