DGAP-News: PAION AG / Key word(s): Contract
PAION AG GRANTS LICENSE TO YICHANG HUMANWELL FOR REMIMAZOLAM IN CHINA
18.07.2012 / 15:46
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PAION AG GRANTS LICENSE TO YICHANG HUMANWELL FOR REMIMAZOLAM IN CHINA
- PAION receives EUR 3 million upfront payments
Aachen (Germany), 18 July 2012 - PAION AG (ISIN DE000A0B65S3; Frankfurt
Stock Exchange General Standard: PA8) and Yichang Humanwell Pharmaceutical
Co. Ltd, China, today announced that they have entered into a license
agreement for Remimazolam which gives Yichang an exclusive licence for the
development, manufacture and commercialization in the territory of People's
Republic of China.
By concluding the license PAION receives upfront payments totalling EUR 3
million. These consist of payment for the option in the amount of EUR 0.3
million (received in April 2012), EUR 1.5 million are due by today's
signing of the license agreement and additional EUR 1.2 million is payable
upon completion of technology transfer (reproduction of a small scale
manufacturing process) but no later than June 2013. In addition, milestone
payments and royalties of 10% have been agreed. The amount of future
milestone payments will depend on the eventual development strategy for
Remimazolam selected by Yichang in China and has a volume of up to EUR 4
million.
Dr. Wolfgang Söhngen, Chief Executive Officer of PAION AG, stated: ' With
Yichang we have found a partner with expertise in anaesthesia both as a
manufacturer and marketer of various anaesthetic products in China. During
my visit to Yichang, I have convinced myself of the quality and scientific
strength of our partner. With a partner, who is successfully selling
Remifentanil in China with more than 1000 sales reps in all provinces we
see good chances to participate in the high growth market China with an
interesting return. This could be more than achievable with a traditional
Biotech/Pharma deal.'
###
About PAION
PAION is headquartered in Aachen, Germany and has a second site in
Cambridge, UK. The company is specialised in developing innovative drugs
for the hospital-based treatment in indications for which there is a
substantial unmet medical need. PAION is extending its 'Search & Develop'
business model, by transforming into a 'Specialty Pharma Company', with a
focus on anaesthesia products.
About YICHANG
Yichang Humanwell Pharmaceutical Co. is part of Wuhan Humanwell healthcare
(Group) Co., Ltd an industrial group giving priority to the medical health
business, specializes in the development, production, distribution and
technical support of pharmaceutical, medical instruments and reproductive
healthcare products and technologies. Yichang Humanwell is the largest
company to develop and produce narcotic products in China.
About Remimazolam
Remimazolam is an innovative short-acting general anaesthetic/sedative.
Sedatives are used, for example, in endoscopic procedures such as
colonoscopies. After intravenous administration Remimazolam rapidly induces
the desired sedation. Importantly, this sedative effect quickly disappears.
This rapid offset of the effect of the substance is due to its metabolism
by tissue esterase enzymes that are widely distributed throughout the body.
Remimazolam is being developed as a sedative agent for day case procedures
(procedural sedation). PAION's partner ONO has recently completed a Phase
II trial in the indication 'induction and maintenance of anaesthesia'. It
could also be used as a sedative for patients in the Intensive Care Unit
(ICU).
PAION is currently exploring cooperation opportunities for the territories
outside of China and Japan, where the compound is partnered with Ono
Pharmaceuticals.
Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG's management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
End of Corporate News
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Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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178130 18.07.2012
DGAP-News: PAION AG GRANTS LICENSE TO YICHANG HUMANWELL FOR REMIMAZOLAM IN CHINA
| Source: EQS Group AG