ProStrakan Group and JapanBridge Partner to Develop Sancuso in Japan, China & Parts of South East Asia; Japanbridge To Pay Prostrakan USD $26M In Upfront And Milestone Payments
GALASHIELS, Scotland & TOKYO--(BUSINESS WIRE)--ProStrakan Group plc (LSE:PSK - News) and JapanBridge K.K. announce today an exclusive licence granted to JapanBridge to develop and commercialise Sancuso® (granisetron transdermal delivery system) in Japan, China and several other nations throughout South East Asia. Sancuso is ProStrakan's novel, patent-protected transdermal patch for the prevention of chemotherapy-induced nausea and vomiting (CINV).
Under the terms of the agreement, JapanBridge has agreed to pay ProStrakan more than USD $26 million in upfront and milestone payments, subject to the achievement of certain approvals and sales targets. ProStrakan will exclusively supply Sancuso to JapanBridge in Japan, the People's Republic of China, Taiwan, Singapore and Malaysia and will receive an undisclosed royalty rate on sales generated in these countries.
Many patients undergoing chemotherapy experience nausea and vomiting, either immediately after chemotherapy or for up to five days thereafter. Granisetron is an established 5-HT3 receptor antagonist that prevents this side effect. Sancuso is designed to steadily deliver granisetron into the bloodstream without the need for injections or having to swallow pills.
ProStrakan submitted a New Drug Application (NDA) for Sancuso to the US Food & Drug Administration (FDA) in June 2007. Subject to successful completion of the US approval process, the US launch of Sancuso is planned for H2 2008. The European Marketing Authorisation Application (MAA) for Sancuso was lodged in July 2007 and the Company expects EU approval in H2 2008, with European country launches commencing in 2009. In August 2007 the Company announced that it had signed an exclusive distribution agreement for Sancuso in South Korea with LG Life Sciences, Ltd.
The agreement with ProStrakan marks an important accomplishment for JapanBridge as it is the company's first exclusive licence of a significant cancer product from a Western pharmaceutical company. JapanBridge was expressly formed by MPM Capital and Itochu Corporation to address unmet needs for important new Western oncology therapies in the Far East.
Commenting on today's announcement, Dr Wilson Totten, ProStrakan's Chief Executive, said:
"In addition to building our business in Europe and the US, we are growing a meaningful revenue stream from outlicensing our product portfolio in markets that are non-core for us. Our partnership with JapanBridge is another clear example of this, capitalising on the global value of Sancuso, our latest product to approach the registration stage.
"In JapanBridge we have a dynamic partner with the capabilities and knowledge to commercialise Sancuso in Japan, an important and dynamic market for transdermal treatments, and elsewhere in East and South East Asia and help us to establish this product as a valuable treatment for chemotherapy patients at risk of nausea and vomiting."
Steve Engen, JapanBridge President and Representative Director, said:
"This agreement demonstrates the validity of our strategy, namely to respond to the need for improving positive outcomes for cancer patients in Japan and throughout the Far East. The long-acting Sancuso transdermal patch represents a unique opportunity to fill an unmet need in Asia markets such as Japan where sales of oral and i.v. granisetron currently represent greater than 50% of the anti-emetic market.
"In particular, the Japan market for pharmaceutical transdermal patch products is among the largest in the world. We look forward to working with ProStrakan to apply innovative regulatory strategies to expedite development and commercialisation of Sancuso in Japan, China and other countries in Asia Pacific."
ProStrakan Group plc is a rapidly growing specialty pharmaceutical company engaged in the development and commercialisation of prescription medicines for the treatment of unmet therapeutic needs in major markets.
ProStrakan's head office and development facilities are situated in Galashiels in Scotland. EU-wide sales and marketing of ProStrakan's portfolio of products are handled by commercial subsidiaries in the UK, US, France, Germany, Spain and other EU countries. www.prostrakan.com
JapanBridge, founded in November 2006 by MPM Capital and Itochu Corporation, is a specialty pharmaceutical company focused on the development and commercialisation of oncology and oncology supportive care assets in Japan and Asia Pacific. Its mission is to be the preferred partner to western biotechnology and pharmaceutical companies by providing the expertise and capabilities to expedite the availability of these important therapeutic advances throughout the Far East.
Nausea and vomiting is a significant problem afflicting many patients who undergo chemotherapy, either immediately following the chemotherapy or for up to five days after. Sancuso is a long-acting transdermal system, delivering the anti-emetic, granisetron, steadily into the patient's bloodstream without the need for injections or swallowing pills. Transdermal delivery is especially beneficial to patients receiving chemotherapy who cannot swallow medicines due to nausea or mucositis. Granisetron is a 5-HT3 receptor antagonist with well-established efficacy against CINV.
ProStrakan Dr Wilson Totten, Chief Executive, +44 (0)1896 664000 Paul Garvey, Chief Financial Officer, +44 (0)1896 664000 Callum Spreng, Corporate Comms, +44 (0)1896 664000 or
Financial Dynamics (for ProStrakan) David Yates / Ben Brewerton, +44 (0)20 7831 3113 or JapanBridge Koji Shinozaki, Corporate Development, +81-(0)3-6717-4448 Shari Annes, +1-650-888-0902 [email protected]