QINGDAO, China & VANCOUVER, British Columbia--(BUSINESS WIRE)--Qingdao Primedicine Pharmaceutical Co. Ltd., a leading biotech company in China, and Primary Peptides Inc, a privately held biotech company in Canada, today announced an exclusive license to develop and commercialize an innovative product for the treatment of heart attack.
Under the terms of the agreement, Primedicine receives exclusive rights to develop and commercialize in China, including the mainland, Hong Kong, Macau and Taiwan while Primary Peptides retains rights in all other markets. Financial terms were not disclosed.
“Primedicine is pleased to collaborate with Primary Peptides, a world leader in development of novel peptide therapeutics”, commented Yi Yan, CEO of Primedicine, "This gives Primedicine a valuable opportunity to bring the best Canadian technology to China to improve the lives of millions of heart attack patients."
Dr. Max Cynader, CEO of Primary Peptides said “Heart protection following heart attack represents a large unmet medical need, and this new peptide therapeutic has the potential to become a first-in-class therapeutic. By combing our expertise in drug development and Primedicine’s abundant Chinese resources, we can bring this novel peptide therapeutic from bench to bedside at a much faster speed”.
About Qingdao Primedicine Pharmaceutical Co. Ltd
Qingdao Primedicine Pharmaceutical Co. Ltd is a leading Chinese biotech company with a major focus on first-in-class drugs. It has cutting-edge products in addiction, Alzheimer’s disease, stroke, depression and several other severe disease indications. For more information, please visit: http://www.primedicine.com
About Primary Peptides Inc.
Primary Peptides is a clinical-stage biotech company that has developed a proprietary platform technology enabling it to identify, target, and disrupt specific protein-protein interactions. Our peptides can also replace antisense and siRNA technology platforms in many indications with greater specificity and greater temporal precision. Primary Peptides has developed lead compounds in several disease indications with unmet medical needs.
For more information, please visit: www.primarypeptides.com