NeuroVive Pharmaceutical AB , a company in mitochondrial medicine announced that research resources and activities of the Taiwan-based subsidiary redirected to the parent company NeuroVive Pharmaceutical AB.
At a general meeting of NeuroVive Pharmaceutical Asia, Inc. was approved an agreement whereby operations in Taiwan will be sold to current Taiwanese shareholders.
Under the agreement, NeuroVive Pharmaceutical AB will receive about 5 million before administrative expenses. Beyond this, NeuroVive and partner Foundation Asia Pacific Ltd., re-acquire the Hong Kong-based subsidiary, NeuroVive Pharmaceutical Asia Ltd., which holds the Asian licensing rights for Neuro State and the agreements with Chinese pharmaceutical company Sihuan Pharmaceutical and Sanofi Korea. The ownership of the Hong Kong company will be NeuroVive Pharmaceutical AB (about 82.5%) and Foundation Asia Pacific Ltd. (About 17.5%). Through the agreement, other assets, which were previously licensed to NeuroVive Asian companies, to NeuroVive Pharmaceutical AB.
In line with the company’s newly implemented two-part business model, which involves an increased focus on early projects for major specialist indications for licensing in the preclinical phase, and own clinical development of orphan drug, the resources of the Taiwan-based subsidiary that distributed and concentrated on research and development activities Parent NeuroVive Pharmaceutical AB.
“This decision is fully in line with the new corporate strategy and enables further focus on further developing the company’s project portfolio. We will release resources to operate until the early research projects as efficiently as possible, “said Erik Kinnman NeuroVive CEO. “We want to thank our colleagues in Taiwan for their cooperation in all the work, and in this process and wish them well in their future activities,” he adds.
The subsidiary in Taiwan was established in 2014 to manage the planned clinical activities locally in the region and for the development of research projects under license from its parent company NeuroVive Pharmaceutical AB and others.
If NeuroVive
NeuroVive Pharmaceutical AB is a leading company in mitochondrial medicine. The company is focused on the research and development of targeted drug candidates that maintain mitochondrial integrity and function for indications where there is a large unmet medical need. The company’s strategy includes its own development of medicines for rare diseases, through clinical development phase all the way to the market. For most of the company’s projects targeting major indications with high potential, the strategy is licensing the preclinical phase. NeuroVive value creation projects done in collaboration and networking with leading research institutions in mitochondrial medicine and expert resources in drug development and pharmaceutical production.
NeuroVive has a project in the early clinical phase II for the treatment of moderate to severe traumatic brain injury. The drug candidate NeuroSTAT® has orphan drug status in Europe and the US. The research portfolio includes several projects in late discovery which covers areas such as genetic mitochondrial diseases and cancer as well as neurological and metabolic diseases such as NASH.
NeuroVive is listed on Nasdaq Stockholm (ticker: NVP). Shares are available for trading in the US on the OTCQX marketplace Best market.
For investor and / or media queries, please contact:
Cecilia Hofvander,
NeuroVive,
Tel: 046-275 62 21 or
ir@neurovive.com
Charles Athlé Nelson,
NeuroVive representative in the USA,
Tel +1 212 961 6277 or
ir.usa@neurovive.com
NeuroVive Pharmaceutical AB (publ)
Medicon Village, 223 81 Lund,
Sweden
Tel: 046-275 62 20 (switchboard)
www.neurovive.com
