Ahon Pharmaceutical Co Ltd.(Ahon Pharma), a subsidiary of Shanghai
Fosun Pharmaceutical (Group) Co. Ltd, (Fosun Pharma, HKG: 02196 and
SHA: 600196) and DiaMedica Therapeutics Inc. (TSX Venture: DMA and
OTCQB: DMCAF) today entered into a license and collaboration
agreement, which allows Ahon to have exclusive rights to develop
and commercialize DM199 for acute ischemic stroke in
mainland China, Taiwan, Hong Kong S.A.R. and Macau
S.A.R. Fosun Pharma is one of China’s largest pharmaceutical
firms with annual sales of more than USD$2 billion and an
extensive related hospital sales force.
DM199 (synthetic KLK1 protein) is an
investigational product in development to treat patients who
experience an acute ischemic stroke. Upon successful
development, DM199 could provide a treatment option for patients
worldwide who suffer from an acute ischemic stroke within 24 hours
compared to the short, 3 to 4.5-hour treatment window available
today with tissue plasminogen activator (“tPA”, with trade name
Activase®). In China, a human urine source form of the KLK1
protein, u-KLK1 or Kailikang®, has been approved and widely used
since 2005.
Under the terms of the license agreement,
DiaMedica is entitled to receive an upfront payment of $5
million, consisting of $500,000 on signing and $4.5 million upon
regulatory clearance to initiate a clinical trial in China.
DiaMedica also has the potential to receive an additional
$27.5 million in development and sales related milestones and
high single and low double-digit royalties on net sales of DM199 in
the licensed territories. All development, regulatory, sales,
marketing, and commercial activities and associated costs in the
licensed territories will be the sole responsibility of Ahon
Pharma.
Fosun Pharma, with its partnership with SK Group
(a South Korea based Fortune Global 100 Company) called Hermed
Capital Healthcare Fund, is an investor in DiaMedica through its
equity investment in 2016.
"We are extremely pleased to have Ahon Pharma
and Fosun Pharma as our partner, one of the largest pharmaceutical
companies in China. Their existing equity interest makes them a
trusted partner to commercialize and market DM199 in
mainland China and certain surrounding territories for
acute ischemic stroke," stated Rick Pauls, President and CEO
of DiaMedica. "Ahon Pharma and Fosun Pharma have significant
resources and commercial capabilities to develop and market DM199
to stroke health care providers and patients. This collaboration is
aligned with DiaMedica’s global strategy to bring DM199 to the
market for the millions of patients who suffer from acute ischemic
strokes each year."
Mr. Guang Qu, President of Ahon Pharma
commented, “With the acceleration of the aging population in China,
stroke has placed a big burden on patient, family, society and
healthcare settings. This collaboration conduces to the integration
of the existing advantages of both parties, and to the satisfaction
of the urgent need of drug access and standardized treatment for
acute ischemic stroke patients in China.”
About Acute Ischemic Stroke
An acute ischemic stroke is characterized by
rapid loss of brain function due to an interruption of blood supply
to the brain due to a blood clot. Affected areas of the brain
become inactive and cells eventually die causing neurological
impairment. Each year over 12 million people worldwide suffer an
acute ischemic stroke and it is the leading cause of death and
disability globally. The only approved U.S. Food and Drug
Administration (“FDA”) or European Medicines Agency (“EMA”) drug
treatment is tPA (Activase®). However, only 5-7% of acute ischemic
stroke patients are actually treated with tPA due to eligibility
and other issues.
About DM199 for Acute Ischemic
Stroke
DM199 is a recombinant human tissue kallikrein 1
(rh-KLK1). KLK1cleaves the low molecular weight kininogen to
produce kinins, which is known as the kallikrein-kinin system
(KKS), causing many beneficial effects to ischemia including
vasodilation, anti-inflammation, cell repair and decreased
apoptosis, with a possible therapeutic window of 24 hours or
above.
About Fosun Pharma and Ahon
Pharma
Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
("Fosun Pharma"; stock code: 600196.SH in
Shanghai, 02196.HK in Hong Kong) is a leading healthcare group
in China. Fosun Pharma's business covers the whole healthcare
industry chain, including pharmaceutical manufacturing and R&D,
healthcare services, medical devices and diagnosis, as well as
pharmaceutical distribution and retail, making contribution to
improving people's health. Fosun Pharma maintains a national
recognized enterprise technology center and a highly capable
international R&D team, with relentless efforts exerted on
innovation and research of therapeutic areas including
cardiovascular system, central nervous system, blood system,
metabolism and alimentary system, anti-infection and
anti-tumor.
Ahon Pharmaceutical Co., Ltd. (“Ahon
Pharma”) develops and produces high-tech biological
pharmaceutical and biopharmaceuticals. Ahon Pharma joined
Shanghai Fosun Pharma Group Company in 2011 and is one of Fosun
Pharma’s core member enterprises. Ahon Pharma’s lead
marketed product is for treatment of acute neurological
disorders.
About DiaMedica Therapeutics
Inc.
DiaMedica Therapeutics is a clinical stage
biopharmaceutical company focused on developing novel treatments
for neurological and kidney diseases. DiaMedica’s shares are listed
on the TSX Venture Exchange under the trading symbol “DMA” and on
the OTCQB under the trading symbol “DMCAF”. For more information,
please visit www.diamedica.com. Follow us on
social media - Twitter,
LinkedIn.
For further information:Paul Papi
Vice President of Business Development 2 Carlson Parkway, Suite 260
Minneapolis, MN 55447 (617) 899-5941 info@diamedica.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
The statements made in this press release that
are not historical facts contain forward-looking information that
involves risk and uncertainties. All statements, other than
statements of historical facts, which address DiaMedica’s
expectations, should be considered forward-looking statements. Such
statements are based on management’s exercise of business judgment
as well as assumptions made by and information currently available
to management. When used in this press release, the words “may”,
“will”, “anticipate”, “believe”, “estimate”, “expect”, “intend” and
words of similar import, are intended to identify any
forward-looking statements.
Forward-looking statements in this press release
include statements concerning DiaMedica’s expectation that it will
receive payments from Ahon pursuant to the license agreement, and
its anticipation for DM 199 upon successful development of the
drug, and all other statements that are not statements of
historical fact.
You should not place undue reliance on these
forward-looking statements. These statements reflect a current view
of future events and are subject to certain risks and uncertainties
as contained in the DiaMedica’s filings with the Canadian
securities regulators, all of which are available on SEDAR
(www.sedar.com). These risks and uncertainties
include, among others, the difficulty of developing pharmaceutical
products, obtaining regulatory and other approvals and achieving
market acceptance; risks and results of clinical testing; risks
involved in international operations; dependence upon Ahon Pharma
and Fosun Pharma for the development, regulatory, sales, marketing,
and commercial activities and associated costs of DM199 in the
licensed territories; need for, and ability to obtain, additional
financing to fund future development of DM199, and the terms of
such additional financing; and other factors identified and
discussed from time to time in DiaMedica’s filings with Canadian
securities regulators. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results could differ materially from those
anticipated in these forward-looking statements. DiaMedica
undertakes no obligation, and does not intend to update, revise or
otherwise publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date
hereof, or to reflect the occurrence of any unanticipated events,
unless required by law. Although management believes that
expectations are based on reasonable assumptions, no assurance can
be given that these expectations will materialize.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the contents of this press release.
DiaMedica Inc. (TSXV:DMA)
Historical Stock Chart
From Jun 2024 to Jul 2024
DiaMedica Inc. (TSXV:DMA)
Historical Stock Chart
From Jul 2023 to Jul 2024