Agenix Limited (ASX:AGX) Signed New China Agreements to Advance Lead Drug Candidate and New Product Pipeline
Agenix's China subsidiary entered an agreement with China's Institute of Pharmacology and Toxicology of the Academy of Military Medical Sciences to complete final toxicology tests for the hepatitis B compound AGX-1009 ahead of the expected start of clinical trials in China in 2012.
A memorandum of understanding between Agenix and its strategic partner, the Institute of Medicinal Biotechnology (IMB) of the Chinese Academy of Medical Sciences in Beijing covers development of future drug candidates, sharing intellectual property, production, marketing, distribution and access to IMB's national research and regulatory expertise.
Agenix Chairman and Chief Executive Officer, Nicholas Weston, said, "These agreements with internationally respected institutions further reinforces our commercial position in China and is another step towards the creation of long-term shareholder value by developing new drugs to address large unmet clinical needs."
The event at the Beijing Peninsular Hotel on Wednesday 12 October was presided over by the Lord Mayor of Melbourne, Robert Doyle and Vice Secretary-General Dai Wei, of the Beijing Municipal Government.
The agreement to complete toxicology tests was signed by the Director of Institute of Pharmacology and Toxicology of the Academy of Military Medical Sciences, Dr. Ding Ra- Gao and the Chairman of Agenix Biopharmaceutical (Shanghai), Mr Tang Wen Sen.
The memorandum of understanding and cooperation agreement was signed by the Director of the Institute of Medicinal Biotechnology (IMB) of the Chinese Academy of Medical Sciences in Beijing, Professor Jiang Jian-Dong, Agenix Executive Chairman and Chief Executive Officer, Nicholas Weston and the Chairman of Agenix Biopharmaceutical (Shanghai), Mr Tang Wen Sen.
IMB is an internationally respected organisation that has played a major role in the development of several important new drugs. It collaborates with The Bill & Melinda Gates Foundation, Vertex Pharmaceuticals, Bethesda Hospital Maryland and Agenix Limited.
Agenix's patented hepatitis B drug compound, AGX-1009, shares the same active compound as Gilead's (NASDAQ:GILD) blockbuster drug, Viread, which is used to treat HIV and hepatitis B.
AGX-1009 is supported by the Chinese Government's State Special Funds for Important Newly-Developed Drugs which aims to develop new cost effective new medicines for large unmet medical needs in China.
About Agenix Limited
Agenix Limited (ASX:AGX) is a biopharmaceutical company based in Melbourne, Australia. Through its wholly owned subsidiaries, Agen Biomedical (headquartered in Melbourne, Australia) and Agenix Biopharmaceutical (in Shanghai, China), the Company has a strategic goal of building and developing a line of therapeutic and imaging products.
Gilead Sciences, Inc.