On January 19, 2021 Turret Capital Management, a global investment and venture building firm focused on the healthcare industry, reported that it has signed a Definitive License Agreement with Genexine, inc.(KOSDAQ 095700), a South Korea-based Biotechnology company (Press release, Genexine, JAN 19, 2021, View Source [SID1234574118]). Under the terms of the agreement, Turret Capital has obtained global rights for selective indications to GX-P1. GX-P1 is a Phase I ready novel immunosuppressant agent that reduces the immune response by binding to PD-1 on activated T cells and thus inhibiting T cell activation; a mechanism that is opposite to that of an anti-PD-L1 immune checkpoint inhibitor typically used to treat cancer.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
The compound will be housed and developed within Egret Therapeutics, a subsidiary of Turret Capital, and will target clinical areas of unmet need in the area of acute subarachnoid hemorrhage. Daniel Chai, M.D., Executive Chairman of Egret Therapeutics and Managing Partner of Turret Capital, stated, "Our firm strives to develop and market the most compelling and innovative technologies to address large market opportunities in healthcare. We are excited to partner with Genexine on this Phase I ready asset and leverage our scientific and clinical expertise in Neurological diseases to better help patients that suffer from the debilitative and life-threatening conditions of stroke."
Sung Yung-Chul, Ph.D., Founder and CEO of Genexine stated, "We are excited about working with the team at Egret Therapeutics and leadership at Turret Capital. Through our partnership, we believe we can achieve maximal value for innovative products that have been developed within Genexine."
Under the terms of the agreement, Genexine will receive 5% of underlying Egret Therapeutics outstanding shares and be eligible to receive development and commercial milestones payments of up to $200 million USD.