CORAT Therapeutics GmbH announces partnership with Dermapharm Holding SE as strong strategic partner for the further development of COR-101
BRAUNSCHWEIG, Germany, July 8, 2021 /PRNewswire/ -- For the fast and efficient delivery of its innovative drug COR 101 against COVID-19, CORAT Therapeutics GmbH announces the partnership with Dermapharm Holding SE, a manufacturer of branded pharmaceuticals. The partnership is intended to accelerate clinical development and facilitate the expansion of COR-101 production to make the drug available to patients more quickly.
CORAT Therapeutics GmbH, founded in May 2020, holds patents of antibodies for the treatment of human infectious diseases. Currently, the neutralizing antibody COR-101, for the treatment of hospitalized COVID–19 patients with moderate to severe symptoms, is in Phase Ib/II clinical trials. In animal studies COR-101 reduced SARS-CoV-2 viral load in the lungs by more than 99% within the first three days.
"Currently, there is no approved, effective, antiviral-specific treatment for hospitalised patients with moderate to severe COVID-19 symptoms. While vaccines will remain the most important tool in fighting the pandemic, they will not be able to completely prevent the occurrence of severe cases of the disease. Therefore, this therapy is another tool that is needed. By acquiring the equity investment in CORAT we are not only providing the funds needed to accelerate the development process, but also our expertise in manufacturing antibody drugs," said Dr Hans-Georg Feldmeier, CEO of Dermapharm Holding SE, about the acquisition.
"We are happy to have found a strong and strategic partner in Dermapharm. Dermapharm will share with us their regulatory, technical and scientific expertise to help us successfully realise our ideas within the team," said Dr Andreas Herrmann, CEO of CORAT.
The parties have agreed to keep the purchase price for the new shares confidential.
Dermapharm - Pharmaceutical Excellence "Made in Germany"
Dermapharm is a rapidly growing manufacturer of branded pharmaceuticals. Founded in 1991, the Company is based in Grünwald near Munich. The Company's integrated business model comprises in-house development, production, and the distribution of brand products by a trained pharmaceutical sales force. In addition to its main location in Brehna near Leipzig, Dermapharm also operates other production, development, and distribution locations in Europe (primarily in Germany) and the United States.
In the "Branded pharmaceuticals and other healthcare products" segment, Dermapharm has more than 1,300 marketing authorisations with more than 380 active pharmaceutical ingredients. Dermapharm's portfolio of pharmaceuticals, medical devices and food supplements are tailored to selected therapeutic areas in which the Company is a market leader, especially in Germany.
In the "Herbal extracts" segment, Dermapharm can tap the expertise of the Spanish company Euromed S.A., a leading global manufacturer of herbal extracts and plant-based active ingredients for the pharmaceuticals, nutraceuticals, foodstuffs, and cosmetics industries.
Dermapharm's business model also includes the "Parallel import business" segment that operates under the "axicorp" brand. Based on revenue, Dermapharm was among the top five parallel import companies in Germany in 2020.
With a consistent R&D strategy and numerous successful product and company acquisitions and by stepping up its internationalisation efforts, Dermapharm has continuously optimised its business over the past 30 years and sought external growth opportunities in addition to organic growth. Dermapharm is firmly committed to continuing this profitable growth course in the future.
CORAT Therapeutics GmbH
CORAT Therapeutics GmbH is a clinical phase biopharmaceutical company founded as a spin off from the recombinant antibody development company Yumab GmbH. The company is dedicated to developing therapeutic products to fight SARS-CoV-2 mediated COVID-19 disease and help to cure COVID-19 affected people suffering from this disease.
The company is located in Braunschweig (Germany) and is co-funded by YUMAB GmbH, the Lower Saxony State NBank and private investors.
For more information, visit www.corat-therapeutics.com
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SOURCE CORAT Therapeutics