DGAP-News: Formycon AG
/ Key word(s): Alliance/Agreement
19.10.2021 / 06:30
The issuer is solely responsible for the content of this announcement.
Press Release // October 19, 2021
Formycon and SCG Cell Therapy Announce Collaboration and License Agreement for Formycon's COVID-19 Drug FYB207
- Agreement aims to accelerate development and commercialization of FYB207 in the Asia-Pacific region
- SCG Cell Therapy receives exclusive license to develop, manufacture and commercialize FYB207 in the Asia-Pacific region (except Japan)
- Formycon is eligible to receive up to € 63.5 million in development, regulatory and sales-related milestone payments as well as low double-digit percentage range royalties on net sales
Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) and SCG Cell Therapy Pte Ltd ("SCG") announced that they have entered into a collaboration and license agreement for the development and commercialization of Formycon's proprietary COVID-19 drug FYB207. Under the terms of the agreement, SCG has access to Formycon's ACE2 fusion protein technology and has acquired an exclusive license to develop, manufacture and commercialize FYB207 in the Asia-Pacific (APAC) region (except Japan). Formycon is eligible to receive potential development, regulatory and sales-related milestone payments of up to € 63.5 million as well as royalties on net sales in the low double-digit percentage range. The APAC region is home to about 60% of the world's population and is the world's second largest healthcare market.
"We are very glad about the collaboration with SCG which allows us to accelerate the development and commercialization of our COVID-19 drug FYB207 in the most populated region of the world", says Dr. Carsten Brockmeyer, CEO of Formycon, and continues: "We believe SCG with its outstanding scientific base and network in Singapore, China and Germany is an excellent partner. SCG will be responsible for the development and manufacturing of FYB207 in Asia, and if approved, bring this innovative COVID-19 drug to patients and healthcare providers in the Asia-Pacific region."
"FYB207 is a promising antiviral drug candidate for COVID-19, and it retains its full antiviral potential even against the rapidly spreading SARS-CoV-2 variants-of-concern", says Prof. Dr. Ulrike Protzer, Director of the Institute of Virology of the Technical University of Munich and the Helmholtz Center Munich, and Scientific Founder of SCG. "We are excited with the encouraging results from FYB207 and we are pleased to collaborate with Formycon to accelerate the development of this promising antiviral to bring it to patients in need in the Asia-Pacific region and combat COVID-19", says Frank Wang, CEO of SCG, and adds further: "Formycon focuses on developing high-quality biopharmaceutical medicines and we look forward to combining our presence in Asia with Formycon to provide effective and affordable treatment options to patients."
FYB207 is a preclinical stage ACE2 immunoglobulin fusion protein that has shown efficient in-vitro neutralization of SARS-CoV-2 and its variants. SARS-CoV-2 and other coronaviruses use the ACE2 protein on the surface of human cells as a receptor for cell infection. Formycon has developed a proprietary technology for human ACE2 immunoglobulin fusion proteins (ACE2-Fc) and created an innovative SARS-CoV-2 entry blocker (FYB207), that efficiently prevents cell infection, and has demonstrated high protection against coronavirus escape mutations in cell culture. FYB207 also has inherent enzymatic activity that may provide patients with additional pulmonary and cardiovascular protection. FYB207 can potentially be used against all current and future coronaviruses that use ACE2 as a portal of entry for cell infection.
About SCG Cell Therapy Pte Ltd:
SCG is a rapidly evolving biotechnology company focusing on the development of novel immunotherapies for patients with infections and its associated cancers. Established and headquartered in Singapore, SCG has a strong footprint and scientific network in Singapore, China and Germany. The company develops T cell therapies, bispecific antibodies, and therapeutic vaccines for hepatitis B, helicobacter pylori and human papillomavirus infection and its associated cancers, which attribute to high burden of diseases in Asia. SCG's scientific founder is Prof. Dr. Ulrike Protzer, a leading virologist and director of the Institute of Virology of the Technical University of Munich and of the Institute of Virology of the Helmholtz Center Munich.
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of a COVID-19 drug FYB207.
Senior Manager Corporate Communications and Investor Relations
phone +49 (0) 89 - 86 46 67 149
fax + 49 (0) 89 - 86 46 67 110
Sabrina.Mueller@formycon.com // www.formycon.com
This press release may contain forward-looking statements and information which are based on our current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.
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