DGAP-News: PAION AG GRANTS LICENSE TO HANA PHARM FOR REMIMAZOLAM IN SOUTH KOREA
(firmenpresse) - DGAP-News: PAION AG / Key word(s): Contract
PAION AG GRANTS LICENSE TO HANA PHARM FOR REMIMAZOLAM IN SOUTH KOREA
28.10.2013 / 13:32
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PAION AG GRANTS LICENSE TO HANA PHARM FOR REMIMAZOLAM IN SOUTH KOREA
- PAION receives EUR 1 million upfront payment
- Potential milestone payments of up to EUR 2 million
- 10% royalties
Aachen (Germany), 28 October 2013 - PAION AG (ISIN DE000A0B65S3; Frankfurt
Stock Exchange General Standard: PA8) and Hana Pharmaceutical Co., Ltd,
South Korea, today announced that they have entered into a license
agreement for Remimazolam which gives Hana Pharm an exclusive licence for
the development, manufacture and commercialization in the territory of
South Korea.
By concluding the license PAION receives upfront payments totalling EUR 1
million. These consist of payment for the option in the amount of EUR 0.3
million (received in July 2013), and EUR 0.7 million are due by today's
signing of the license agreement. In addition, potential milestone payments
of up to EUR 2 million and 10% royalties on sales in the South Korean
market have
been agreed.
Hana Pharm will manage and finance the development and marketing approval
process in South Korea. Hana Pharm intends to market Remimazolam in all
indications with the lead indication anaesthesia and with an expected
launch of Remimazolam in 2016.
Dr. Wolfgang Söhngen, Chief Executive Officer of PAION AG, stated: 'With
Hana Pharm we have found a partner with high expertise in anaesthesia
products in South Korea. With the high quality and scientific strength of
our partner, we see good chances to participate in one of the most
important markets in Asia.'
###
About PAION
PAION AG is a publicly-listed biotech company headquartered in Aachen,
Germany with a second site in Cambridge, UK. The company has a track record
in developing hospital-based treatments for which there is substantial
unmet medical need. PAION AG is transforming its business model from a pure
development company to a specialty pharmaceutical company with a focus on
anaesthesia products to take advantage of the unique profile of its main
compound, Remimazolam.
About Hana Pharm
Since founded in 1996, Hana Pharm has been manufacturing various medicines
that are strongly needed by customers, like intravenous anaesthetics and
narcotic analgesics. Hana Pharm is continuing to invest in R&D and
production facilities in order to comply with global standards.
About Remimazolam
Remimazolam is an innovative short-acting general anaesthetic/sedative. Due
to its short duration of action and good controllability, it has a
preferable efficacy and safety profile relative to other currently marketed
anaesthesia compounds. The rapid offset of Remimazolam's effect is due to
its metabolism by tissue esterase enzymes that are widely distributed
throughout the body.
Remimazolam has potential in three indications:
- Procedural sedation
- General anaesthesia
- ICU sedation
Remimazolam is available for licensing outside Japan, China and South
Korea, where the compound is partnered with Ono Pharmaceutical, Yichang
Humanwell and Hana Pharm.
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(at)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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28.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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(at)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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