Almac Discovery has licensed its novel anti-angiogenic peptide ALM201 to Shin Poong Pharmaceutical Co. Ltd. for clinical development and marketing in South Korea. Almac will receive an undisclosed upfront payment, milestones and royalties. Almac Discovery will pursue its own development program in Europe and is seeking partners for ALM201 in all other territories.
ALM201 is a highly potent anti-angiogenic peptide targeted to cells expressing CD44 and acts by inhibiting migration of vascular endothelial cells. The compound has completed preclinical development with a good toxicology profile and is entering Phase I/II trials in the UK.
Stephen Barr, president and managing director of Almac Discovery, said, “We are delighted to be partnering with Shin Poong. Their work on ALM201 in South Korea will complement our own program very well and will add significant scientific value.”
Mr. Won June Chang, chief executive officer of Shin Poong, said, "We are delighted to license the novel and innovative anti-cancer drug candidate from Almac Discovery and we look forward to supporting the development of this drug candidate in South Korea."