Abeille Licenses AB-1001 to SymBio Pharmaceuticals for Commercialization in Japan and Pacific Rim Countries
- Category: Small Molecules
- Published on Saturday, 17 March 2007 02:00
- Hits: 2308
Princeton, NJ, USA | Mar 16, 2007 | Abeille Pharmaceuticals, Inc., and SymBio Pharmaceuticals Limited today announced the signing of an exclusive License and Distribution Agreement to develop and sell AB-1001, Abeille's transdermal patch for emesis, in Japan, China (including Hong Kong), Korea, Taiwan and Singapore. For the right to develop and sell AB-1001 in the aforementioned territories, SymBio will pay Abeille an upfront licensing fee, and payments based on achievement of specific milestones, that could total up to $21 million. The Agreement also calls for double-digit royalty payments on commercial sales. As part of the Agreement, Abeille has also granted to SymBio the right of first refusal on Abeille's next product in the Field.
AB-1001, is a transdermal patch for chemotherapy induced nausea and vomiting (CINV). AB-1001 is designed to deliver a commercially available 5HT3-antagonist, through the skin for a continuous period of up to five days, thereby providing the patient with sustained relief for CINV. Abeille has successfully completed a Phase I pharmacokinetic study, and a Phase II irritation and sensitization study, under a US IND. In late 2006, the company reached agreement through a Special Protocol Assessment (SPA) with the FDA on its intended Phase III study design and intends to initiate a multinational Phase III trial in 2Q 2007.
"We are extremely pleased with the signing of this License and Distribution Agreement with SymBio." stated Suresh Borsadia, President and CEO of Abeille. "In SymBio, we have a partner that shares our vision of bringing QUALITY products to patients in need with SPEED to market. Mr. Fuminori Yoshida, President and CEO of SymBio has assembled an experienced team of senior executives at SymBio that have a track record of developing and marketing oncology related products in Japan and the region. This partnership leverages that experience to ensure that the product is developed to maximize commercial success."
"We are impressed with Abeille's expertise in product development of innovative drug delivery systems and we are looking forward to our collaboration with them," said Fuminori Yoshida, President and CEO of SymBio. "This collaboration for the development of the transdermal patch for chemotherapy induced nausea and vomiting as well as the next product will be complementary to our pipeline portfolio that is focused on therapeutics in oncology and hematology. I am very excited to partner with Abeille to deliver important supportive care products to cancer patients in Japan, China, Korea, Taiwan and Singapore."
About Abeille Pharmaceuticals
Abeille Pharmaceuticals, Inc. is a privately-held pharmaceutical company based in Princeton, New Jersey. The Company is focused on the formulation of products by applying advanced delivery technologies to existing drugs. These advanced delivery technologies include oral controlled release and transdermal delivery systems. The new products may benefit patients by requiring a lower dose of medicine, reduced side effects and easier administration of medication, thereby encouraging a patient to use the medication as prescribed. Abeille is dedicated to the development and commercialization of products that address unmet medical needs and improve the quality of life for patients. The Company's initial focus will be on drugs used to treat oncology related discomforts (such as CINV), diabetes and metabolic disorders, and CNS.
About SymBio Pharmaceuticals Limited
SymBio Pharmaceuticals' focus is on oncology/hematology and autoimmune disease therapies. Established in march 2005 by Fuminori Yoshida, who previously served as both Corporate Vice President of Amgen Inc. and president of Amgen Japan, SymBio Pharmaceuticals' underlying corporate philosophy is "delivering hope to patients in need," and the company aims to address unmet medical needs of patients in Japan by cultivating a mutually beneficial or symbiotic relationship among physicians, scientists, regulatory agencies, and investors. SymBio Pharmaceuticals core philosophy is that profitability and socially responsibility as a pharmaceutical enterprise can go hand in hand, and need not be mutually exclusive.
SOURCE: Abeille Pharmaceuticals, Inc.