[Public Notice+] FutureChem Signs Technology Export Contract for Prostate Diagnostic New Drug with European Radiopharmaceutical Company 'Iason'

[Asia Economy Reporter Oh Ju-yeon] FutureChem, a company developing new radiopharmaceutical drugs, announced on the 6th that it has signed a technology export contract for a PSMA-based prostate diagnosis radiopharmaceutical new drug (FC303) with European biotech company Iason.

The contract period is 20 years, and the upfront fee and milestones that FutureChem will receive total 1.22 million euros, approximately 1.6 billion KRW. Iason will conduct clinical trials throughout Europe except Turkey, and will pay milestones to FutureChem in stages upon achieving each clinical approval. After product approval, the product will be supplied through local European radiopharmaceutical manufacturers, and FutureChem will receive 20% of the annual net sales as running royalties.

A company official stated, "This contract is the first case of technology export of a prostate diagnosis new drug to Europe from Korea," adding, "In particular, the 20% of annual net sales is the largest running royalty among recent domestic technology transfer cases, and the economic value of this pipeline is expected to expand in the future."

Iason plans to supply the new drug across Europe by adding it to the existing cancer diagnosis FDG radiopharmaceutical after the launch of FC303.

Prostate cancer ranks second among male cancers and has a particularly high incidence in Western countries, with more than 200,000 new prostate cancer patients diagnosed annually in Europe. According to global market research firm Mordor Intelligence, Europe accounts for 27% of the global prostate cancer diagnosis and treatment market, which is expected to grow at an average annual rate of 8.75%, from $4.5 billion in 2016 to $8.7 billion in 2024.

Jae-yoon Ji, CEO of FutureChem, said, "This technology export contract recognizes our excellent new drug development capabilities and product competitiveness overseas, and discussions for technology exports to other overseas regions are also underway," adding, "We will focus on targeting the growing European market and develop global technology exports as a major revenue model to establish a foundation for improving performance."

Meanwhile, the company is awaiting approval after applying to the Ministry of Food and Drug Safety for Phase 1 clinical trials of the prostate cancer targeted therapeutic FC705 in Korea.

This content was produced with the assistance of AI translation services.