EIRGENIX ACHIEVES THE SECOND MILESTONE OF ITS BIOSIMILAR TRASTUZUMAB - LICENSING AGREEMENT
[Taipei, Taiwan] – EirGenix, Inc. (6589.TT) has continued to make progress on the development of its EG12014 (Trastuzumab biosimilar, also referred to as EGI014). After achieving the first milestone of its licensing agreement with Sandoz AG on schedule, EirGenix has fulfilled the requirements of its second* milestone this February.
Additionally, the global phase III clinical trial of EirGenix's EG12014/EGI014 (Trial No.: EGC002) has continued to make progress in enrolling subjects as planned. In the 11 countries where the phase III clinical trial are being conducted, the investigational sites have been initiated and enrollment continues.
In April 2019, EirGenix Inc. (6589) signed a global licensing agreement with Sandoz AG, a global leader in generics and biosimilars. The licensing agreement authorized Sandoz AG to the exclusive commercial rights of EirGenix's EG12014 (Trastuzumab biosimilar, also called EGI014) in all global markets except mainland China and Taiwan. The licensing agreement includes a signing fee and milestone payments, and additional royalty payment in the authorized markets after product launch. A signing fee was already received by EirGenix June 2019. After achieving the first milestone of its licensing agreement with Sandoz AG on schedule, EirGenix has fulfilled the requirements of its second* milestone this February.The revenue from the milestone payment will be recognized in stages in accordance to standard accounting procedures and will serve to benefit the company's current operations and further development. The milestone payments received will strengthen EirGenix's sales and financial status, and further boost the company's growth.
Currently, EirGenix is the first and only biotech company in Taiwan to have successfully signed a licensing agreement with a global pharmaceutical company for a biosimilar in active development. The collaboration between EirGenix and Sandoz AG leverages the combined strength of EirGenix's biosimilar medicine R&D and manufacturing capabilities together with Sandoz AG's substantial experience in global commercialization and market access capabilities. With such a positive outlook EirGenix hopes to fully meet its investors' expectations.