Prometic Life Sciences has entered a new partnership with Shenzhen Royal Asset Management
Canadian biopharmaceutical company Prometic Life Sciences has decided to partner with China’s Shenzhen Royal Asset Management (SRAM). The deal has provided Prometic with an initial $33 million from SRAM, of which $23 million will be receivable in H2 of this year.
Prometic is active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases and inflammation. Headquartered in Laval, Prometic has R&D facilities in the UK, the US and Canada.
The venture will see Prometic license the development, manufacturing and commercialisation rights for idiopathic pulmonary fibrosis drugs PBI-4050 and PBI-4547. PBI-4425 is expected to enter clinical trials in late 2017, and has shown to significantly reduce pulmonary emphysema and cutaneous hyperplasia in the tight-skin (TSK) mouse model for scleroderma. PBI-4050 will also be entering further clinical trials.
These developments will support the Chinese market, with an initial focus on pulmonary and liver fibrosis through a new subsidiary, Prometic ChinaCo. Prometic is also licensing the development and commercialization rights for the Products for the Chinese market for specific fibrosis indications to a SRAM affiliate.
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SRAM's initial funding of $33 million is earmarked for the clinical development of the Products, currently on-going outside China. Prometic ChinaCo controls the bulk manufacturing of the Products which it will exclusively supply to sub-licensees in China.
""A recent study published in The New England Journal of Medicine, indicates that there are approximately 114 million individuals with diabetes in China, with an estimated 24 million of those patients suffering with chronic kidney disease in 2015,” explained Mr. Yu Huang, founder and chairman of SRAM. “We are therefore committed to advancing rapidly the clinical development of PBI-4050 for diabetic kidney disease in China."
Pierre Laurin, President and CEO of Prometic, stated, "This joint venture leverages Prometic's R&D and clinical expertise and leadership, especially in the areas of fibrosis and autoimmune diseases/inflammation. The joint venture is also actively pursuing additional partnering transactions to further leverage the value of its products in targeted indications in China and provide additional funding."