Issue: March 2017, Posted Date: 3/7/2017
Kitov Announces License Agreement for KIT-302 in South Korea
Pharmaceuticals Holdings Ltd., an innovative biopharmaceutical company, recently
announced it has signed a definitive License Agreement for its lead product
candidate, KIT-302, which was developed to simultaneously treat pain caused by
osteoarthritis and to treat hypertension, for the territory of South Korea with
Kuhnil Pharmaceutical Co. Ltd., a leading South Korea-based pharmaceutical
company. Upon receipt of marketing authorization in South Korea, Kuhnil will
have the exclusive right and license to manufacture, distribute and sell
KIT-302 in South Korea. Kuhnil will be responsible for seeking regulatory
approval for KIT-302 in South Korea.
the terms of the agreement, Kitov is entitled to receive milestone payments
upon achievement of certain predefined regulatory milestones, as well as double
digit royalties on net sales. The initial term of the definitive agreement with
Kuhnil is for 10 years from the date of first commercial sale and shall
automatically renew for an additional 1-year term. Commercial launch in South
Korea is estimated to take place in 2019.
Ben-Menachem, Kitov's Vice President of Business Development, said "We are
extremely pleased to enter our first commercialization agreement for KIT-302
and look forward to building a long-term relationship with Kuhnil in South
Korea and potentially to expanding the collaboration into other territories in
the Far East. Kuhnil has a proven track record in successfully launching and
marketing pharmaceutical products in South Korea, and is perfectly positioned
to introduce KIT-302 into the Korean market. Kitov continues to work diligently
toward executing additional commercialization agreements for KIT-302, in the US
and other regions."
believe that KIT-302 has significant commercial potential in South Korea and
Asia," said Young J. Kim, Kuhnil's President & Chief Executive
Officer. "Based on our decades of pharmaceutical development, regulatory
and manufacturing experience, and expertise in South Korea, we are well
positioned to maximize the value of this product in the marketplace. We
look forward to seeking regulatory approval and initiating launch preparations
for KIT-302 in South Korea."
Pharmaceuticals is an innovative biopharmaceutical drug development company.
Leveraging deep regulatory and clinical trial expertise, Kitov's veteran team
of healthcare professionals maintains a proven track record in streamlined
end-to-end drug development and approval. Kitov's flagship combination drug,
KIT-302, intended to treat osteoarthritis pain and hypertension simultaneously,
achieved the primary efficacy endpoint for its Phase III clinical trial and its
New Drug Application for the US FDA is currently being finalized, and is
expected to be completed by the end of March 2017 and to be submitted to the
FDA within 2 to 3 weeks thereafter. Kitov's newest drug, NT219 is a small
molecule that presents a new concept in cancer therapy, and in combination with
various approved oncology drugs, demonstrated potent anti-tumor effects and
increased survival in various cancer models. By lowering development risk and
cost through fast-track regulatory approval of novel late-stage therapeutics,
Kitov plans to deliver rapid ROI and long-term potential to investors, while
making a meaningful impact on people's lives. For more information, visit http://www.kitovpharma.com.
Pharmaceutical Co., Ltd. engages in the research and development, manufacture,
and sale of pharmaceuticals products with strengths for the therapeutic areas
of musculoskeletal, gastrointestinal, cardiovascular, respiratory, infection,
and neurology. The company is also specialized in research and development in
the areas of advanced DDS and drug formulation, and combination drug
development. Kuhnil focuses on improving quality of life by developing,
licensing and commercializing medicines that address unmet medical needs. For
more information, visit http://www.kuhnil.com.
This record has been viewed 287 times.