A distribution agreement is undertaken by the company with TrueMed in Israel for Brisbane NPP which includes profit share agreement based on sales of Bisantrene. The company already announced that it has commenced the distribution and sales of Bisantrene in Israel, under a named patient program.
CEO, Peter Molloy says, ‘That they believe the future global NPP sales of Bisantrene Israel could be an important contributor.’ Along with a strong belief and the opportunity for Bisantrene in AML with expertise in NPP, TrueMed based on their market research has a unique approach.
To provide access to the drug for patients who need it, TrueMed is proud, and according to TrueMed’s Shmulik Berkovich and Arie Koren, the co-CEOs ‘to partner with Race Oncology Bisantrene’s, long and robust development program makes it a significant option for those patients deemed appropriate by their treating physicians and a potential game-changer. TrueMed and Race under the distribution agreement will share the value of all Bisantrene NPP sales in Israel, with 40% retained by TrueMed and 60% of sales turnover paid to Race.
In Israel for NPP use, TrueMed will have the exclusive right to sell and distribute Bisantrene, and in the UK will source Bisantrene exclusively from Race’s global distribution partner Durbin. For local NPP distribution of Bisantrene in gaining the approval of the Israeli Ministry of Health (IMOH), TrueMed will be responsible until that approval has been obtained, sales cannot commence. The agreement can be terminated with nine months’ notice by either party, however, will operate for an initial period of three years.
Race owns new patents that are granted in the US and expire in 2034 and owns the original trademark Zantrene. It owns a US Orphan Drug Designation in AML years with seven exclusivities after approval. The company has access to the original IND from NCI and has manufactured GMP drug substance and drug product. Bisantrene is a drug that is under testing against a range of cancers in the 1980 and Race is rediscovering and repurposing bisantrene for the treatment of Acute Myeloid Leukaemia. To obtain US FDA approval and a pediatric trial to obtain a valuable Priority Review Voucher Race intends to start an adult clinical trial in r/r AML in 2019.
Race Oncology Ltd (ASX: RAC) traded at a market price of $0.097 with a daily price change of 8.989% or $0.008 as at December 17, 2018. The stock price is very near to its 52-week low.
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