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NEOVACS ANNOUNCES THE CONTINUATION OF THE DEVELOPMENT OF ITS IFNalpha KINOID IN SOUTH KOREA WITH ITS PARTNER CHONG KUN DANG (CKD) PHARMACEUTICALS
Both partners have agreed to prepare the filing for an Orphan Drug Designation (ODD)
Paris and Boston, the 11th of October 2018 - 07:00 AM CEST- Neovacs (Euronext Growth Paris ALNEV), leader in active immunotherapy for the treatment of auto-immune diseases, today announces the continuation of the development of its IFNalpha Kinoid in South Korea with its partner Chong Kun Dang (CKD) Pharmaceutical Corp, on the basis of the licensing agreement signed in December 2015, for a potential overall value of 5M€. This agreement covers the development and the commercialization of IFNalpha Kinoid in South Korea for Lupus and Dermatomyositis indications.
Within this agreement both partners have agreed to prepare the filing for an "ODD" in South Korea, based on the results of the Phase IIb trial in Lupus with IFNalpha Kinoid.
Neovacs had already received in 2016 an "Investigational New Drug" (IND) of South Korean Health authorities to include 5 investigational centers in its global Phase IIb trial for IFNalpha Kinoid. Neovacs was able therefore to gain the support of Korean Opinion Leaders in Lupus for its innovative therapeutic approach and to include Korean patients in the study.
« We are pleased with these results which represent a major progress in the research of a treatment for Lupus and the time is approaching when we will be able to offer a satisfying treatment to patients. We are satisfied to continue this partnership and will now make our best efforts to accelerate the development of IFNalpha Kinoid in South Korea within the specific status of this indication in the Korean legislation » declares Young Joo Kim, President of CKD»
« We are delighted that our Korean partner shares our appraisal of the trial results and are confident for the future development of IFNalpha Kinoid in South Korea » concludes Miguel Sieler, CEO of Neovacs.
Neovacs will receive potentially up to 5 million euros in total under this license agreement in sequenced payments, based on the achievement of certain milestones, which include the Phase IIb results.
About Chong Kun Dang Pharmaceutical Corp.
Founded in 1941, CKD is a fully integrated pharmaceutical company employing over 2,000 people. It is one of the leading local pharma companies in Korea and through in-licensing and in-house R&D, it has significantly contributed to improving health and quality of life of people mainly in Korea for more than 70 years. Domestically, it has a strong presence in cardiovascular and immunosuppressant areas and has local offices established in Vietnam and Indonesia. As a leading pharma in Immunosuppressants in Korea, CKD continues to strengthen its major therapeutic area by its R&D capability and licensing-in innovative drugs from business partners worldwide. http://www.ckdpharm.com/eng/company
Listed on Euronext Growth since 2010, Neovacs is today a leading biotechnology company focused on an active immunotherapy technology platform (Kinoids) with applications in autoimmune and/or inflammatory diseases. On the basis of the company's proprietary technology for inducing a polyclonal immune response (covered by four patent families that potentially run until 2032) Neovacs is focusing its clinical development efforts on IFNalpha Kinoid, an immunotherapy being developed for the indication of lupus, dermatomyositis and also in preclinical trial for Type 1 diabetes. Neovacs is also conducting preclinical development works on other therapeutic vaccines in the fields of auto-immune diseases, oncology and allergies. The goal of the Kinoid approach is to enable patients to have access to safe treatments with efficacy that is sustained in these life-long diseases. www.neovacs.fr
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Source: NEOVACS via Globenewswire