Boryung Pharmaceutical Co.Ltd licenses PeproStat™ and ReadyFlow™ for commercialisation in South Korea
Ergomed to receive an upfront and future milestone payments as well as double-digit share of product sales
Deal driven by British innovation in the treatment of surgical bleeding with multi-million dollar potential
London, UK / Seoul, Republic of Korea – 27 September 2017: Ergomed plc (LSE: ERGO) (‘Ergomed’ or ‘the Company’), a specialised pharmaceutical services and drug development company, and Boryung Pharmaceutical Co. Ltd (Korea Stock Exchange, KRX: 003850) (“Boryung”), a pharmaceutical business with R&D, manufacturing and marketing capabilities, are pleased to announce an agreement to commercialise Ergomed’s haemostat products PeproStat™ and ReadyFlow™ in South Korea.
Under the terms of the collaboration, Ergomed will receive an upfront and a series of milestone payments as well as a double-digit share of all future product sales in this territory. Today’s agreement is the first in a series of anticipated deals that will support global sales of the products, which were obtained through Ergomed’s acquisition of Haemostatix in 2016.
Dr. Miroslav Reljanovic, Executive Vice Chairman of Ergomed, said: “We are very pleased to sign our first commercialisation deal on the Haemostatix products. This partnership underlines the broad, global interest in novel, innovative haemostats, and endorses the Haemostatix platform, confirming its potential to generate significant future value to Ergomed and its shareholders. Korea is a rapidly growing market for haemostats and Boryung is an ideal partner with their marketing capability and experience with innovative drugs.”
PeproStat is an innovative haemostat for the control of bleeding during surgical procedures. The product is based on a peptide that binds to fibrinogen in blood to promote localized clotting in a wound. Current therapies are based on the enzyme thrombin which require multiple preparation steps and are manufactured from blood donations with the related risks of infection and a complex supply chain. In contrast PeproStat is synthetic, fast acting and ready-to-use. PeproStat has completed recruitment in a Phase IIb study in five European countries with data expected in Q4 2017, and it is anticipated that the product will reach the market in 2020 in Europe and 2021 in Korea. ReadyFlow is a flowable formulation that is particularly suited to less accessible bleeds. The product is in pre-clinical development. ReadyFlow was awarded first prize in the UK’s Royal Society of Chemistry Emerging Technology Competition.
Mr. Tae-Hong Choi, Chief Executive Officer of Boryung Pharm said: “Boryung Pharm is one of the largest pharmaceutical companies in South Korea with a leading position in the market. We look forward to working with Ergomed and to making the potential value of the Haemostatix platform available soon in South Korea.” He added, “PeproStat and ReadyFlow will offer surgeons a valuable new tool as the products work quickly and effectively, do not require preparation time, and can be used in a range of surgical settings. We have the strong ambition of a rapid market penetration with these innovative products, and are proud to strengthen our competence in surgical procedures.”
[i] Hemostats Market by Product Type (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), and Geography (Americas, Europe, APAC, MEA) – Global Forecast to 2020. MarketsandMarkets, February 2016.
[ii] Company estimate
|Ergomed plc||Tel: +44 (0) 1483 503205|
|Miroslav Reljanovic (Executive Vice Chairman)|
|Andrew Mackie (Chief Business Officer)|
|Numis Securities Limited||Tel: +44 (0) 20 7260 1000|
|Michael Meade / Freddie Barnfield (Nominated Adviser)|
|James Black (Joint Broker)|
|N+1 Singer||Tel: +44 (0) 20 7496 3000|
|Alex Price (Joint Broker)|
|Consilium Strategic Communications – for UK enquiries||Tel: +44 (0) 20 3709 5700|
|Chris Gardner / Mary-Jane Elliott
Ivar Milligan / Philippa Gardner
|MC Services – for Continental European enquiries||Tel: +49 211 5292 5222|
Ergomed provides specialist services to the pharmaceutical industry and develops drugs both wholly-owned and through partnerships. Ergomed’s fast-growing, profitable service offering spans all phases of clinical development and post-approval pharmacovigilance and medical information. Drawing on more than 20 years of expertise in drug development, Ergomed is also building a growing portfolio of drug development partnerships and programmes, including wholly-owned proprietary products for the treatment of surgical bleeding. For further information, visit: http://ergomedplc.com.
About Boryung Pharmaceutical Co., Ltd.,
Boryung Pharmaceutical Co., Ltd is a leading pharmaceutical company in Korea fully integrated from R&D through manufacturing, marketing and sales with an established presence in Korea. The company has focused on the development and commercialization of new pharmaceutical products. Its main therapeutic categories are oncology, cardiovascular, anti-infective and respiratory system. Additional information can be found at www.boryung.co.kr
 Hemostats Market by Product Type (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), and Geography (Americas, Europe, APAC, MEA) – Global Forecast to 2020. MarketsandMarkets, February 2016.
 Company estimate