Praxair, Inc. (PX), a co. that engages in the production and distribution of industrial gases primarily in North America, South America, Europe, and Asia, announced that SP Scientific has signed a license agreement to utilize Praxair’s ControLyo nucleation on-demand technology, which provides pharmaceutical and biotechnology co.’s with precise control over the freeze-drying process for drug developmental efforts.
Praxair said in a press release that its breakthrough technology was developed to specifically control the freezing step of lyophilization, a method of drying pharmaceuticals whereby the material is frozen and then warmed in a vacuum so that the ice vaporizes. Until now, this freezing step of lyophilization was uncontrolled due to the random nature of the nucleation or crystal-forming process.
According to Bill Downs, SP Scientific’s CEO, “Praxair’s technology fits perfectly with [SP Scientific’s] mission of offering customers the most technically advanced freeze-drying equipment and tools to improve their overall economics and processes”.
Praxair was founded in 1907 and is headquartered in Danbury, Connecticut.
Shares of PX are lower on the session by 0.43%, currently trading at $90.04. The stock has a 52wk trading range of $72.70 to $90.72.