TAIZHOU, ZHEJIANG, CHINA & SAN DIEGO, CA / ACCESSWIRE / May 19, 2021 / Nascent Biotech, Inc. (OTCQB:NBIO) and BioRay Pharmaceutical Ltd., today announced that Nascent Biotech ("Nascent" or the "Company") has entered into a license agreement (the "Agreement") with BioRay Pharmaceutical Co Ltd ("BioRay"), thereby granting to BioRay exclusive rights to commercialize Nascent's monoclonal antibody, Pritumumab, in international markets, excluding North America and Central America.
Under terms of the Agreement, Nascent will receive a total of USD $5,000,000 to be paid out at various stipulated milestones. The initial payment of USD $1,000,000 was received by Nascent on April 20, 2021. A second payment of USD $750,000 will be received by Nascent upon enrollment of the 12th patient in Nascent's first Phase 1 clinical trial of Pritumumab. A third payment of USD $2,500,000 will be received by Nascent upon approval from the FDA to conduct a Phase II clinical trial of Pritumumab. The final USD $750,000 payment will be received by Nascent upon the commencement of the Phase II clinical trial.
"There are significant unmet medical needs in a variety of cancers," said Sean Carrick, CEO of Nascent Biotech. "Nascent is committed to changing patient expectations in some of the world's most debilitating cancers, and licensing Pritumumab to BioRay for Global therapeutic use will bring this promising treatment to significantly more patients who are in need. We are highly encouraged by the potential of Pritumumab to deliver an innovative, first-in-class treatment option, and we are delighted to be working closely with BioRay in this collaboration."
Dr. Haibin Wang, CEO of BioRay, expressed that licensing this promising biotech asset, which has historical encouraging efficacy data in the Asian population and now just started the first in-human study in the US, will enable BioRay to continue the expansion of its pipeline in innovative oncology therapeutics."
Under the terms of the Agreement, BioRay will join in the clinical process by choosing a site in China for Phase I clinical as well as initiating the regulatory in selected global markets of their choice.
"We are pleased to continue our long-term collaboration with Nascent since 2016. We are also confident that this license agreement will allow BioRay to rapidly fill an unmet need in the cancer space while enabling Nascent to continue to advance this asset in the US. Both companies will benefit greatly from this License arrangement."," added Dr. Haibin Wang.
About BioRay Pharmaceuticals
BioRay is a commercial-stage biopharmaceutical company focusing on discovering, developing, manufacturing and commercializing medicines for immune-mediated diseases and cancer. As a pioneer in China's biopharmaceutical industry, BioRay started the R&D of biologics in 2003 as a core business division of Hisun Pharmaceutical, a specialty comprehensive pharmaceutical group founded in 1956. In 2019, PAG, a leading Asia-focused private equity firm, acquired the control of BioRay with an investment of USD$540M for 58% ownership, marking the largest PE investment in China's biotechnology industry to date.
About Nascent Biotech Inc
Nascent Biotech, Inc. (OTCQB: NBIO) is a clinical-stage biotech company pioneering the development of monoclonal antibodies to be used in the treatment of various cancers and viral infections, helping millions of people worldwide. Its products are not yet commercially available. The Company's lead candidate, Pritumumab (PTB), is a monoclonal Antibody (Mab) that is being studied in Phase I clinical trials for the treatment of Brain Cancer. Development for PTB as a treatment for COVID-19 has been initiated.
For further information please visit our website www.nascentbiotech.com.
PAG is a leading Asia-focused private equity firm with funds under management across private equity, real estate and absolute return strategies. PAG delivers value to its investors and portfolio companies by providing a world-class platform and an unparalleled network of local, experienced investment professionals in 10 offices across Asia-Pacific and around the world. PAG currently manages over US$40 billion in capital for some of the world's largest institutional investors.
Statements in this press release about our future expectations constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, Nascent Biotech Inc's ability to target the medical professionals; Nascent Biotech Inc's ability to raise capital; as well as other risks. Additional information about these and other factors may be described in the Nascent Biotech Inc's Form 10, filed on May 2, 2015, and future subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
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Nascent Biotech, Inc.
SOURCE: Nascent Biotech Inc.