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 28/09/2009
QRxPharma enters into alliance with Nuokang to develop Venomics assets
QRxPharma Limited, a clinical-stage specialty pharmaceutical company from Australia announced a strategic alliance with Liaoning Nuokang Medicines Co. Ltd. (Nuokang), a Chinese biopharmaceutical company based in Shenyang to develop and commercialize QRxPharma\'s venomics assets for the Chinese market
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QRxPharma Limited, a clinical-stage specialty pharmaceutical company from Australia announced a strategic alliance with Liaoning Nuokang Medicines Co. Ltd. (Nuokang), a Chinese biopharmaceutical company based in Shenyang to develop and commercialize QRxPharma\'s venomics assets for the Chinese market.
The strategic alliance involves Nuokang investing US$5.0 million for a controlling interest in a Hong Kong company that holds a license over two of QRxPharma\'s lead haemostasis product candidates: Textilinin, an antifibrinolytic agent, and Haempatch, a potent pro-coagulant. The transaction is expected to be completed by mid October 2009.
On completion, a minority interest in the Hong Kong company will be held by Venomics Pty Ltd, which is a majority-owned subsidiary of QRxPharma and holds all of the venomics assets of QRxPharma. An affiliated company of Nuokang has also subscribed to a 10% interest in Venomics Pty Limited.
Dr. John Holaday, Managing Director and Chief Executive Officer, QRxPharma, said, \"Blood loss in surgery and trauma is a significantly under-served market opportunity, and Nuokang\'s capabilities and resources will ensure that Textilinin and Haempatch progress quickly to the clinic.\"
Dr. Holaday further said \"This strategic alliance provides a great opportunity to extract value for QRxPharma shareholders from the venomics assets without diverting management\'s attention away from QRxPharma\'s main prospect with its Dual Opioid development programme in the area of pain management\".
Venomics Pty Limited will be led by Ms. Janette Dixon as CEO and Dr. John Holaday as Chairman of the Board of Directors. Ms. Dixon has extensive experience in the pharmaceutical and biotech sectors and spent a large part of her career working in Asia. Before joining QRxPharma in 2008, Ms. Dixon was the Managing Director of Pacific Pharmaceuticals Ltd, one of New Zealand\'s largest pharmaceutical manufacturing companies. \"The Hong Kong entity holds the license to commercialise Textilinin and Haempatch in China. Data generated through the development of these products in China will support partnering activities in other territories. The Nuokang partnership minimises the development costs for Textilinin and Haempatch while maximising future potential returns to QRxPharma,\" said Ms. Dixon. |
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