Shin Poong to develop, market Almac Discovery's ALM201 in South Korea

Almac Discovery today announced the licensing of its novel anti-angiogenic peptide ALM201 to Shin Poong Pharmaceutical Company Ltd for clinical development and marketing in South Korea. Shin Poong will make an undisclosed upfront payment and pay milestones and royalties as part of the deal. The Shin Poong programme in South Korea will run in parallel with Almac Discovery's own development programme in Europe.

“We are delighted to be partnering with Shin Poong. Their work on ALM201 in South Korea will complement our own programme very well and will add significant scientific value.”

ALM201 is a novel highly potent anti-angiogenic peptide that is targeted to cells expressing CD44 and acts by inhibiting migration of vascular endothelial cells; a mechanism which clearly differentiates ALM201 from current marketed anti-angiogenics. The compound has completed preclinical development, has a good toxicology profile and is entering Phase I/II trials in the UK.

Stephen Barr, President and Managing Director of Almac Discovery said: "We are delighted to be partnering with Shin Poong. Their work on ALM201 in South Korea will complement our own programme very well and will add significant scientific value."

Mr. Won June Chang, CEO of Shin Poong, declared: "We are delighted to license the novel and innovative anti-cancer drug candidate from Almac Discovery and we look forward to supporting the development of this drug candidate in South Korea."

Almac Discovery is seeking partners for ALM201 in all other territories.