OQP Signs Global Phase 3 Clinical Collaboration Agreement with Chinese Company Oncovent
[Asia Economy Reporter Hyunseok Yoo] OQP (OncoQuest Pharmaceutical) announced on the 7th that it has recently signed a cooperation agreement with China’s Oncovent for the global Phase 3 clinical trial of the immuno-oncology drug Oregovomab.
Oncovent is a subsidiary of Hepalink, which is listed in both Shenzhen and Hong Kong, China. OQP and Oncovent will be able to collaborate smoothly on research and development in China, Hong Kong, Macau, and Taiwan. Additionally, Oncovent plans to support some of the clinical costs required for OQP’s ongoing global Phase 3 clinical trial.
Before signing the intangible asset transfer agreement with OQP, Canada-based OncoQuest Inc. had already transferred exclusive rights for development and commercialization in China, Hong Kong, Macau, and Taiwan to Oncovent, a joint venture established with China’s Hepalink.
OQP transferred all rights to key intangible assets it holds, other than the exclusive development and commercialization rights in China held by Oncovent. As compensation, convertible bonds (CB) were prepaid, and the remaining payment will be made through a paid-in capital increase with new shares.
OQP is currently conducting the global Phase 3 clinical trial of its immuno-oncology drug Oregovomab with the U.S. FDA. The global CRO conducting the Phase 3 trial is IQVIA, and the trial is planned to be conducted at 141 sites worldwide. Clinical trials are also being prepared at six hospitals in Korea.
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Hepalink attached the exclusive development and commercialization rights for the immuno-oncology drug acquired from Canada’s OncoQuest in July to its held assets and made an additional listing on the Hong Kong market. Currently, Hepalink’s market capitalization on the Shenzhen market is approximately 26.341 billion CNY (about 4.4 trillion KRW), and on the Hong Kong market, it is 32.208 billion HKD (about 402.4 billion KRW).
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