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news.Lee's Pharmaceutical has entered into an agreement to license RegeneRx Biopharmaceuticals' thymosin beta 4 (Tß4 ) based products, including the RGN-259, RGN-352 and RGN-137 designed for tissue and organ protection, repair and regeneration, in China and Taiwan.
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The terms of the transaction include aggregate potential milestone payments of up to $3.6m and royalties ranging from low double digit to high single digit royalties on commercial sales.
Lee’s said in addition to initial payment of $200,000, during signing of a term sheet, it will pay $200,000 with the completion of the license agreement.
Under the agreement, RegeneRx will provide Tß4 products to Lee’s at no charge for a Phase 2 ophthalmic clinical trial as well as for all other development and clinical work.
RegeneRx also has the right to license any improvements made by Lee’s to RegeneRx’s products outside of the licensed territory.
RegeneRx president and chief executive officer J.J. Finkelstein said the company looks forward to work with Lee’s Pharmaceuticals to develop its Tß4-based product candidates in China, Hong Kong, Macau and Taiwan, as Lee’s has demonstrated an impressive track record of pharmaceutical product development and growth, including in the ophthalmology and cardiovascular areas.
"We believe this opportunity should enable us to accelerate the development of our product candidates in and outside of the licensed territory," Finkelstein added.
Lee’s Pharmaceutical chief executive officer Benjamin Li said RegeneRx demonstrated in their successful phase II studies that their Tß4-based product is a promising agent in alleviating dry eye syndrome by addressing the underlying pathology with a unique mechanism of action.
"We look forward to developing the product expediently in China,"Li added.