A medical worker administers a dose of COVID-19 vaccine for a resident at a vaccination site in Haikou, south China's Hainan Province, Aug. 4, 2021. (Xinhua/Yang Guanyu)
BEIJING, Feb. 22 (Xinhua) -- Kexing Biopharm Co., Ltd. (Kexing Biopharm, 688136.SH) announced on February 20 that its wholly-owned subsidiary Shenzhen Kexing Pharmaceutical Co., Ltd. has inked a cooperation agreement with Shenzhen Antaiwei Biomedicine Co., Ltd. to jointly develop anti-COVID-19 drugs, reported Shanghai Securities News Monday.
According to this agreement, Shenzhen Antaiwei Biomedicine Co., Ltd. will give its exclusive license for intellectual property rights of SHEN26 to Shenzhen Kexing Pharmaceutical Co., Ltd.. It will also transfer the company the research and development rights and the commercialization rights and interests of the product.
SHEN26 is used for the treatment of COVID-19 and other virus infections. It achieves antiviral effects by inhibiting the synthesis of viral nucleic acids. The product has been developed in laboratory, and now is subject to preclinical pharmacy and process development. Relevant patent application has also been submitted.
SHEN26 has been listed as a special emergency project of south China's Guangdong Province for fighting against COVID-19 in 2021. It is also a key project promoted by the Ministry of Science and Technology.
It has been disclosed that Shenzhen Antaiwei Biomedicine Co., Ltd. is a biopharmaceutical company engaged in the research, development and sales of antiviral drugs. It focuses on the treatment of viral diseases such as COVID-19, AIDS and hepatitis B, which are caused by coronavirus, human immunodeficiency virus, and liver virus.
The cooperation cost includes down payment and milestone payments in research and development, totaling 100 million yuan. The down payment of 20 million yuan will be used for initiating the project and buying 10 percent equity of Shenzhen Antaiwei Biomedicine Co., Ltd.. The final milestone payment will be made when the drug obtains the emergency use authorization or formal approval for marketing in China.
(Edited by Tong Ting, Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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