Axonyx licenses Phenserine to Daewoong for sale in South Korean market

By E. Janene Geiss

Philadelphia, Jan. 4 - Axonyx Inc. said Wednesday that it has granted to Daewoong Pharmaceutical Co. Ltd. an exclusive license for the use of Phenserine in the South Korean market.

Under the agreement, Daewoong, at its own costs, will pursue the product development and regulatory work necessary for a New Drug Application, or its equivalent, in South Korea with respect to Phenserine for the treatment of Alzheimer's disease, according to a company news release.

The financial terms of the deal are confidential but include royalty payments to Axonyx based on sales of Phenserine by Daewoong in the South Korean market.

The arrangement is part of the company's previously announced strategy to identify partners that are able and willing to commit the necessary financial resources to Phenserine's further development and marketing approval, officials said.

"We are excited about this license agreement, which is our first for Phenserine. We expect Daewoong to build on the significant clinical data we have generated as they continue the development of Phenserine," Gosse Bruinsma, president and chief executive officer of Axonyx, said in the release.

Axonyx is a New York City biopharmaceutical company that acquires and develops proprietary pharmaceutical compounds to treat central nervous system disorders.

Daewoong, based in Seoul, South Korea, is a leading pharmaceutical company in the Korean prescription drug market.

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