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HONG KONG, Oct 13, 2022 - (ACN Newswire) - Essex Biotechnology Ltd (HKG: 1061) wishes to announce that wholly-owned subsidiary Essex Bioinvestment Ltd on 13 October 2022 secured (i) a patent and know-how license agreement; and (ii) a patent assignment deed in relation to SkQ1, an active pharmaceutical ingredient, from Mitotech S.A. Under these Agreements, Mitotech grants Essex Bioinvestment worldwide rights (excluding Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia) and interests in SkQ1, transferable and irrevocable, in the field of ophthalmology exclusively.
Mitotech has agreed to assign, among others, all the rights of a list of inventions and patents, and to grant an exclusive, transferable and irrevocable Global license to Essex Bioinvestment, free from encumbrance, to use a list of patents owned by Mitotech relating to SkQ1 to develop, manufacture, sell and supply any therapeutic products or therapies applying to the eye and its adnexa, apply for and obtain Global regulatory approval for clinical trials, and obtain marketing authorisation in relation to the Products.
Following the signing of these Agreements, a fourth supplementary agreement relating to the co-development agreement dated 16 July 2018 was entered into between Essex Bioinvestment, Mitotech and Mitotech LLC, in which Mitotech LLC and Mitotech will waive all and any rights under the co-development agreement in relation to the US FDA VISTA Program (the clinical studies on an ophthalmic solution containing SkQ1 for the dry eye disease).
The Board considers that securing the Agreements relating to SkQ1 is an important measure to provide the Group with flexibility and independence in the continuing development of the VISTA Program in the field of dry eye disease and will allow the Group to further explore development of other indications of ophthalmic products to meet the clinical and commercial needs of the Global market.
About Mitotech S.A.
Mitotech S.A. is a Luxembourg-based clinical-stage biotechnology company developing novel drugs for the treatment of age-related disorders. The core technology behind Mitotech products is based on a novel class of small molecules, mitochondria, targeting cardiolipin peroxidation inhibitors. Company's lead compound SkQ1 is being developed in several drug formulations covering a variety of therapeutic areas with major focus on ophthalmology and neurodegenerative diseases. Please visit https://www.mitotechpharma.com.
About SkQ1
SkQ1 addresses DED through a novel mechanism acting on the mitochondria at a cellular level. Unlike current standards of care, which act primarily as anti-inflammatory agents, SkQ1 has been shown to relieve inflammation and improve tissue degeneration and tear quality deficit by targeting oxidative stress within the eye. The VISTA program (the clinical studies on an ophthalmic solution containing SkQ1 for the dry eye disease) has now progressed to the Phase 3 clinical stage in the United States. In VISTA-1, a Phase 2b/3 clinical study in the United States (NCT03764735), and VISTA-2, a Phase 3 clinical study in the United States (NCT04206020), SkQ1 showed evidence of efficacy in reducing both the signs and symptoms in dry eye subjects. Additionally, glaucoma, Leber's Hereditary Optic Neuropathy (LHON), dry AMD, and uveitis programs for SkQ1 ophthalmic solution are at pre-clinical stage.
About Essex Biotechnology Ltd
Essex Biotechnology Ltd (HKG: 1061) is a bio-pharmaceutical company that develops, manufactures and commercialises genetically engineered therapeutic b-bFGF (FGF-2), with six biologics commercially available in China since 1998. Additionally, it has a portfolio of products of preservative-free unit-dose eye drops including Shilishun (Iodized Lecithin Capsules). The products are principally prescribed for the treatment of wounds and diseases in Ophthalmology and Dermatology, which are marketed and sold through approximately 10,710 hospitals and managed directly by its 43 regional sales offices in China. Leveraging on its in-house R&D platform in growth factor and antibody, the Company maintains a pipeline of projects in various clinical stages, covering a wide range of fields and indications. Please visit http://www.essexbio.com.
Media Enquiry:
Strategic Financial Relations Limited (Website: http://www.sprg.com.hk)
Shelly Cheng +852 2864 4857 shelly.cheng@sprg.com.hk
Holly Szeto +852 2864 4859 holly.szeto@sprg.com.hk
Jill Cheung +852 2864 4870 jill.cheung@sprg.com.hk
Media: media@essex.com.cn
Investor Enquiry:
Investor Relations: investors@essex.com.cn
Topic: Press release summary
Source: Essex Bio-Technology Limited
Sectors: BioTech, Healthcare & Pharm
https://www.acnnewswire.com
From the Asia Corporate News Network
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