Neurogastrx Announces Agreement with Daewoong Pharmaceutical to Develop Fexuprazan for Treatment of Acid-Related GI Disorders in the U.S.
WOBURN, Mass., June 8, 2021 /PRNewswire/ -- Neurogastrx, Inc., a privately held specialty pharmaceutical company developing transformative therapies for gastrointestinal (GI) disorders, announced today that it has entered into an exclusive license agreement with Daewoong Pharmaceutical Co., Ltd., of Seoul, South Korea, for the development and commercialization of fexuprazan, an investigational novel potassium-competitive acid blocker (P-CAB) for the treatment of erosive esophagitis (EE) and other acid-related conditions.
"This agreement bolsters our mission to advance transformative therapeutics for GI disorders with significant unmet need and disease burden. The addition of fexuprazan to our pipeline, which already includes a late-stage investigational treatment for gastroparesis, further strengthens our potential to bring benefit to millions of patients with chronic and debilitating GI disorders," said James O'Mara, Chief Executive Officer, Neurogastrx. "Fexuprazan has an opportunity to provide significant improvement over the current standard of care in treating erosive esophagitis, as well as other serious acid-related GI disorders. We look forward to working with Daewoong Pharmaceutical as we develop fexuprazan for the U.S. and Canada."
"We are excited about fexuprazan and its potential to become an improved treatment option for patients with acid-related diseases," said Seng-Ho Jeon, Chief Executive Officer & President, Daewoong Pharmaceutical. "We are delighted to enter into this strategic alliance with Neurogastrx as part of our plan to develop fexuprazan into a global product."
Under the terms of this agreement, Daewoong Pharmaceutical will take a significant equity stake in Neurogastrx, ramping to 13.5% ownership upon an initial public offering (IPO). Neurogastrx has the exclusive right to develop and commercialize fexuprazan in the U.S. and Canada. Other financial terms of the agreement are not being disclosed.
Daewoong Pharmaceutical successfully completed a Phase 3 trial with fexuprazan for the treatment of EE in South Korea and will seek marketing approval in that country. Neurogastrx plans to initiate pivotal clinical development for fexuprazan in the U.S. in 2022.
About Erosive Esophagitis (EE)
EE is a condition characterized by breaks (irritation and damage) in the inner lining of the esophagus (tube that runs from the throat to the stomach) caused by a recurring reflux of acidic stomach contents over time. Symptoms of EE and GERD may include heartburn (a rising, burning sensation behind the breastbone) and regurgitation (sensation of backward flow of liquid content up into the chest or throat). EE is also a risk factor for developing Barrett's esophagus, an adaptation to chronic reflux resulting in formation of a new (different) type of inner lining of the esophagus that is associated with an increased risk of esophageal adenocarcinoma, a serious and potentially fatal cancer of the esophagus.
About Neurogastrx, Inc.
About Daewoong Pharmaceutical. Co., Ltd.
Forward Looking Statements
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