Posted: October 21, 2021 at 2:58 am CDT|Update: 6 hours ago
SHANGHAI, 21 October 2021 / PRNewswire / – Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (“Shandong Luoxin”), a subsidiary of Luoxin Pharmaceutical Group Stock Co., Ltd. (“Luoxin Pharmaceutical” or “the Company”), has signed a licensing agreement with Austria-based Marinomed Biotech AG (“Marinomed”), where Shandong Luoxin will obtain the exclusive rights for the development, manufacture and marketing of BudesolvÂ® (Budesonide nasal spray) in China (including mainland China, Hong Kong and the Macao SAR, Taiwan Region). The signing of the license agreement will further expand Luoxin Pharmaceutical’s product line and strengthen Luoxin’s competitive advantage in respiratory diseases.
BudesolvÂ®, a new formulation of the budesonide glucocorticoid, which is a steroid nasal spray and is not yet available for the domestic and foreign market. BudesolvÂ® is the first drug from Marinomed’s proprietary product MarinosolvÂ® Platform. BudesolvÂ® has successfully completed a pivotal phase III clinical study, required for marketing authorization in Europe. Recently completed pivotal clinical trial successfully demonstrated the non-inferiority of Budesonide nasal spray compared to RhinocortÂ® Aqua 64. Furthermore, the trial has shown that BudesolvÂ® was equally effective with an 85% dose reduction and showed significantly faster onset of action within 3 hours.
BudesolvÂ® is indicated for allergic rhinitis. Allergic rhinitis is a chronic disease with a high incidence rate, long duration and easy recurrence. Statistics show that over the past six years, the prevalence of allergic rhinitis in China increased from 11.1% to 17.6% (data from International Forum of Allergy and Rhinology). Statistics from IQVIA and MENET show that the global steroid nasal spray market size in 2020 is 2.15 billion US dollars (ex-factory price) and the total size of the Chinese market (domestic hospitals with more than 100 beds and retail pharmacies) is 1.305 billion yuan.
Under the terms of the agreement, Shandong Luoxin will make an upfront payment to Marinomed in the amount of 2,000,000 USD, and make development and sales milestone payments to Mainomed not exceeding $ 20 million. Once the budesonide nasal suspension is launched, Shandong Luoxin will pay Marinomed a tiered royalty based on net sales.
Dr. Andreas Grassauer, CEO of Marinomed, said: âWe are honored to enter into an agreement with a quality partner in the Chinese market like Luoxin Pharmaceutical and are proud of the partnership based on MarinosolvÂ® technological platform. Luoxin Pharmaceutical has rich experience in product innovation and commercialization, while BudesolvÂ® is the first drug developed on MarinosolvÂ® platform, with 85% dosage reduction and faster efficiency. We hope to provide better treatment options for patients with allergic rhinitis through this close cooperation. “
Ryan liu, Chairman and CEO of Luoxin Pharmaceutical said, âWe are looking forward to the cooperation with Marinomed. Respiratory diseases are one of our main areas of intervention. Through the combination of Marinomed’s unique innovative product research and development platform and the integrated advantages of Luoxin’s entire industrial chain in research, production and marketing, we believe that exploration joint with the exceptional scientific team of Marinomed will pay off and help improve the treatment of patients with allergic rhinitis in China. “
Marinomed Biotech AG (Korneubourg, Austria) (VSE: MARI) is an Austrian biotechnology company targeting globally marketed therapeutic products. The company is listed on the main board of the Vienna Stock Exchange. MarinosolvÂ® focuses on the development of innovative products based on two technological platforms protected by patents. The MarinosolvÂ® The technology increases the solubility and bioavailability of compounds which are poorly soluble in aqueous formulations. CarrageenanÂ® The platform includes innovative patent-protected products targeting viral respiratory tract infections and may also reduce the risk of SARS-CoV-2 infection. CarragelosisÂ® is used as a virus blocker in nasal sprays, throat sprays and lozenges, which are sold through international partners in more than 40 countries.
About Luoxin Pharmaceutical
Luoxin Pharmaceutical Group Stock Co., Ltd. (“Luoxin Pharmaceutical”, stock code: 002793.SZ) is a healthcare conglomerate engaged in pharmaceutical research and development, manufacturing, sales and healthcare services. Founded in 1988, Luoxin Pharmaceutical has established R&D centers and manufacturing sites in Shandong, Shanghai and Chengdu, with a total of nearly 6,000 employees. Luoxin Pharmaceutical is committed to bringing good health to more people and focuses on meeting unmet medical needs in GI, respiratory and oncology, by improving the accessibility of medicines and health services.
Luoxin Pharmaceutical has a rich and competitive product portfolio with star products taking the lead in the gastrointestinal and respiratory fields. Many products have been listed in major science and technology projects, such as the National Major New Products Plan, the National Torch Plan as well as the research and development of major new drugs. In addition, ranking among the top 100 Chinese pharmaceutical companies since 2006 and among the top companies in Chinese pharmaceutical R&D pipelines since 2011, Luoxin Pharmaceutical has been recognized as the state’s key high-tech enterprise, the company State technological innovation model, the national industrial-grade model enterprise. , and awarded the 2nd State Sci Prize. & Tech Progress multiple times. For more information, please visit www.luoxin.cn
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SOURCE Luoxin Pharmaceutical Group Stock Co., Ltd.
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