Maxwell Biotech Venture Fund’s Portfolio Company Infectex Acquires Exclusive Rights to Qurient’s Tuberculosis Drug Q203
MOSCOW, February 13, 2014 /PRNewswire/ –
Russian and Korean biotech companies Infectex Ltd. [http://www.infectex.ru/?ln=en ]
and Qurient Ltd. [http://maxwellbiotech.com ] have announced a license agreement granting
Infectex exclusive rights to develop and commercialize Qurient’s Tuberculosis-fighting
drug Q203 in the Russian Federation, Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan,
Moldova, Tajikistan, Turkmenistan, Uzbekistan and Ukraine.
Infectex is a portfolio company of Maxwell Biotech Venture Fund
[http://www.qurient.com ], created with the participation of RVC
[http://www.rusventure.ru/en ] capital.
Q203 is a highly innovative drug for multidrug-resistant (MDR) and extensively
drug-resistant (XDR) tuberculosis and the first drug in its class with an original
mechanism of action. The drug inhibits the growth of MDR clinical isolates of
M.tuberculosis and demonstrates the efficacy in animal models of TB at very low doses.
Preclinical results have recently been published in Nature Medicine (2013, vol. 19, pp.
1157-1160). Infectex will conduct additional preclinical studies and is planning to begin
clinical trials by early 2015.
Dmitry Popov, Managing Partner at Maxwell Biotech Venture Fund: “We are delighted that
Infectex has added a new anti-tuberculosis drug to its portfolio. In spite of the effort
of the Russian government, the incidence of multi-drug resistant tuberculosis remains high
in Russia. This situation creates serious social risks and has a negative economic impact.
One can envision that the global strategy of tuberculosis treatment will involve the use
of new and highly effective drug combinations. The drug candidates SQ109 and Q203
developed by Infectex have a great potential to become the basis for such combinations.”
According to the World Health Organization Russia has become one of the three nations
with the highest incidence of MDR TB in the world including 226,000 cases of MDR TB and
34,800 cases of XDR TB reported in 2013. The Russian market for anti-tubercular drugs is
well over $300 million per year, with total TB control costs estimated to be well over $1
billion. The Qurient-Infectex licensing deal could be valued at over $100 million to the
parties contingent upon successful development and commercialization of the drug.
Ruslan Akhmetov, Investment Department Director at RVC: “This deal is a promising sign
for us because it demonstrates that the projects where we are investing jointly with the
Maxwell Biotech Venture Fund are attractive to foreign partners and have good prospects in
Russia and abroad. For us as investors, we understand that in the long term we will see a
good return on our investments.”
Kiyean Nam, Chief Executive Officer at Qurient: “It is an excellent opportunity for
Qurient to bring Q203 to clinic in Russia and neighboring countries with a competent
partner. There are huge unmet medical needs for TB, particularly for MDR/XDR TB, in many
parts of the world including Russia. Qurient is ready to work closely with Infectex to
provide a life-saving solution to MDR and XDR patients in the territory.”
Infectex Contact: Oksana Markova, CEO Telephone: +7-(495)411-69-92 email@example.com Qurient Taehwa Chang, Public Relation Telephone: +82-(31)8018-8370 firstname.lastname@example.org
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SOURCE OJSC Russian Venture Company