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CHAPEL HILL, N.C., June 20, 2013 /PRNewswire-iReach/ -- Gravity Bio today announced that, with the signing of an agreement with Ahngook Pharmaceutical Co., Ltd, of Seoul, Korea, it has obtained rights to commercialize Synatura®, a non-opioid medicine for the treatment of cough and congestion. Synatura has been recognized as a blockbuster product in Korea, first launched as Synatura Syrup by Ahngook in 2011, recording over $40 million US dollar equivalent in sales during the first marketing year.
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The agreement to license Synatura gives Gravity Bio the exclusive rights in the Unites States, Europe and certain other identified countries to develop, manufacture and commercialize the medicine’s active ingredients, including hederacoside and berberine, together with associated intellectual property and proprietary technology. As part of the agreement, the parties have agreed to collaborate on a worldwide basis in the further development and manufacture of the covered products and technology.
“The partnership with Ahngook Pharmaceutical embodies our commitment to seeking global alliances that further our goal of developing and commercializing drugs and treatments,” said Mark Weedon, CEO of Gravity Bio. “We are pleased to partner with an innovative, dynamic company such as Ahngook Pharmaceutical, and we are excited to have the opportunity to bring this medicine, which has already been successfully commercialized in Korea, to consumers in the U.S. and Europe,” he added.
Gravity Bio plans to begin clinical studies this year with the ultimate goal to obtain appropriate marketing approvals from the FDA and the EMA. In earlier preclinical and clinical studies conducted by Ahngook Pharmaceutical, Synatura has demonstrated several potential benefits as an antitussive and expectorant over currently marketed treatments. In addition, the active ingredients hederacoside and berberine have shown the potential to treat viral as well the associated flu-like symptoms. In clinical and toxicology studies, Synatura was demonstrated to be safe and well tolerated.
“We are delighted to enter into a partnership with the experienced team that make up Gravity Bio,” said Jin Auh, President and CEO of Ahngook Pharmaceutical, “and we are confident that Gravity Bio will successfully develop and commercialize products for the treatment of cough, congestion, cold and other potential indications in the respiratory area.”
Under the terms of the contract, Gravity bio will pay fees and royalties to Ahngook Pharmaceutical, including milestone payments for achieving specific clinical endpoints and related performance goals.
About Gravity Bio
Gravity Bio, Inc. is an emerging growth company based in Chapel Hill, NC that specializes in the development of pharmaceutical drugs and medicinal preparations primarily focused on development and commercialization of treatments for cough, cold, allergies, flu and other viruses, nasal, bronchial, respiratory and associated congestion and their symptoms. For more information, go to www.gravitybio.com.
About Ahngook Pharmaceuticals (Released by Ahngook)
Ahngook Pharmaceutical Co., Ltd. is a Korea-based company engaged in the manufacture of pharmaceuticals. The Ahngook’s products include respiratory agents, gastrointestinal agents, anti-inflammatory, analgesic agents, ophthalmic agents and circulatory system agents. It also provides antibiotics, antifungal drugs, antihyperlipidemic agents, antiallergic drugs, anti-diabetic drugs, urinary system drugs and skin disease remedies. It also provides other over the counter (OTC) and ethic (ETC) drugs. For more information, go to www.ahn-gook.com.
SOURCE Gravity Bio, Inc.
Media Contact:Mark Weedon, Gravity Bio Inc., 9198834250, mweedon@gravitybio.com
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Gravity Bio Inc.
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