Both US companies GlycoMimetics Inc. and Apollomics have decided to engage in a partnership to extend applied glycotechnology for cancer and innovative biopharmaceutical services to China. The partnership would provide discovery and development of oncology combination therapies in Greater China.
The partnership agreement enables Apollonics to bring in clinical development commercialization of its services in Mainland China, Hong Kong, and Macau. Moreover, GlycoMimetics Inc. and its partner would advance the preclinical and clinical development of a highly potent, subcutaneous E-selectin antagonist called GMI-1687.
Glycometics Inc. would receive nine million USD of upfront cash payment for the company to be eligible for potential milestone payments that could reach 180 million USD. Moreover, it would grant them tiered royalties on their net sales upon payment. On the other hand, Apollomics would tackle the cost-related developments of the partnership.
Apollomics would also manage the regulatory approvals in China and the commercialization of its activities. Glycometics Inc. would also supply uproleselan and GMI-1687 to Apollomics through its clinical and commercial supply agreement. Consequently, GlycoMimetics would have patent rights for the two compounds created by the partnership not just in China, but also worldwide.
According to the Chief Executive officer (CEO) of GlycoMimetics Rachel King, the companies plan on making their partnership develop a highly experienced leadership on both parties' drug development capabilities. Their goals are to bring novel therapies to patients suffering from alleviating acute myeloid leukemia (AML) and other hematologic malignancies in China.
He also added that both the companies are planning to extend their reach of both the uproleselan and GMI-1687 worldwide. He noted that the commencement of the partnership would enable them to generate opportunities around the globe.
On a similar note, the CEO of Apollomics Guo-Liang Yu, Ph.D. also claimed that the portfolio of assets of both the companies composes of highly specific targeted agents. Thus, their action on both compounds would open doors for Apollomics to influence emerging data in AML and other hematologic malignancies. He also claimed that patients in China would be highly benefited from the partnership's projects in developing effective therapies for cancer patients.
According to the official website of Glycometics, uproleselan is an E-selectin inhibitor that is used during chemotherapy as a treatment for cancer patients. It aims to alleviate AML and other potentially hemolytic or blood-related cancers.
The said component binds with cancer cells found in the vascular niches in the bone marrow. It would then prevent the cancer cells from entering the blood circulation allowing the chemotherapy to effectively take them out.
