On September 21, 2020 Biocure Technology Corp. ("CURE" or the "Company") (CSE:CURE; OTCQB: BICTF) BiocurePharm, Korea ("BPK"), a subsidiary of Biocure Technology Inc. ("CURE") reported that BPK has entered into a non-binding MOU with S&B Biopharm ("SBB") located in Sofia, Bulgaria (Press release, Biocure Technology, SEP 21, 2020, View Source [SID1234628816]). This agreement will allow BPK to locally manufacture CD-19 CAR T in Bulgaria and sell to the Eastern European market, including Poland, Turkey and Bulgaria. Expansion into the European market could assist with bringing ALL patients more affordable solutions of CAR T Therapy.
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As part of the agreement, SBB will be required to raise funds the equivalent of USD12Million to cover the clinical trial costs along with the GMP manufacturing facility. Upon the execution of the definitive agreement SBB will have 6 months to allocate the funds and begin the clinical trial. At the completion of the agreement, BPK will be required to transfer its manufacturing technology of CD19 CAR T to the JV for the designated markets, to be defined in the definitive agreement. The manufacturing technology of Lenti virus shall be transferred by a separate agreement afterwards. The initial structure of the JV will be 51:49 between BPK and SBB.
Dr. Sang Mok Lee, CEO and President of Biocure and BPK, states "This MOU is the very first step for the Company to advance it’s entrance into the European market with its CAR T technology. We are about to start a clinical trial in Korea and are confident that if we have positive outcomes from the Korean clinical trial, this should enable the European process to be faster and more efficient. We strongly believe that our business model could enable European ALL patients with an affordable CAR T Therapy to save more lives. We continue to work hard to make this happen as soon as possible."