Neovacs will continue 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, the company said Thursday.
According to Neova, 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 noted it 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” said 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” said 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.