DAEJEON, South Korea--(BUSINESS WIRE)--Alteogen Inc. (KOSDAQ:196170) announced today that it has entered into a non-exclusive, global license agreement with a Top Ten Pharmaceutical Company (TTPC), to use ALT-B4, Alteogen’s novel hyaluronidase- derived utilizing the Hybrozyme™ technology. ALT-B4 is a proprietary recombinant human hyaluronidase enzyme that enables large-volume subcutaneous administration of biologics that would otherwise be administered as an IV injection.
“We are pleased that a global leader in the development and commercialization of novel therapeutics has elected to partner with us,” said Dr. Soon Jae Park, Chief Executive Officer of Alteogen. “In conjunction with the other global deal we announced in December 2019, this agreement continues to validate the potential of our technology in enabling convenient treatment options for patients.”
Under the terms of the agreement, Alteogen has granted worldwide rights for TTPC to develop multiple products in combination with ALT-B4. Alteogen will receive an initial payment of USD 16 Million and is also eligible to receive additional milestones upon TTPC’s achievement of specified development, regulatory and sales milestones, totaling up to USD 3.865 Billion for the initial products under this agreement. TTPC may in the future elect to develop additional products in combination with ALT-B4 upon achievement of the pre-specified milestone. Alteogen will be responsible for regulatory development and commercial supply of ALT-B4.
ALT-B4 is Alteogen’s proprietary recombinant human hyaluronidase enzyme developed utilizing the Hybrozyme™ technology. ALT-B4 can enable the large volume subcutaneous administration of drugs that are typically administered as an IV injection. ALT-B4 does this by temporarily hydrolyzing hyaluronan in the extracellular matrix.
About Alteogen Inc.
Alteogen lnc. is a Korea-based biopharmaceutical company that focuses on the development and commercialization of novel biologics such as Antibody-Drug Conjugates (ADCs), biobetters, and biosimilars. Alteogen’s portfolio includes clinical-stage long-acting therapeutic proteins and next-generation ADCs, developed by its proprietary NexP™-fusion and NexMab™ platform technology, respectively. It also develops Herceptin SC and Eylea biosimilars. The company was founded in 2008 and listed in KOSDAQ (196170.KQ).
Forward Looking Statement
This communication contains forward-looking statements concerning Alteogen Inc. (the “Company”). These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements regarding the Company’s Hybrozyme™ technology include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements regarding the Company's Hybrozyme™ technology may include benefits and attributes of Hybrozyme, its potential application to enable subcutaneous administration of biologics. Forward-looking statements regarding the Company's Hybrozyme™ business may include potential growth driven by our partners' development and commercialization efforts, potential new Hybrozyme™ collaborations and collaborative targets and regulatory review and potential approvals of new Hybrozyme™ products. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.