On May 16, 2018 LIDDS AB (publ) reported that it has signed a license agreement for Liproca Depot with Jiangsu Ambition Medical, a Chinese pharmaceutical company specializing in global collaborations and in-licensing. Liproca Depot is LIDDS injectable cancer drug candidate for local treatment of prostate cancer (Press release, Lidds, MAY 16, 2018, View Source [SID1234555918]). LIDDS is receiving a signing fee exceeding USD 1 million followed by milestone payments and royalty. A phase III clinical trial will be conducted in China and will be fully financed by the licensee.
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The strategic cooperation between Jiangsu Ambition Medical and LIDDS is expected to result in market approval for Liproca Depot in China as the first country in the world. Jiangsu Ambition Medical originates from Jiminkexin Group which ranks as one of the top 10 pharma companies in China. Jiangsu Ambition Medical has also expressed a strong interest for other drugs formulated in the NanoZolid technology platform.
LIDDS is very pleased to enter into the license agreement with Jiangsu Ambition Medical which has the highly regarded expertise to perform necessary clinical trials, and also an impressive sales organization to manage a future launch of Liproca Depot. The agreement is also a clear recognition of the international interest for the NanoZolid technology and Liproca Depot as treatment for prostate cancer, says Monica Wallter, CEO of LIDDS.
The prostate cancer market is substantial in China with around 500 000 patients being diagnosed annually. Oncology is a focus area at Jiangsu Ambition Medical and the company expects that the sales of Liproca Depot will reach yearly sales of 50 000 to70 000 treatments in 3 to 5 years after launch.
Jiangsu Ambition Medical views NanoZolid technology and specifically the Liproca Depot product as a very promising treatment for prostate cancer, a disease that is also very common in China. We are very happy to enter the agreement with LIDDS and will immediately start to prepare for conducting the Liproca Depot clinical trial in China. We hope to extend the partnership and get other products based on the NanoZolid technology into our pipeline, says Mr. Mark Dai, CEO of Jiangsu Ambition Medical.
Jiangsu Ambition Medical has its own regulatory and clinical departments and a highly recognized marketing and sales organization. Being deeply connected with the Chinese regulatory authorities and key clinical opinion leaders, their sales network covers 1,130 large scale public hospitals and an additional 4,592 hospitals in China. The sales team has launched four different drug products with an annual revenue of more than RMB 1.5 billion each and three drug products with revenues of RMB 1 billion respectively. LIDDS and Jiangsu Ambition Medical will work together to optimise the time to market for launching Liproca Depot in China.