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LONDON, UK / ACCESSWIRE / May 15, 2018 / If you want access to our free research report on Kitov Pharma Ltd (NASDAQ: KTOV), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KTOV as the Company's latest news hit the wire. On May 11, 2018, the Company announced that it has inked a definitive license and commercialization deal with China-based Hebei Changshan Biochemical Pharmaceutical Co., Ltd ("Changshan"), granting the latter exclusive rights to import, manufacture, and distribute the Company's lead drug candidate, Consensi™, in China. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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- Upon receipt of marketing authorization in China, Changshan will have the exclusive rights and license to import, manufacture, distribute, and sell Consensi™ in China, Taiwan, Hong Kong, and Macao.
- Changshan will be responsible for financing and seeking regulatory approval for Consensi™ in China.
- As per the agreement terms, Kitov is entitled to receive up to an aggregate of $3.5 million for the US Food and Drug Administration (FDA) approval of Consensi™, which has a PDUFA date of May 31, 2018, and for China regulatory milestones.
- Kitov will also receive an aggregate of $6.0 million for pre-defined commercial milestones, and up to 12% royalties on net sales.
Changshan has a Strong Track Record of Successfully Launching Pharmaceutical Products in China
Dr. Gil Ben-Menachem, Vice President, Business Development of Kitov, stated that the Company looks forward to building a long-term relationship with Changshan in China. Changshan has a strong track record of successfully launching and marketing pharmaceutical products in China. Dr. Ben-Menachem added that this was the second commercialization agreement for Consensi™ in Asia, further confirming its global sales potential. Kitov continues to work diligently towards finalizing additional commercialization agreements in the US and in other territories.
News reports suggest that post announcement of the news, Kitov's shares surged in pre-market trade.
Kitov's License Agreement for Consensi™ in South Korea
In March 2017, Kitov signed a definitive license agreement for Consensi™ for the territory of South Korea with Kuhnil Pharmaceutical Co. Ltd ("Kuhnil"), which is a leading South Korea-based pharmaceutical organization. Following the agreement, Kuhnil got the exclusive rights and license to manufacture, distribute, and sell Consensi™ in South Korea. The commercial launch of the product in South Korea is estimated to take place in 2019.
Consensi™, formerly known as KIT-302, is a combination drug intended to simultaneously treat pain caused by osteoarthritis, and hypertension, which is a common side effect of stand-alone drugs that treat osteoarthritis pain. Consensi™ is comprised of two FDA-approved drugs, celecoxib (Celebrex®), a non-steroidal anti-inflammatory COX-2 inhibitor (NSAID) for the treatment of pain caused by osteoarthritis, and amlodipine besylate (Norvasc®), a calcium channel blocker for lowering blood pressure. According to the IMS, the total annual NSAID market in China is estimated of hundreds of millions of dollars.
About Hebei Changshan Biochemical Pharmaceutical Co., Ltd
Changshan is a fully-integrated, publicly-traded pharmaceutical organization with headquarters in Shijiazhuang, Hebei, China. It is a leading supplier of Heparin and Low Molecular Weight Heparin pharmaceutical products from its state-of-the-art manufacturing facilities. Changshan has a long history of international collaborations leading to a deep and diverse pipeline of innovative products across various therapeutic categories and dosage forms.
About Kitov Pharma Ltd
Founded in 2010 and headquartered in Israel, Kitov is an innovative biopharmaceutical drug development Company. Leveraging deep regulatory and clinical-trial expertise, Kitov's veteran team of healthcare professionals maintains a proven track record in streamlined end-to-end drug development and approval.
Stock Performance Snapshot
May 14, 2018 - At Monday's closing bell, Kitov Pharma's stock surged 10.00%, ending the trading session at $2.64.
Volume traded for the day: 1.91 million shares, which was above the 3-month average volume of 112.77 thousand shares.
Stock performance in the last month – up 14.78%; previous three-month period – up 10.00%; past twelve-month period – up 46.67%; and year-to-date - up 15.79%
The stock is part of the Healthcare sector, categorized under the Biotechnology industry. This sector was up 0.7% at the end of the session.
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