Yuhan Corp. on Friday said it had received the remaining $550,000 of the $650,000 down payment from Spine Biopharma, the US company to which Yuhan licensed out YH14618 in July 2018.
Spine Biopharma plans to apply to the US Food and Drug Administration before the end of this year for permission to conduct clinical trials of YH14618.
YH14618 was licensed out to Yuhan by Ensol Biosciences in 2009. The two firms co-developed the treatment, but halted research after failing to prove the statistical significance of YH14618 in a phase two clinical trial in Korea in October 2016.
Yuhan nevertheless succeeded in licensing out YH14618 in 2018 for a potential profit of 240 billion won ($211 million).
Spine Biopharma is a company that specializes in developing treatments for spinal maladies. Yuhan believes the US firm’s expertise will help propel the development of a degenerative disc drug based on YH14618 to fulfill unmet needs in the global spine treatment market.
By Lim Jeong-yeo (email@example.com)