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PALO ALTO, Calif., March 08, 2023 (GLOBE NEWSWIRE) -- Scilex Holding Company (NASDAQ:SCLX, ", Scilex", ))))), a majority-owned subsidiary of Sorrento Therapeutics, Inc. (OTC:SRNEQ), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced territory distribution agreement for ZTlido® in the Middle East and North Africa with $105 million minimum purchase commitment over 5 years. CH Trading Group will serve as exclusive territories distributor and will provide open access across the Middle East and North Africa markets and the broader Islamic world. Scilex has the opportunity to expand across other products in their non-opioid pain management portfolio.
"Based on market demand for Scilex's innovative non-opioid pain management products, we believe there is a significant commercial opportunity across the Middle East and North Africa markets," said Sayad Zeyan, CEO of CH Trading Group. "We are excited to be in a position with our partners to expand access to ZTlido patches and in the future other important pain solutions with Scilex."
According to the most recent analysis by Precedence Research March 2022 Pain Management Therapeutics Market Size, the pain management market size is estimated to reach US$101.27 billion by 2029 and growing at a CAGR of 4.3% from 2022 to 2030.1
ZTlido® is a lidocaine topical system approved for the relief of neuropathic pain associated with PHN. ZTlido® was strategically designed to address the limitations of current prescription lidocaine patches by providing significantly improved adhesion and continuous pain relief throughout the 12-hour administration period.
"We are pleased to further our partnership with the CH Group which represents another critical milestone towards bringing our innovative Circle H International halal certified non-opioid pain management medicines to ex-US markets," said Jaisim Shah, Chief Executive Officer and President of Scilex.
