(MENAFN- PR Newswire) HANGZHOU, China and SEOUL, South Korea, May 7, 2024 /PRNewswire/ -- Sciwind Biosciences Co., Ltd., a clinical stage biopharmaceutical company focused on developing treatments for metabolic disease, and HK inno.N Corporation, a South Korean commercial stage Pharmaceutical company (KOSDAQ: 195940), today announced a licensing and partnership agreement for the development and commercialization of ecnoglutide injection (XW003), a novel GLP-1 analog for the treatment of type 2 diabetes, obesity and MASH, in South Korea.
Under the terms of the agreement, Sciwind Biosciences will receive an upfront payment and will be eligible to receive additional development, regulatory, and commercial milestones of up to US$56 million, as well as up to double-digit royalties from future product sales. HK inno.N Corporation will receive the exclusive rights to develop and commercialize ecnoglutide in the Republic of Korea. Sciwind Biosciences retains the right to develop and commercialize ecnoglutide in all other global markets.
"We are very pleased to enter into this partnership with HK inno.N, which brings together their strong expertise in pharmaceutical development and commercialization in South Korea with the innovative experience of Sciwind in discovering novel therapeutics for metabolic diseases," said Hai Pan, Ph.D., founder and Chief Executive Officer of Sciwind Biosciences. "GLP-1 analogs are a promising class of medications for a range of indications. Clinical trials of ecnoglutide have demonstrated strong treatment benefits for patients with type 2 diabetes and obesity, as well as satisfactory safety and tolerability."
"As metabolic diseases are affecting millions of patients in South Korea, we are excited to partner with Sciwind to develop ecnoglutide for the treatment of type 2 diabetes, obesity, and MASH," said Dalwon Kwak, Chief Executive Officer of HK inno.N. "Ecnoglutide has demonstrated a strong and differentiated product profile in clinical studies and we look forward to working together with Sciwind to rapidly progress its development in South Korea. Based on our experience of successful development and commercialization for brand new gastroesophageal reflux disease drug, K-CAB, we aim to make ecnoglutide our next blockbuster drug of more than 100 billion won in Korea."
About ecnoglutide (XW003)
Glucagon-like peptide-1 (GLP-1) analogs are effective therapies in managing type 2 diabetes, obesity, and have demonstrated clinical potential as a treatment for MASH.
Ecnoglutide (XW003) is a novel, cAMP signaling biased, long-acting GLP-1 analog optimized for improved biological activity, cost-effective manufacturing, and once weekly dosing. XW003 has demonstrated treatment benefits for patients with type 2 diabetes and obesity and is safe and well tolerated in clinical studies.
About Sciwind Biosciences
Sciwind Biosciences is a clinical stage biopharmaceutical company focusing on discovering and developing innovative therapies to treat metabolic diseases. Its product pipeline consists of potentially first-in-class and best-in-class drug candidates, including the long-acting GLP-1 peptide analog ecnoglutide (Phase 3), oral ecnoglutide tablet XW004 (Phase 1), and oral small molecule GLP-1 receptor agonist XW014 (Phase 1). Sciwind has developed multiple proprietary technologies, including oral peptide and inhaled protein therapeutic delivery platforms and identified a series of drug candidates based on these core platform technologies.
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About HK inno.N Corporation
HK inno.N Corp.(KOSDAQ 195940) is a South Korean pharmaceutical company. HK inno.N Corp. started its business as the pharmaceutical division of CJ Cheil Jedang Corp. in 1984 and was acquired by Kolmar Korea Corp. in 2018. In 2020, the company changed its name to HK inno.N Corp.. HK inno.N Corp. operates prescription drugs, health foods, and cosmetics businesses with the mission of 'Creating a healthier world where customers can enjoy a better life'. HK inno.N Corp. has the ability to develop the 'K-CAB Tab., the 30th new drug in Korea, and foster it as a blockbuster new drug for gastroesophageal reflux disease. Based on these capabilities, HK inno.N Corp. is developing innovative new drugs in the fields of digestive diseases, autoimmunity, and cancer. In addition to pharmaceuticals, it is further enhancing the company's future value by expanding its business into beverages, health foods, and cosmetics, starting with 'CONDITION', Korea's leading brand of hangover relief.
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SOURCE Hang Zhou Sciwind Biosciences Co., Ltd.
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