Singapore-based NMT Pharmaceuticals has signed a licensing agreement with U.S. pharma firm CAO Pharmaceuticals for an exclusive worldwide license right to further develop and market an anti-cancer drug CZ-48 co-developed by CAO Pharma and NMT Pharma.

NMT Pharma has completed due diligence of the CZ-48 drug for cancer treatment in major markets.

“This is a new milestone to expand our business from drug delivery and contract R&D service to having our own drug pipeline,” said David Sher, managing director, NMT Pharma. “We would like to bring this promising drug to every part of the world with our partners as pre-clinical data has showed that CZ-48 has low toxicity and efficacy with 22 different cancer cell lines.”

“We believe that the new capsule formulation and orally administrated CZ-48 drug would have mild side effects with better therapeutic effects and patient compliance. We have successfully recruited our first patient of the Phase I clinical trial recently,” said Zhisong Cao, president and chief executive officer, CAO Pharma.

In addition to the licensing agreement, NMT Pharma has also signed a research agreement and a stock purchase agreement with CAO Pharma.

“We are glad that our partnership with NMT Pharma goes beyond CZ-48 drug. Our new shareholder will focus on marketing of CZ-48 drug and my team will manage clinical trial and new drug development programs,” said Mr. Cao.