The Uppsala based company has signed a license agreement for Liproca Depot with Jiangsu Ambition Medical, a Chinese pharmaceutical company specializing in global collaborations and in-licensing.
Liproca Depot is LIDDS’ injectable cancer drug candidate for local treatment of prostate cancer. LIDDS is receiving a signing fee exceeding USD 1 million followed by milestone payments and royalty. A phase III clinical trial will be conducted in China and will be fully financed by the licensee.
The strategic cooperation between Jiangsu Ambition Medical and LIDDS is expected to result in market approval for Liproca Depot in China as the first country in the world, reports the company. Jiangsu Ambition Medical originates from Jiminkexin Group which ranks as one of the top 10 pharma companies in China. Jiangsu Ambition Medical has also expressed a strong interest for other drugs formulated in the NanoZolid technology platform.
“Jiangsu Ambition Medical views NanoZolid technology and specifically the Liproca Depot product as a very promising treatment for prostate cancer, a disease that is also very common in China. We are very happy to enter the agreement with LIDDS and will immediately start to prepare for conducting the Liproca Depot clinical trial in China. We hope to extend the partnership and get other products based on the NanoZolid technology into our pipeline,” says Mr. Mark Dai, CEO of Jiangsu Ambition Medical.
The full financial details of the agreement will not be disclosed due to confidentiality clauses.