SANOCHEMIA GRANTS EXCLUSIVE LICENSE TO NEWFIELD THERAPEUTICS CORPORATION FOR DEVELOPMENT AND COMMERCIALIZATION OF VIDON® IN USA
Vienna and Charlotte, 25. January 2018 - Sanochemia Pharmazeutika AG, Vienna (ISIN AT0000776307 ISIN DE000A1G7JQ9), a specialty pharma company and Newfield Therapeutics Corporation, Charlotte, today announce that they have entered into a license agreement for Vidon®.
Sanochemia is granting Newfield an exclusive license for the development and commercialization of Vidon®, Sanochemia's game changing technology in the management of bladder cancer, in the USA, Canada, Australia and parts of Asia.
Under the terms of the agreement, Newfield has the right and obligation to further develop Vidon® for Photodynamic Diagnosis and Photodynamic Therapy of bladder cancer. Newfield will fund all costs related to the development and commercialization of Vidon® in the USA and will take care to set up sufficient financing for the studies.
Sanochemia will receive payments depending on the achievement of certain regulatory and commercial milestones as well as revenue-dependent royalties regarding the two indications. Sanochemia will also receive a 7,22% equity interest in Newfield. In addition, Sanochemia will manufacture the product for the duration of the contract for Newfield.
"The license agreement with Newfield is a significant milestone for the company and the first step towards a long-term collaboration in the development and commercialization of Vidon® for the US market", said Dr. Christina Abrahamsberg, CSO of Sanochemia Pharmazeutika AG.
Gregor Medinger, Chairman of Newfield stated "Newfield is very excited to collaborate with Sanochemia and bring Vidon's game changing technology to the U.S. and other territories. We believe that earlier detection of bladder cancer, a disease characterized by recurrence, can lead to earlier treatment and better outcomes for patients which in turn will meaningfully reduce the healthcare spend on patients suffering from non-muscle invasive bladder cancer".
Vidon® is developed by Sanochemia Pharmazeutika AG as a diagnostic and therapeutic option for patients with non-muscle invasive bladder cancer. A Photodynamic Diagnosis using Vidon® makes it easier for the urologist to find malignant tumors. Vidon® shows significantly improved tumor detection and an excellent safety profile in clinical trials.
Bladder cancer is the most common malignancy of the urinary tract. Approximately 75% of initially diagnosed bladder cancers are non-muscle invasive tumors, which means that the tumor is restricted to the mucosa. In 30-80% of the patients, recurrences occur, requiring repeated surgeries. About 45% of bladder cancers will progresses to a muscle-invasive bladder carcinoma.
Early detection, timely and appropriate treatment are therefore essential factors for improving the prognosis of urinary bladder carcinoma patients.
About Newfield Therapeutics Corporation:
Newfield Therapeutics Corporation has been formed in 2016 to bring to the American market new perspectives in the battle against cancer.
For further information contact: FightCancer@NewfieldThera.com
SANOCHEMIA Pharmazeutika AG
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