Canaria Bio Joins 'Asia Bio'... Continues Discussions on Licensing Agreement

by Jang Hyowon

Published 24 Apr.2023 14:32(KST)

Canaria Bio announced on the 24th that it will participate in 'Asia Bio,' held in Singapore from the 26th to the 27th, to share information and hold meetings for licensing agreements with multiple multinational pharmaceutical companies.

CEO Nahan-ik stated, "Over the past year, we have begun discussions on licensing agreements with numerous multinational pharmaceutical companies for Europe (including Russia) and the Middle East, and we have already signed non-disclosure agreements with nine companies and are conducting due diligence. Additionally, we are in discussions to sign non-disclosure agreements for due diligence with two more multinational pharmaceutical companies. We will now also proceed with licensing agreement discussions for Asia and South America."

As part of its commercialization strategy, Canaria Bio revealed its goal to distribute directly in the U.S. market. The global pharmaceutical market research firm Evaluate predicted that Oregovomab could generate up to 6 trillion KRW in sales in the U.S. market, and Canaria Bio expects direct distribution costs to be around 400 billion KRW. Distribution in regions outside the U.S. will be conducted through partnerships.

CEO Nahan-ik said, "We aim to create a competitive environment to secure the best possible licensing agreement terms. Especially since the European market is very important, we will proceed with licensing agreements carefully to obtain the best conditions."

Oregovomab is a new drug that showed encouraging results in a Phase 2 clinical trial, extending progression-free survival (PFS) by 30 months to 42 months compared to the existing standard treatment in newly diagnosed ovarian cancer patients.