Adventrx grants cancer drug rights to Shin Poong Pharmaceutical in South Korea
Adventrx to receive cash payment of $300,000
Adventrx Pharmaceuticals, a biopharmaceutical company, has granted Shin Poong Pharmaceutical exclusive rights in South Korea to make, use and sell ANX-514, one of its two lead product candidates.
Under the terms of the agreement, Adventrx will receive an upfront cash payment of $300,000, up to approximately $2 million in regulatory and commercial milestones and royalties on net sales of licensed products. Shin Poong is responsible for all development and commercial activities related to ANX-514 in South Korea.
ANX-514 is a reformulation of the chemotherapeutic agent, Taxotere, an anticancer agent that is approved to treat breast, non-small cell lung, prostate, head and neck and gastric cancers.
Brian Culley, chief business officer of Adventrx, said: Shin Poong is well-positioned to successfully develop and commercialize ANX-514 in South Korea. We are excited about this first validation of our detergent-free docetaxel program, and we remain committed to finding additional partners for ANX-514, as well as ANX-530, in other territories and working towards consummating the strategic transaction process we began in December 2008.
With support from our consultants and vendors, we continue to be on track to announce preliminary pharmacokinetic results from our bioequivalence study of ANX-514 in the second quarter of 2009.
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