Israeli drug development company D-Pharm announced today that it granted Yungjin Pharmaceutical Company Ltd. (KSX: 3520) an exclusive license to develop, register and market D-Pharm’s DP-b99 drug in South Korea for treatment of patients with acute stroke. The terms of the agreement include an upfront payment of $1 million and additional milestone payments by Yungjin to D-Pharm. US life science consulting company Cosmo USA IBRC Inc. brokered the deal between the companies.
D-Pharm president and CEO Dr. Alex Kozak said, “We are excited about this license agreement and are pleased to find in Yungjin a partner dedicated to developing DP-b99. We consider this agreement with Yungjin to be a first step in the realization of D-Pharm's strategy to partner DP-b99 for advanced development and marketing worldwide.”
DP-b99 is currently undergoing Phase IIb clinical trials to reconfirm the beneficial effects of the drug previously observed in stroke patients, and strengthen and extend the safety data obtained from the Phase IIa study. The results of the Phase IIb trial are expected in January 2007.
Kozak founded D-Pharm in 1993. The company started out as an Incentive Technological Incubator incubator company and has raised $40-50 million to date from Israeli and US funds. D-Pharm’s drug works by sequestering metal ions within, and in the proximity of cell membranes, thereby suppressing cell damage in stroke patients.
Published by Globes [online], Israel business news - www.globes.co.il - on October 24, 2006
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