RESEARCH TRIANGLE PARK, N.C. — Theragenex will work with a PPI, a drug delivery company, to develop and market products based on technology developed by the Florida-based firm.

PPI has developed a means of delivering plasma concentrations through transmucosal tissue, such as the mouth. Such delivery technology enables drugs or therapies to be delivered without going through the digestive system.

PPI’s technology “mimics being given via injection,” the companies said in a joint statement.

Financial terms were not disclosed. PPI will receive an upfront payment and a share of net revenue.

“We believe this technology will be a revolutionary breakthrough in how drugs are delivered in the future,” said David Preston, chairman of Theragenex.

Theragenex plans to develop three products, the first of which is expected to be launched in 2007.