FutureChem Signs Term Sheet for Prostate Cancer Diagnostic Drug Technology Export with US Company A
[Asia Economy Reporter Eunmo Koo] FutureChem, a specialist company in radiopharmaceuticals, announced on the 16th that it has signed a term sheet contract with US company A for the joint development, licensing, and exclusive rights of the PSMA-based prostate cancer diagnostic radiopharmaceutical new drug FC303. The two companies plan to collaborate from clinical trials to new drug approval and sales, aiming for the full-scale launch of FC303 in the North American market.
According to FutureChem, the term sheet contract also finalized key contract terms such as upfront payments and milestones. A company representative stated, “Company A will be responsible for clinical trials and product approval in the North American region, and upon achieving each clinical and approval milestone, Company A will pay milestones to FutureChem.” He added, “The contract amount and milestones agreed upon in the term sheet are approximately $2.5 million, and the running royalty corresponds to 10% of net sales.”
This contract marks the second overseas expansion for the prostate cancer diagnostic new drug. FutureChem previously signed a term sheet contract with European bio company Iason and concluded a technology export contract for FC303 in May. The company attributes its consecutive overseas expansions to the differentiated product competitiveness of FC303. A company representative explained, “In recent Phase 1 clinical trials conducted at the Korea Institute of Radiological & Medical Sciences and Seoul St. Mary’s Hospital, no toxicity or serious adverse reactions were observed, demonstrating high safety.”
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Jae-yoon Ji, CEO of FutureChem, said, “We are pleased to have our specialized technology and product excellence in radiopharmaceutical new drug development recognized in North America following Europe.” He added, “We plan to gradually expand into the global market and are currently discussing entry into Turkey and China with local companies.”
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