In May 2007, QRx-Pharma merged with a US based biotechnology company (CNSCo Inc) and raised $50 million via an ASX listing at a pre-investment valuation of $100 million (ASX: QRX). At that time, Uniseed got back more than the funds it had invested.
After completing further clincial trials to allow submission of a New Drug Application for its MoxDuo pain therapy to the US FDA, the company received a Complete Response Letter and the drug was not approved for sale.
QRxPharma Limited was awarded the 2010 North American Frost & Sullivan Award for New Product Innovation of the Year for its lead compound MoxDuo-IR. Frost and Sullivan is a global research and market analysis firm, and this award was the culmination of their comprehensive analysis of the opioid pain management market.