TEL AVIV, Israel, Dec. 23, 2014 (GLOBE NEWSWIRE) -- Therapix Bio (TASE:TRPX) (OTCQB:THXBY) today announced that its subsidiary, OrImmune Bio Ltd., has entered into a non-binding memorandum of understanding with Nanjing BioSciKin Co, for a strategic collaboration to develop, manufacture and commercialize the Company's Anti-CD3 antibody in the Chinese market, inclusive of Mainland China, Taiwan, Hong Kong and Macau. The Anti-CD3 antibody is a unique, orally-administered antibody for the treatment of a variety of inflammatory diseases such as Non Alcoholic Steato Hepatitis (fatty liver disease).
Pursuant to the memorandum of understanding, OrImmune and Nanjing BioSciKin are working toward an agreement that would provide Nanjing BioSciKin with an exclusive license to use OrImmune's patents and related intellectual property for the purpose of research, development, manufacture, commercialization and sublicensing in the territory, in consideration for a cash payment of US $300,000. Additionally, Nanjing BioSciKin will be expected to finance the establishment of a GMP-compliant manufacturing line for the antibody. The parties will also enter into a nonexclusive supply agreement for the manufacture of the antibody (under FDA standards) for the purpose of conducting clinical trials, at a price to be determined between the parties. Nanjing BioSciKin shall incur all payments required in connection with and/or deriving from the antibody's commercialization, including payments to the Office of the Chief Scientist, to the extent required. Consummation of the engagements is subject to the satisfaction of several conditions, including the completion of due diligence to the satisfaction of the Chinese corporation, filing of patent applications related to the antibody in China, and the execution of final and binding agreements.
Therapix Chairman Dr. Asher Shmulewitz, commented, "This agreement with Nanjing BioSciKin is an important step forward in the execution of our broader corporate strategy, which focuses on the development of novel synthetic cannabinoids and advancing our position in the emerging market for medical cannabis. With the involvement of Nanjing BioSciKin, we will ensure that the development of the Anti-CD3 antibody will continue, supported by a highly capable and well-funded strategic partner. We look forward to working with Nanjing BioSciKin as they advance the product toward clinical trials in Greater China, while devoting all of our internal resources to the expansion and advancement of our portfolio of cannabinoid-based product candidates."
About Therapix
Therapix, is a biopharmaceutical company focused on locating and investing in promising technologies in the biopharmaceutical field, while concurrently promoting its current technologies. Therapix holds 25% of Lara Pharm, a company engaged in the field of supply of medical and technological solutions for the development of a new generation of medication based on cannabinoids (active compounds in the marijuana plant) to pharma companies. Lara's first product is a unique development consisting of a pharmaceutical substitution for medical marijuana. The Company's portfolio further includes the Anti-CD3 technology, an orally administered antibody for the treatment of various inflammatory diseases such as Non Alcoholic Steato Hepatitis (fatty liver disease).