REHOVOT, Israel, October 23 /PRNewswire/ -- D-Pharm announced today that it has granted Yungjin Pharmaceutical Company Ltd. an exclusive license to develop, register and market DP-b99 in South Korea for treatment of patients with acute stroke.
Under the terms of the agreement, Yungjin will develop and commercialize DP-b99 in South Korea. D-Pharm will be the sole supplier of the final drug product to Yungjin. The terms of the agreement include an upfront payment of US $1M and additional milestone payments by Yungjin to D-Pharm, and D-Pharm will supply the drug to Yungjin for a certain percentage of the reimbursement price in Korea.
Yungjin (www.yungjin.co.kr) was founded in 1962 and floated on the public market in 1973. Yungjin specializes in the manufacture, distribution, import and export of pharmaceuticals and nutraceuticals, and employs over 600 people. License agreements with numerous global pharmaceutical companies have fueled Yungjin’s net sales which in 2005 exceeded US $95M. South Korea represents the 12th largest pharmaceutical market accounting for around 1 to 2% of global pharmaceutical sales, with one of the fastest growth rates in the pharmaceutical sector. Cosmo USA IBRC, Inc., a life science industry consulting company served an integral role in bringing the two companies together for this unique partnership.
“We are excited about this license agreement and are pleased to find in Yungjin a dynamic partner dedicated to develop DP-b99 and position itself as a leading pharmaceutical player in the South Korean market” said Alex Kozak, President and CEO of D-Pharm. “We are delighted to establish long-term relations with Yungjin and consider this agreement to be a first step in the realization of D-Pharm’s strategy to partner DP-b99 for advanced development and marketing worldwide,” added Dr. Kozak.
“The efforts to advance the company’s pipeline have begun to pay off and we definitely plan to pursue additional collaborations with international pharmaceutical companies in the future,” said Ruben Krupik, Chairman of D-Pharm’s Board of Directors.
Stroke is the leading cause of neurological disability worldwide and reflects a considerable unmet need in effective acute stroke therapy. DP-b99 is a unique neuroprotective drug, completing a Phase IIb clinical trial in stroke patients. In earlier Phase I and II clinical trials DP-b99 was proven to be safe both in healthy young and elderly volunteers and in stroke patients. This Phase IIb study is designed to reconfirm the beneficial effects of DP-b99 previously observed in stroke patients and strengthen and extend the safety data obtained from the Phase IIa study. The results of the Phase IIb study are expected in January 2007.
About D-Pharm Ltd.
D-Pharm (www.dpharm.com) is a biopharmaceutical company pioneering the development of lipid-like therapeutics and has generated a rich product pipeline from its drug targeting and discovery technologies, Regulated Activation of Prodrugs (D-RAPTM) and Membrane Active Chelators (MAC). In addition to DP-b99, D-Pharm’s pipeline includes: DP-VPA, a Phase II drug candidate for epilepsy, bipolar disorder treatment and migraine prophylaxis; DP-460 intended for treatment of Alzheimer’s disease; and a deep pipeline of innovative early stage products in CNS and cancer. D-Pharm’s business strategy is to partner its products for advanced development and marketing with established, reputable pharmaceutical companies worldwide.
For further information please contact: Tami Horovitz, PhD. Tel: +972-8-9385100 Fax: +972-8-9300795 Email: thorovitz@dpharm.com
D-Pharm Ltd
CONTACT: For further information please contact: Tami Horovitz, PhD., Tel:+972-8-9385100, Fax: +972-8-9300795 Email: thorovitz@dpharm.com
