RIBOMIC has signed the license agreement with AJU PHARM CO., LTD., Korean pharmaceutical company (“AJU”), for RBM-007 licensing agreement for the indication of the exudative age-related macular degeneration in the territory of Korea and Southeast Asia (Singapore, Philippines, Thailand, Vietnam, Indonesia, Malaysia, Cambodia and Myanmar; hereinafter "the Territory").
Upon execution of this Agreement, AJU will obtain the exclusive license to develop and sell the Product containing RBM-007 (the “Product”) in the Territory. RIBOMIC will receive an upfront payment of US$1 million and is eligible for potential development milestone payments of up to US$5 million. In addition, RIBOMIC will supply the Product to AJU at product supply prices, which includes royalties, for AJU’s sale of the Product in the Territory.
RBM-007 is currently being evaluated in a Phase 2 study in patients with exudative age-related macular degeneration.
President Kim, Representative Director of AJU Pharmaceuticals, says: AJU Pharm Co. Ltd., is a South Korea-based comprehensive health care company specializing in ophthalmology. AJU Pharm has been providing innovative health solutions since 1953, with its core business in medicine, medical devices, and food and supplements. With its ophthalmic portfolio further strengthened with the in-licensing of RBM-007, AJU Pharm will take the next step towards becoming a globally competitive pharmaceutical company through co-development with Ribomic Inc. in Korea and Southeast Asian countries.
Source: Company Press Release