On October 7, 2016 Moleculin Biotech, Inc., (NASDAQ: MBRX) ("Moleculin" or the "Company"), a preclinical and clinical-stage pharmaceutical company focused on the development of anti-cancer drug candidates, some of which are based on license agreements with The University of Texas System on behalf of the M.D. Anderson Cancer Center, reported it has secured an agreement with Dermin Sp. Zo. O. ("Dermin") to utilize Dermin’s supply of Annamycin for its upcoming clinical trial, substantially reducing the expenditures required of Moleculin for drug product and shortening the time required to produce clinical supplies (Press release, Moleculin, OCT 7, 2016, View Source [SID:SID1234515658]).

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"This was an important agreement and key milestone to be reached as it clearly shortens the pathway as well as lowers the expense involved in our clinical timeline and go to market strategy," commented Walter Klemp, Chairman and Acting CEO of Moleculin. "With this agreement in place, our drug product expense for our upcoming clinical trial will be substantially below what we had previously budgeted. Additionally, Dermin’s existing supply alleviates any potential drug production constraints and advances our ability to begin our next trial expeditiously."

Moleculin previously licensed Annamycin to Dermin within a limited region in Europe, enabling Dermin to deploy Polish grant funds toward producing Annamycin. The agreement reached between the two companies allows Moleculin to utilize this Annamycin in its upcoming clinical trials rather than having to produce new Annamycin for its own use. Dermin benefits from a data sharing arrangement giving it access to Moleculin’s clinical data on a faster timeline than it would be able develop on its own.

Mr. Klemp concluded, "We are pleased with this key agreement in place and remain focused on our upcoming milestones. We look forward to beginning our expanded clinical trials on Annamycin by the first half of 2017."