Regent Pacific (00575) announced that after the Hong Kong market closed on July 26, 2024, Pleth...
Regent Pacific (00575) announced that after the Hong Kong market closed on July 26, 2024, Plethora (a wholly-owned subsidiary of the company) and Kobayashi (a company registered in Japan) signed a license agreement regarding the right to commercialize the latest premature ejaculation drug Fortacin, including in Japan through sales and distribution.
Plethora retains the right to fully commercialize Fortacin in other parts of the world, including but not limited to the United States and Canada, Latin America, the Middle East, and sub-Saharan Africa.
Kobayashi shall be responsible for submitting and obtaining any and all regulatory approvals required by applicable law, at its own expense, to commercialize Fortacin in the territory. Plethora shall provide such reasonable assistance as Kobayashi may reasonably require, with the costs borne by Kobayashi, to seek and obtain regulatory approvals.
According to the license agreement, (i) after reaching certain milestones related to sales in the territory, the Group (acting through Plethora) will be entitled to receive up to a maximum of US$1.55 million in payments, excluding royalties; and (ii) the Group (acting through Plethora) will be entitled to receive double-digit percentage royalties on net sales of Fortacin in the territory for the first 10 years of commercial sales.
Jamie Gibson, the CEO of the company, said: "Our collaboration with Kobayashi allows us to introduce Fortacin to Japan. In addition to signing a license agreement with Jiangsu Wanbang Pharmaceutical Marketing Co., Ltd., a wholly-owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd., to commercialize Fortacin in China, we can now launch this breakthrough treatment method in Japan."