VANCOUVER,
May 30, 2012 /CNW/ - Stiefel, a GSK
company, and Welichem Biotech Inc., have entered into an
agreement for the acquisition by Stiefel of exclusive development
and commercialization rights to the novel anti-inflammatory agent,
WBI-1001, in all territories in the world outside of China, Taiwan, Macao
and Hong Kong. WBI-1001 is
currently in Phase II clinical development for the treatment of
psoriasis and atopic dermatitis.
Welichem will receive an initial payment of
CAD$35 million and is eligible to
receive additional payments upon achievement of certain clinical
development milestones and upon commercialization in certain
countries following marketing approval from the corresponding
regulatory agencies. The transaction is subject to approval by the
shareholders of Welichem.
Under terms of the agreement, Stiefel has also
received a conditional right to acquire further exclusive rights to
develop and commercialize WBI-1001 in China, Taiwan, Macao
and Hong Kong, collectively, at a
future date upon satisfaction of certain conditions and upon making
an additional payment of CAD$15
million.
"Based on clinical results to date, we believe
that WBI-1001 has the potential to be a first-line topical therapy
for psoriasis and atopic dermatitis" said Dr. Liren Tang, President and CEO of Welichem, "As a
leader in dermatology products, Stiefel has the clinical
development and commercialization capabilities to bring this novel
product to these patients around the world."
About WBI-1001: WBI-1001 is a novel,
non-steroidal, topical anti-inflammatory new chemical entity (NCE)
agent that has demonstrated efficacy and safety in Ph1 and Ph2
clinical trials for the treatment of mild to moderate psoriasis and
moderate to severe atopic dermatitis (AD) for up to 12 weeks as a
single therapy.
About Welichem Biotech Inc.
Welichem Biotech Inc. is a publicly-traded
biotechnology company developing therapeutic drugs in the fields of
autoimmune diseases and cancers. For a more complete business
and financial profile of the Company, interested parties are
encouraged to visit the Company's website, www.welichem.com.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of the
content of this news release. This press release contains
forward-looking statements that include our belief as to the
potential of our products. Certain risks and uncertainties such as
our ability to successfully commercialize the products could cause
the Company's actual results to differ materially from those in the
forward-looking statements.
SOURCE Welichem Biotech Inc.