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RACURA ONCOLOGY LTD — Capital/Financing Update 2017
Mar 26, 2017
65658_rns_2017-03-26_4cd71e13-918c-4bcb-bcfd-8d87a34bc215.pdf
Capital/Financing Update
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ASX RELEASE
BISANTRENE LICENSE AGREEMENT FOR KOREA
27 March 2017 : Race Oncology Limited (ASX: RAC) is pleased to announce that it has executed a License and Sales Agreement with BL&H Co. Ltd in Korea. Under the terms of the exclusive agreement, BL&H will be responsible for generating sales of Bisantrene in Korea for the treatment of AML (acute myeloid leukaemia) under a named patient program (NPP).
BL&H will generate sales orders from Korean hospitals and Race will be responsible for shipment and invoicing to the hospitals, with BL&H receiving a 25% commission on sales. Bisantrene will be shipped to Korean hospitals directly from Race’s finished product manufacturer in San Diego, California (IriSys LLC).
“This is our first license agreement for Bisantrene outside Europe and indicates the strong level of international interest from commercial marketing partners in the potential for Bisantrene,” said Race CEO, Peter Molloy. “BL&H have impressive experience in named patient sales in the Korean market, which is a significant AML market outside Europe.”
Race has previously announced that it intends to sell Bisantrene under a Named Patient Program in Europe through its marketing partner CarthaGenetics, with first sales expected before the end of 2017. According to the Company, sales of Bisantrene through BL&H in Korea could commence soon after that.
Mr D C Roh, president of BL&H said: "We are very excited to bring Bisantrene to the South Korean market. Bisantrene represents a unique commercial opportunity for our company because of its clinical benefits. We expect it to be an important product for our company as well as AML patients for many years to come."
Mr Molloy added: “We see this as an important agreement for Race that signals the sales potential and opportunity for Bisantrene in international NPP markets outside Europe. We are currently pursuing licensing partners in other countries.”
About BL&H
BL&H meets the demands of healthcare professionals by providing access to advanced and innovative products that offer patients a better quality of life. Their combined business, medical, regulatory and scientific expertise facilitates their approach to maximising distribution of high-quality, cutting-edge products. BL&H has represented CSL in the past and currently represents the Australian companies, Pharmaxis and Medical Developments International, in South Korea. For more information visit http://www.blnh.co.kr.
Race Oncology Limited, ABN 61 149 318 749 Level 2, 50 Kings Park Road, West Perth WA 6005 www.raceoncology.com
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About Race Oncology
Race Oncology Limited is a specialty pharmaceutical company, whose business model is to pursue later stage assets, principally in the cancer field. The Company’s first important asset is a chemotherapy drug, called Bisantrene, which was the subject of more than 40 phase II clinical studies during the 1980s and 1990s. Race Oncology owns recent patent filings on Bisantrene and has secured Orphan Drug Designation in the US. The Company’s goal is to complete final development of Bisantrene and bring this valuable drug to market. Visit raceoncology.com for more information.
For more information, contact:
Peter Molloy T: +61 (0) 3 9097 1656
Managing Director E: [email protected]
Investor Relations
F T I Consulting
T: +61 (0)8 9485 8888
Race Oncology Limited, ABN 61 149 318 749 Level 2, 50 Kings Park Road, West Perth WA 6005 www.raceoncology.com