LegoChem Biosciences, Inc. (“LegoChem”) (KOSDAQ: 141080), a public biopharmaceutical company focused on research and development of novel antibiotics, anticoagulant and anticancer drugs, today announced that it has entered into a Joint Venture Agreement with Geom Therapeutics (“Geom”) to develop and commercialize LCB10-0200, a novel cephalosporin antibiotic targeting multidrug-resistant gram-negative pathogens, such as Pseudomonas and Acinetobacter. Under the Joint Venture, LegoChem acquires majority ownership and board seats in the Board of Directors in return for granting the Joint Venture an exclusive license to develop and commercialize LCB10-0200 worldwide, outside of Korea. LCB retains development and commercialization rights in Korea.
Geom plans to initiate a Phase 1 clinical trial of LCB10-0200 in 2017. By utilizing Geom’s expertise in global antibiotic development, LCB10-0200 will undergo more efficient and faster drug development.
LCB10-0200 is a cephalosporin antibiotic that shows excellent efficacy against multidrug-resistant gram-negative bacteria, including Pseudomonas aeruginosa, Acinetobacter baumanni, and Enterobacteriaceae, in preclinical animal efficacy studies. Given the high global prevalence of infections, the global antibiotic market is valued at more than $40 billion USD.
There is an urgent unmet medical need for new antibiotics as many strains of bacteria have developed resistance to currently available antibiotics. In particular, infections caused by multidrug-resistant gram-negative bacteria are extremely difficult to treat and result in high mortality rates. In order to treat patients with multidrug-resistant gram-negative infections, U.S. and European governments are aggressively supporting antibiotic research and development.
“LCB10-0200 has excellent activity against multidrug-resistant gram-negative pathogens, and appears to have tremendous potential to address the urgent unmet needs that currently exist in anti-infective medicine.” says Dr. Dirk Thye, the CEO of Geom.
Dr. Dirk Thye is a global antibiotic expert and has significantly contributed to the successful development and commercialization of several successful antiobiotics. He was a founder of Peninsula Pharmaceuticals, Inc. and Cerexa, Inc., where he led the global development of doripenem (Doribax) and ceftaroline (Teflaro). Peninsula Pharmaceuticals was acquired in 2005 by Johnson and Johnson for $245M, and Cerexa was acquired in 2007 by Forest Laboratories for $494M. While as President of Cerexa, Dr. Thye played a key role in the evaluation and acquisition of avibactam, a BLI discovered by Novexel. Forest Laboratories and AstraZeneca subsequently acquired Novexel and led the successful development and commercialization of ceftazidime/avibactam (Avycaz). At Geom, Dr. Thye has assembled a world class team of highly accomplished antibiotic drug development experts, who will guide the global development program for LCB10-0200.
Through establishing a Joint Venture with experts who have successfully developed and commercialized novel antibiotics, LegoChem mitigates the risk involved with funding and development failure, while maximizing successful commercialization potential.
“Through this Joint Venture, global experts have endorsed LCB10-0200 and its potential as a potent weapon against multidrug-resistant infections,” says Dr. Yong Zu Kim, the CEO of LegoChem. “Instead of merely transferring technology at an early stage, the Joint Venture will allow both companies to leverage their experiences to further enable success.”
“LCB10-0200 could be the new weapon in the fight against the most serious gram-negative infections with unmet medical needs.” added H. Timothy Min, a Managing Partner from SIMI Law Group of Boston, who led this Joint Venture deal.