Innovative phar (00399) issued a notice that the ongoing R&D project (R&D process) refers to the ongoing R&D project of the product. Fusheng biological engineering co., LTD. (Fusheng) is a subsidiary of jinsheng co., LTD., and became a subsidiary of the company after jinsheng co., LTD. completed the acquisition on July 28, 2014. Fusheng and peking tsinghua university (tsinghua university) signed a number of agreements in 1998 on R&D products (tsinghua university cooperation agreement). According to the tsinghua university cooperation agreement, which was set to expire in October 2018 and was extended to October 2023 after the signing of a supplementary agreement on November 12, 2018, Fusheng has the right to commercialize the relevant technology of the product and has the exclusive production and sales of the product, while tsinghua university has the right to enjoy 1.5% of Fusheng's annual sales after the product is commercialized. Therefore, Fusheng has the exclusive right to commercialize products in the tsinghua university cooperation agreement before the expiration of the term.
On June 25, 2024, the group signed a second supplementary agreement with Tsinghua University to renew the term of the Tsinghua University cooperation agreement until June 30, 2027.
The board of directors believes that renewing the Tsinghua University cooperation agreement will help the group exclusively carry out product commercialization and is in line with the overall interests of the company and its shareholders.
The group is conducting phase III B clinical trials (clinical trials), and the first batch of patients was recruited in July 2020. As of March 31, 2024, about 400 patients have been recruited from designated participating hospitals for clinical trials. The patient recruitment process will continue.