Protherics will receive a small upfront payment on signing the agreement and royalties on any net sales in the Republic of Korea. Under the agreement, Protherics also has an option on agreed terms to the global rights outside of the Republic of Korea to any products developed under the agreement.
Mr G.H. Lee, President of Myungmoon Pharm. Co. Ltd. commented: "We are excited to have signed this agreement to use ReGel in the development of locally administered, sustained release anti-inflammatory products for arthritis and other potential indications."
Andrew Heath, Chief Executive of Protherics commented: "Protherics' ReGel is a unique drug delivery system, gained through our acquisition of MacroMed Inc, which has broad application beyond its use in OncoGel, our proprietary formulation of paclitaxel in phase II development for cancer. There is encouraging interest from a number of major companies to develop products utilising ReGel for a range of indications."
ReGel™ is a novel thermosetting biodegradable gel that solidifies when injected into the body. It is designed for local administration where it is able to provide high concentrations of a drug for a sustained period. For more information about ReGel™'s use with OncoGel™ please visit http://www.protherics.com/Products/oncogel.aspx
About Myungmoon Pharm. Co. Ltd.
Myungmoon Pharma is a specialised and characterised pharmaceutical company based in the Republic of Korea, with a range of products including anesthetic agents, antibiotics, muscle relaxants, endocrine and cardiovascular products. In 2006 they turned over $51 million with a profit of over $5 million. More information can be found at http://www.mmpharm.co.kr/english/
Protherics (LSE: PTI, NASDAQ: PTIL) is a leading biopharmaceutical company focused on the development, manufacture and marketing of specialised products for critical care and cancer.
Protherics has developed and manufactures two critical care products currently sold in the US: CroFab™, a pit viper antivenom and DigiFab™, a digoxin antidote. The Company's strategy is to use the revenues generated from its marketed and out-licensed products to help fund the advancement of its broad, late stage pipeline.
Protherics has two major development opportunities in its critical care portfolio. CytoFab™ is being developed by AstraZeneca, for the treatment of severe sepsis, following a major Â£195 million (more than $340 million) licensing deal in December 2005. An additional, expanded phase II programme is planned to start in the second half of 2007. In addition, Protherics is currently undertaking a phase IIb study with Digoxin Immune Fab for the treatment of pre-eclampsia. This study is expected to report in the first half of 2008.
Protherics has a pipeline of four novel cancer products in clinical development, and intends to undertake the sales and marketing of these products in the US or the EU. Protherics is preparing to resubmit a BLA for Voraxaze™, an adjunct to high dose methotrexate therapy, under a rolling submission in the US starting in early 2008.
Protherics has a strong cash position, with unaudited cash balances at 30 June 2007 of Â£45m. With headquarters in London, the Company has approximately 270 employees across its operations in the UK, US and Australia.
For further information visit: www.protherics.com