31st October 2015
Nuformix is pleased to announce the commencement of a long-term licensing and development partnership with Newsummit Biopharma, a subsidiary of Zhejiang Yatai Pharma. The completion of this transaction marks the start of exclusive commercialisation of three Nuformix programmes in China by Newsummit Biopharma, following the licensing of regional marketing rights for three granted Nuformix cocrystal patents. A series of New Therapeutic Entities (NTE’s) with specific advantages relevant to the Chinese market will be created, thanks to the IP and differentiation enabled via Nuformix’s cocrystal approach. NTE’s are known molecules, formulated, delivered or developed for new and improved uses to address unmet patient needs. Nuformix CEO, Dr Dan Gooding, said: “Nuformix is extremely pleased that the process for realising the commercial potential of our technology platform has commenced in China. The Chinese pharmaceutical sector presents opportunities to deliver meaningful patient benefit which otherwise would remain at concept development stage in other geographies. Newsummit is uniquely positioned with regulators, government, clinicians and industry to best support the development of current and future Nuformix assets.” Jun Ren, Chief Executive Officer, Newsummit Biopharma, said: “We have been working with Nuformix since 2012 to identify China-ready therapies at various stages of development in the UK for entry into the Chinese market. With this license agreement, and through our unique clinical development ecosystem, we aim to commence development of a range of cocrystal-based products that will deliver benefits both for Chinese patients and pharma companies.” Under the terms of the agreement Nuformix will receive upfront payments and royalties with the opportunity to broaden the partnership across Nuformix’s current and future portfolio.