Transaction Value In Excess of $25 Million; Access Gains Second Source
Manufacturing And Significant Clinical Trial Support
DALLAS and NANJING, PRC, June 4 /PRNewswire-FirstCall/ -- Access Pharmaceuticals, Inc. (OTC Bulletin Board: ACCP) and Jiangsu Aosaikang Pharmaceutical Co., LTD. ("ASK"), a premier pharmaceutical company focused on bringing oncology medicines to the China market, today announced the signing of a definitive licensing agreement under which ASK will manufacture, develop and commercialize Access' proprietary product ProLindac(TM) for the Greater China Region which includes the People's Republic of China, the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan. ProLindac is Access' novel DACH platinum prodrug currently in Phase 2 clinical studies which has been shown to be active in a wide variety of solid tumors in both preclinical models and in human trials.
Under the terms of the agreement ASK will pay Access an upfront fee and subsequent milestone payments along with a double digit royalty upon commercialization of ProLindac. In addition, in co-operation with Access, ASK has committed to fund and execute two (2) Phase 2 studies for ProLindac in colorectal cancer and one other indication to be determined by the Parties. These major Phase 2 studies would cost up to $20 million if conducted in the US or Europe. ASK has also committed to become a second source for the manufacturing of ProLindac. ASK will be responsible for obtaining the necessary regulatory approvals for ProLindac and commercializing the product in the Greater China Region.
"We are very pleased to have ASK, a leading supplier of platinum based
agents in China, as our first partner for ProLindac," said Jeffrey B.
Davis, Access' President & CEO. "ASK is the second largest supplier of
platinum based oncology agents in China and has a long history of
successfully manufacturing and commercializing agents simi
|SOURCE Access Pharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved