Genexin(124,900 +9.08%)Announced on the 24th that it has signed a technology transfer agreement with Turret Capital, a US bio-specialized investment company, for’PD-L1′ single fusion immunosuppressant’GX-P1′.
GX-P1 binds to’PD-1′ of activated T cells, inhibits T cell activity, and reduces immune response. It has a mechanism opposite to that of the PD-L1 immune checkpoint inhibitor used as an anticancer agent. Genexine will develop GX-P1 as an indication for stroke, endometriosis, and premature birth, and will export the technology to Turret Capital.
Turret Capital is a global venture investor specializing in biotechnology that establishes and fosters various innovative bio companies. Turret Capital plans to intensively develop GX-P1 through Egret Therapeutics, a tumor treatment development company established as a subsidiary.
Under the contract, Genexine will receive 1 million shares of common stock equivalent to a 5% stake in Egret Therapeutics as a down payment. Separately, it is a condition to receive up to $200 million (approximately 200 billion won) as ordinary technology usage fees (royalties) from commercialization, and up to $1.5 billion (approximately 1.7 trillion won) when a third-party technology transfer contract is signed.
Seong Young-cheol, CEO of Genexine, said, “Genexine has succeeded in a strategy to increase the value by holding stocks of suppliers in exchange for technology transfer. We have acquired stocks of suppliers in this technology export, We will build a partnership to increase the value of technology.”
Genexine received a phase 1 clinical trial of GX-P1 from the Ministry of Food and Drug Safety earlier this year. Clinical trials related to autoimmune diseases such as psoriasis, rheumatoid arthritis, and inflammatory colitis and organ transplants are in progress. For organ transplant indications, Genenbio(3,065 +3.03%)It has signed a technology transfer contract with about 191.1 billion won.
A company official said, “There are only a handful of products that are being developed globally as treatments for autoimmune diseases and strokes targeting PD-L1.” “The most advanced product is currently undergoing phase 1 clinical trials the same as Genexine.” .
Reporter Minsoo Han [email protected]
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