Can-Fite BioPharma Ltd., a biotechnology company advancing a pipeline of proprietary small molecule drugs that address cancer, liver and inflammatory diseases, announced it has signed a distribution agreement with Kyongbo Pharm Co., Ltd., to distribute Can-Fite’s lead drug candidate, Piclidenoson (CF101), for the treatment of psoriasis in South Korea, upon receipt of regulatory approvals.
Under the terms of the distribution agreement, Kyongbo Pharm, in exchange for exclusive distribution rights to sell Piclidenoson in the treatment of psoriasis in South Korea, is making a total upfront payment of $750,000 to Can-Fite, with additional payments of up to $3,250,000 upon achievement of certain milestones Can-Fite will also be entitled to a transfer price for delivering finished product to Kyongbo Pharm.
“We are very excited to sign this distribution agreement with Kyongbo, a highly prestigious company in South Korea and we believe that they are the right partner for us to penetrate the Korean market in the indication of psoriasis,”
stated Sari Fishman, VP Business Development of Can-Fite.
“We believe that Kyongbo’s commitment to us is a strong validation of our development efforts to date.”
Can-Fite is currently enrolling over 400 patients in Europe, Canada, and Israel for its Phase III Comfort trial of Piclidenoson in the treatment of psoriasis. The study is designed to establish Piclidenoson’s superiority as compared to placebo and non-inferiority versus Otezla in patients with moderate-to-severe plaque psoriasis.
The global psoriasis therapeutics market, estimated to reach $11.4 billion by 2020, is dominated by biological drugs that are primarily administered via intravenous injection (IV) and have potential side effects.