[SEN]Genexine transfers technology of immunosuppressant’GX-P1′ to Turret Capital

[SEN]Genexine transfers technology of immunosuppressant’GX-P1′ to Turret Capital

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[서울경제TV=김혜영기자]Genexin (095700)(CEO Sung Young-cheol, 095700) announced on the 24th that it has signed a technology transfer contract for’GX-P1′, a single fusion immunosuppressant for PD-L1, with Turret Capital, a US bio-specialized investment company, Daniel Chai, MD. .

The technology transfer’GX-P1 (PD-L1-hyFcTM)’ is used as an anticancer drug as a new immunosuppressant candidate with a mechanism that reduces the immune response by binding to PD-1 of activated T cells and inhibiting T cell activity. It has a mechanism opposite to that of anti-PD-L1 immune checkpoint inhibitors. Genexine will develop GX-P1 as an indication for stroke, endometriosis, and premature birth, and will export its worldwide copyright to Turret Capital.

Turret Capital is a global venture investment company specializing in biotechnology that establishes and fosters various innovative bio companies. Turret Capital plans to intensively develop GX-P1, which has been transferred from Genexine through Egret Therapeutics, a tumor treatment company established as a subsidiary.

Under the contract, Genexine will receive 1 million shares of common stock equivalent to 5% of the total issued shares of Egret Therapeutics as a down payment. Separately, it is an innovative condition to receive an amount of up to USD 200 million (about KRW 220 billion) as sales milestones from commercialization and up to USD 1.5 billion (about KRW 1.7 trillion) in sub-license contracts.

Seong Young-cheol, CEO of Genexine, said, “Genexine has succeeded in a win-win strategy to increase its value by transferring its innovative products to promising global venture companies through open innovation, and holding stocks of partners in return. “Through this license out, we will acquire stocks of our partners and build strategic partnerships for R&D and clinical trials to increase technology value.”

Daniel Chai, CEO of Turret Capital said, “It is an honor to partner with an innovative bio drug developer called Genexine,” and said, “I look forward to a productive partnership that can help patients around the world.”/[email protected]

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