NEW YORK, Jan. 19, 2021 /PRNewswire/ — Turret Capital Management, a global investment and venture building firm focused on the healthcare industry, announced today that it has signed a Definitive License Agreement with Genexine, inc.(KOSDAQ 095700), a South Korea-based Biotechnology company. Under the terms of the agreement, Turret Capital has obtained global rights for selective indications to GX-P1. GX-P1 is a Phase I ready novel immunosuppressant agent that reduces the immune response by binding to PD-1 on activated T cells and thus inhibiting T cell activation; a mechanism that is opposite to that of an anti-PD-L1 immune checkpoint inhibitor typically used to treat cancer.
The compound will be housed and developed within Egret Therapeutics, a subsidiary of Turret Capital, and will target clinical areas of unmet need in the area of acute subarachnoid hemorrhage. Daniel Chai, M.D., Executive Chairman of Egret Therapeutics and Managing Partner of Turret Capital, stated, “Our firm strives to develop and market the most compelling and innovative technologies to address large market opportunities in healthcare. We are excited to partner with Genexine on this Phase I ready asset and leverage our scientific and clinical expertise in Neurological diseases to better help patients that suffer from the debilitative and life-threatening conditions of stroke.”
Sung Yung-Chul, Ph.D., Founder and CEO of Genexine stated, “We are excited about working with the team at Egret Therapeutics and leadership at Turret Capital. Through our partnership, we believe we can achieve maximal value for innovative products that have been developed within Genexine.”
Under the terms of the agreement, Genexine will receive 5% of underlying Egret Therapeutics outstanding shares and be eligible to receive development and commercial milestones payments of up to $200 million USD.
About Egret Therapeutics
Egret Therapeutics is a clinical stage biotherapeutics company. Our vision is to become a leading global biotechnology company that discovers, develops, and commercializes novel therapies that transform treatment paradigms in the management of life-threatening neurological conditions. We intend to utilize our product development and commercial execution strategies to achieve this vision.
About Genexine
Genexine, Inc., listed on KOSDAQ (095700) since 2009, is a leading and innovative Korean biotech company with proprietary novel long-acting biologics and immunotherapeutic DNA vaccine technologies. Company’s mission is to develop novel drugs to save lives of those who suffer from incurable diseases. Genexine has robust development pipeline portfolio which includes novel immunotherapeutic drug (GX-I7), cervical cancer vaccine (GX-188E), long-acting growth hormone (GX-H9), COVID-19 DNA vaccine, and therapeutics. GX-I7 is currently in several clinical trials internationally targeting several cancer types as mono or combination therapy with global pharma companies. GX-188E, a therapeutic DNA vaccine for HPV-associated diseases is under Phase 2 trial in combination with Keytruda. Genexine is developing both preventive DNA vaccine candidate and therapeutics medicine for COVID-19. Genexine has over 150 employees, located in Pangyo Techno Valley near Seoul metro area. Please visit www.genexine.com for more information.
