Published on September 25, 2009 at 4:50 AM
QRxPharma Limited (ASX: QRX and Pink Sheets: QRXPY), announced today a strategic alliance with Liaoning Nuokang Medicines Co. Ltd. ("Nuokang"), a Chinese biopharmaceutical company based in Shenyang, China, to develop and commercialise QRxPharma's venomics assets for the Chinese market. The strategic alliance involves Nuokang investing US$5.0 million for a controlling interest in a Hong Kong company that holds a license over two of QRxPharma's lead haemostasis product candidates: Textilinin, an antifibrinolytic agent, and Haempatch(TM), a potent pro-coagulant.
The transaction is expected to be completed by mid October 2009. On completion, a minority interest in the Hong Kong company will be held by Venomics Pty Ltd, which is a majority-owned subsidiary of QRxPharma and holds all of the venomics assets of QRxPharma. An affiliated company of Nuokang has also subscribed to a 10% interest in Venomics Pty Limited.
"We are very pleased to announce the strategic alliance of QRxPharma's venomics program with a leading Chinese biopharmaceutical company that has extensive experience in the development, manufacture and sale of therapeutics derived from snake venoms," said Dr. John Holaday, Managing Director and Chief Executive Officer, QRxPharma. "Blood loss in surgery and trauma is a significantly under-served market opportunity, and Nuokang's capabilities and resources will ensure that Textilinin and Haempatch(TM) progress quickly to the clinic."
Dr. Holaday further said that he was particularly pleased to have concluded this deal:
"This strategic alliance provides a great opportunity to extract value for QRxPharma shareholders from the venomics assets without diverting management's attention away from QRxPharma's main prospect with its Dual Opioid(TM) development programme in the area of pain management".