SEOUL, Korea, Feb. 9, 2015 /PRNewswire/ -- CrystalGenomics, Inc. has announced that it has signed a Sales and Marketing Agreement with Daewoong Pharmaceutical for the commercialization of Acelex® (polmacoxib) in Korea.
Under the terms of the agreement, Daewoong will secure exclusive rights in Korea to sell and market Acelex, a 2mg capsule novel NSAID developed by CrystalGenomics for the treatment of osteoarthritis. CrystalGenomics will receive an upfront payment and milestone payments from Daewoong and will share profit from sales of Acelex, which is expected to rapidly capture at least 10% of the arthritis market in Korea that is estimated to be worth more than KRW 500 billion per year. Osteoarthritis is quite common in Korea, affecting about 50% of the population aged 65 years or older of which the number of patients is growing at 18% per year due to aging and obesity.
Daewoong Pharmaceutical, one of the largest South Korean pharmaceutical companies, develops, manufactures, and commercializes pharmaceuticals and has the largest prescription drug sales in the Korean market. Currently, Daewoong commercializes 10 blockbuster products in various therapeutic areas including orthopedics and analgesics.
Chairman & CEO of CrystalGenomics, Dr. Joong Myung Cho said, "We are quite pleased with this transaction as Daewoong's dominant position as one of the most established pharmaceutical companies in Korea coupled with a powerful sales and marketing infrastructure makes Daewoong an ideal commercial partner for us in Korea. Now that we have finalized our commercial partnership for the Korean market, we plan to pursue international partnerships to expand the market base for Acelex."
About Acelex® (polmacoxib)
Acelex is the first, tissue-specific once-a-day osteoarthritis drug with a novel mode of action that specifically targets affected joints to relieve pain and restore mobility, while simultaneously preserving the integrity and safety of the gastrointestinal and cardiovascular systems. The results from the Phase 3 study suggest that Acelex 2mg once-a-day provides more rapid onset of relief from the signs and symptoms of osteoarthritis in comparison to celecoxib 200mg once-a-day, without added safety risk. The NDA for Acelex was approved by the Korean MFDS last week.
CrystalGenomics Inc. is a clinical stage biopharmaceutical company focused in the discovery and development of novel drugs in therapeutic areas of unmet medical needs including inflammation, oncology, and infectious disease. For more information, please visit: www.cgxinc.com/en/index.php.
SOURCE CrystalGenomics, Inc.