BURLINGAME, Calif. and LONGNAN CITY, China, March 6, 2012 /PRNewswire/ -- Apexigen, Inc., a privately held biopharmaceutical company, and Gansu Duyiwei Biological Pharmaceutical Co., Ltd. (GDBP), which is listed on the Shenzhen stock exchange, today announced that they entered into a collaboration to grant an exclusive license to GDBP to develop and commercialize APX004 in China. APX004 is a humanized monoclonal antibody directed against VEGFR2 for the treatment of certain cancers and angiogenic diseases. Under this agreement, GDBP will have an exclusive license and sole responsibility to research, develop and commercialize APX004 in China. Apexigen retains all rights to APX004 outside of China and will collaborate with GDBP to advance the development program. Under the terms of the agreement, Apexigen will receive an upfront payment, milestone payments on the successful achievement of regulatory milestones, and a royalty. Financial terms were not disclosed.
"The pharmaceutical market in China today is very dynamic. We are pleased to be partnering with Gansu Duyiwei for the development and commercialization of APX004 in this vibrant market. We're looking forward to a productive partnership," said Dr. Xiaodong Yang, Apexigen's President and CEO.
"During the last century, people often said that the century to come will be the biological science century. The report of a survey from an American marketing research institute, Alt Assets, shows that the prospects for the global biotechnology industry are very promising. The sales revenue for products of the bio-economy, that is, products based on biological science and biotechnology, will exceed 15 trillion US Dollars in 30 years and the bio-economy will outrun the information economy and become the most powerful economic force in the world. The cooperation between Duyiwei and Apexigen will become a developmental milestone for Du
|SOURCE Apexigen, Inc.|
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