Y C Lee, chief executive officer of Pacgen, said: “Pacgen is very pleased to collaborate with New Summit Bio to develop PAC-113 for the Chinese market. China represents a key market potential for PAC-113, as the incidence of oral candidiasis in China has increased significantly in recent years due to extensive use of antibiotics.”
Jun Ren, chief executive officer of New Summit Biopharma, said: “The collaboration between Pacgen and New Summit Bio represents a new milestone in drug development between China and foreign countries. We are committed to working with Pacgen in raising fund, and coordinating the research and development with top R&D organizations to expedite development of PAC-113. We believe PAC-113 has a significant market potential for the treatment of oral candidiasis in China.”
Both parties intend to finalize their development plan after meeting with the Chinese regulatory department, State Food and Drug Administration.