Marinomed Biotech AG
First Marinosolv(R) platform deal: Marinomed Biotech AG and Luoxin Pharmaceutical Group Stock Co., Ltd. sign agreement on Budesolv to treat allergic rhinitis in Greater China
DGAP-News: Marinomed Biotech AG
/ Key word(s): Agreement
First Marinosolv(R) platform deal: Marinomed Biotech AG and Luoxin Pharmaceutical Group Stock Co., Ltd. sign agreement on Budesolv to treat allergic rhinitis in Greater China
Korneuburg, Austria, October 20, 2021 – Marinomed Biotech AG (VSE:MARI), a globally operating biopharmaceutical company, announced today a new collaboration and licensing agreement with Luoxin Pharmaceutical Group Stock Co., Ltd. (Stock Code: 002793.SZ, hereinafter referred to as “Luoxin Pharmaceutical”), one of the leading pharmaceutical companies in China. Luoxin Pharmaceutical will further develop and commercialize Budesolv for the treatment of allergic rhinitis in mainland China, Hong Kong, Macau, and Taiwan. Budesolv, a new formulation of the glucocorticoid budesonide, is the first medication originating from Marinomed’s proprietary Marinosolv platform. Budesolv has successfully completed a pivotal Phase III clinical study, necessary for marketing authorization in Europe. The agreement to commercialize Budesolv in Greater China, is Marinomed’s important next milestone on the communicated development path of the Marinosolv technology platform. Luoxin Pharmaceutical will co-develop Budesolv for the Chinese markets and will be responsible for clinical development and obtaining the Chinese marketing authorization. This comprises building production capacities, holding the exclusive distribution rights, as well as ultimately being responsible for manufacturing and marketing Budesolv. Under the terms of the agreement, Marinomed will receive an upfront payment of USD 2 million, however, due to legal and corporate finance advisory fees with limited impact on current year’s profit and loss statement. Depending on the achievement of specified development, regulatory and commercial milestones, Marinomed is eligible to receive double-digit million US-Dollar milestone payments as well as royalties on Budesolv sales in Greater China. “We are fortunate to have Luoxin Pharmaceutical as such an outstandingly experienced and knowledgeable partner in China and are proud to have achieved this milestone agreement based on our Marinosolv platform. Budesolv is our first medication developed with the patented platform. Through Budesolv, we aim to revolutionize the treatment of allergic rhinitis. With an 85 % reduced dose and rapid efficacy onset within three hours, our new formulation can even be used for patent extension and further protection,” said Dr. Andreas Grassauer, Marinomed’s CEO. “The Budesolv example illustrates the immense potential of the Marinosolv platform, facilitating drug delivery and enhancing bioavailability. The Marinosolv platform holds great promise and will further fuel our development pipeline. This first licensing agreement is an important commercial validation and underlines the increasing recognition for our Marinosolv technology.” “We are looking forward to co-developing and marketing Budesolv in the Chinese market. To date, the collaboration with the Marinomed team has been excellent and we are confident that our co-development with their outstanding scientific team will be very fruitful,” said Mr. Ryan Liu, Chairman of Luoxin Pharmaceutical. About Budesolv: About Luoxin Pharmaceutical About Marinomed Biotech AG For further inquiries contact:
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20.10.2021 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |