Los Angeles, CA / ACCESSWIRE / October 20, 2014 / Provectus Biopharmaceuticals, Inc., (NYSE MKT: PVCT) specializes in developing oncology and dermatology therapies. PV-10, its novel investigational drug for cancer, is designed for injection into solid tumors (intralesional administration), thereby reducing potential for systemic side effects.
This summer, the Company signed a Memorandum of Understanding with Sinopharm-China State Institute of Pharmaceutical Industry ("Sinopharm-CSIPI"), the leader among all pharmaceutical research institutes in China, and Sinopharm A-THINK Pharmaceutical Co., Ltd. ("Sinopharm A-THINK"), the only injectable anti-tumor drug research and development, manufacture and distribution integrated platform within Sinopharm Gr oup.
The purpose of the MOU is to negotiate a licensing agreement to bring their flagship drug, PV-10 to the Chinese market. We spoke to Provectus' COO and CFO, Peter Culpepper on this latest approach.
Describe the basics of your China MOU
Our company will s eek traditional license transaction with upfront license fee, milestones and royalties on sales. We will be able to assign the license agreement and will control the supply chain unless we agree to do otherwise.
What is the object PVCT has in doing business in Asia? For our signature drug, PV-10 to treat liver cancer, most of the liver patients are in Asia versus the US or Western Europe. It's important to treat patients where they are. Also, PV-10 as an anti-tumor agent that is injected is very appealing to the China and India patient population and their caregivers.
What unique challenges have you encountered in dealing with Chinese business culture and regulatory agencies? Provectus believes it is very straightforward to deal with Chinese business culture as long as you are also straightforward like we are.
Does your experience lead you to believe that there is more for PVCT to do in China? We believe PV-10 can be used for many types of cancers in China. So, besides melanoma, liver and breast cancer, we look forward to helping treat many other cancers in China.
Have you been active in seeking other Asian partners outside of China?
Our Company is particularly active in India which has the same practical business mindset that China has and the India patients need PV-10 like in China. Russia has recently come to our attention where there are physicians there that want to use PV-10 to treat their patients with cancer.
For more information about Provectus, log on to www.pvct.com
SOURCE: BioMedReports