Ergomed plc Commercialisation Deal on Haemostatix Products (8982R)

TIDMERGO

RNS Number : 8982R

Ergomed plc

27 September 2017

PRESS RELEASE

Ergomed Signs First Commercialisation Deal for Haemostatix Products

- Boryung Pharmaceutical Co.Ltd licenses PeproStat(TM) and ReadyFlow(TM) for commercialisation in South Korea

- Ergomed to receive an upfront and future milestone payments as well as double-digit share of product sales

- Deal driven by British innovation in the treatment of surgical bleeding with multi-million dollar potential

London, UK / Seoul, Republic of Korea - 27 September 2017: Ergomed plc (LSE: ERGO) ('Ergomed' or 'the Company'), a specialised pharmaceutical services and drug development company, and Boryung Pharmaceutical Co. Ltd (Korea Stock Exchange, KRX: 003850) ("Boryung"), a pharmaceutical business with R&D, manufacturing and marketing capabilities, are pleased to announce an agreement to commercialise Ergomed's haemostat products PeproStat(TM) and ReadyFlow(TM) in South Korea.

Under the terms of the collaboration, Ergomed will receive an upfront and a series of milestone payments as well as a double-digit share of all future product sales in this territory. Today's agreement is the first in a series of anticipated deals that will support global sales of the products, which were obtained through Ergomed's acquisition of Haemostatix in 2016.

Dr. Miroslav Reljanovic, Executive Vice Chairman of Ergomed, said: "We are very pleased to sign our first commercialisation deal on the Haemostatix products. This partnership underlines the broad, global interest in novel, innovative haemostats, and endorses the Haemostatix platform, confirming its potential to generate significant future value to Ergomed and its shareholders. Korea is a rapidly growing market for haemostats and Boryung is an ideal partner with their marketing capability and experience with innovative drugs."

PeproStat is an innovative haemostat for the control of bleeding during surgical procedures. The product is based on a peptide that binds to fibrinogen in blood to promote localized clotting in a wound. Current therapies are based on the enzyme thrombin which require multiple preparation steps and are manufactured from blood donations with the related risks of infection and a complex supply chain. In contrast PeproStat is synthetic, fast acting and ready-to-use. PeproStat has completed recruitment in a Phase IIb study in five European countries with data expected in Q4 2017, and it is anticipated that the product will reach the market in 2020 in Europe and 2021 in Korea. ReadyFlow is a flowable formulation that is particularly suited to less accessible bleeds. The product is in pre-clinical development. ReadyFlow was awarded first prize in the UK's Royal Society of Chemistry Emerging Technology Competition.

The global haemostat market is forecast to grow to $2.76billion by 2020[i]. Ergomed estimates that PeproStat and ReadyFlow together have peak sales potential of more than $500 million[ii].

Mr. Tae-Hong Choi, Chief Executive Officer of Boryung Pharm said: "Boryung Pharm is one of the largest pharmaceutical companies in South Korea with a leading position in the market. We look forward to working with Ergomed and to making the potential value of the Haemostatix platform available soon in South Korea." He added, "PeproStat and ReadyFlow will offer surgeons a valuable new tool as the products work quickly and effectively, do not require preparation time, and can be used in a range of surgical settings. We have the strong ambition of a rapid market penetration with these innovative products, and are proud to strengthen our competence in surgical procedures."

ENDS

Enquiries:

 
 Ergomed plc                                           Tel: +44 (0) 
                                                        1483 503205 
 Miroslav Reljanovic (Executive 
  Vice Chairman) 
 Andrew Mackie (Chief Business 
  Officer) 
 
 Numis Securities Limited                              Tel: +44 (0) 
                                                       20 7260 1000 
 Michael Meade / Freddie Barnfield 
  (Nominated Adviser) 
 James Black (Joint Broker) 
 
 N+1 Singer                                            Tel: +44 (0) 
                                                       20 7496 3000 
 Alex Price (Joint Broker) 
 
 Consilium Strategic Communications                    Tel: +44 (0) 
  - for UK enquiries                                   20 3709 5700 
 Chris Gardner / Mary-Jane              [e-mail] 
  Elliott 
  Ivar Milligan / Philippa Gardner 
 
 MC Services - for Continental                         Tel: +49 211 
  European enquiries                                      5292 5222 
 Anne Hennecke 
 
 

About Ergomed

Ergomed provides specialist services to the pharmaceutical industry and develops drugs both wholly-owned and through partnerships. Ergomed's fast-growing, profitable service offering spans all phases of clinical development and post-approval pharmacovigilance and medical information. Drawing on more than 20 years of expertise in drug development, Ergomed is also building a growing portfolio of drug development partnerships and programmes, including wholly-owned proprietary products for the treatment of surgical bleeding. For further information, visit: http://ergomedplc.com.

About Boryung Pharmaceutical Co., Ltd.,

Boryung Pharmaceutical Co., Ltd is a leading pharmaceutical company in Korea fully integrated from R&D through manufacturing, marketing and sales with an established presence in Korea. The company has focused on the development and commercialization of new pharmaceutical products. Its main therapeutic categories are oncology, cardiovascular, anti-infective and respiratory system.

Additional information can be found at www.boryung.co.kr

[i] Hemostats Market by Product Type (Thrombin, Oxidised Regenerated Cellulose, Combination, Gelatin, Collagen), and Geography (Americas, Europe, APAC, MEA) - Global Forecast to 2020. MarketsandMarkets, February 2016.

[ii] Company estimate

This information is provided by RNS

The company news service from the London Stock Exchange

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September 27, 2017 02:00 ET (06:00 GMT)