ADVENTRX Pharmaceuticals, Inc. announced that it has granted Shin Poong Pharmaceutical Co., Ltd. (SEO: 019170.KS) the exclusive rights to make, use and sell ANX-514 (docetaxel emulsion), one of its two lead product candidates, in South Korea. In exchange, ADVENTRX will receive an upfront cash payment of $300,000, up to approx. $2 million in regulatory and commercial milestones, and royalties on net sales of licensed products.
“Shin Poong is well-positioned to successfully develop and commercialize ANX-514 in South Korea,” commented Brian M. Culley, Chief Business Officer of ADVENTRX. “Established in 1962, Shin Poong has grown to more than 1,500 employees. They are a leader in this territory, with expertise in clinical development, as well as a dedicated business unit focused on the sales and marketing of oncology products.”
“We are excited about this first validation of our detergent-free docetaxel program, and we remain committed to finding additional partners for ANX-514, as well as ANX-530, in other territories and working towards consummating the strategic transaction process we began in December 2008,” added Mr. Culley. “With support from our consultants and vendors, we continue to be on track to announce preliminary pharmacokinetic results from our bioequivalence study of ANX-514 in the second quarter of 2009.”
“We are delighted at the opportunity to work with ADVENTRX and foresee substantial market potential for ANX-514 in South Korea, an opportunity that we believe we are fully equipped to realize. We believe ANX-514 will secure a significant market share of the current $30 million docetaxel market in Korea, a market which is expected to grow to up to $50 million over the next several years,” stated Mr. Byung Hwa Kim, Chief Executive Officer of Shin Poong.