EXTON, Pa.--(BUSINESS WIRE)--Melior Pharmaceuticals I, Inc. today announced a licensing agreement with Bukwang Pharmaceutical Co. Ltd., of South Korea to develop, manufacture and commercialize its lead compound MLR-1023, a first-in-class insulin sensitizer for the treatment of type 2 diabetes. Under the terms of the agreement, Bukwang will receive an exclusive license to MLR-1023 and related compounds for specified countries in the Asia-Pacific region excluding Japan. Melior will receive an upfront cash payment as well as payments upon achievement of certain development and regulatory milestones. Bukwang will support preclinical and clinical studies to be conducted in the U.S. and South Korea aimed at bringing MLR-1023 through Phase 2b proof-of-concept clinical trials. It also acquires an option to access proprietary Melior technology related to the underlying mechanism of action of MLR-1023.
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