(Yicai Global) Jan. 5 -- Jiangsu Nhwa Pharmaceutical Co. [SHE:002262] has been granted exclusive development and marketing rights in China for a blood substitute product currently under development, through cooperation with the US based developer of the product.
Nhwa Pharmaceutical signed an agreement with NuvOx Pharma, LLC, an Arizona-based company and are licensed as the sole developer and marketer in China of NVX-408, a blood substitute currently being trialed by the US company.
NVX-408, the patented blood substitute product exclusively licensed by NuvOx, is suitable for perioperative blood loss and hemorrhagic shock, said Nhwa in the announcement. The company plans to further develop the product, and apply it in the treatment of perioperative blood loss, as a partial substitute for blood.
The listed company will make a USD250,000 down payment and pay USD500,000 in licensing fees to its American partner within the stipulated time limit. Nhwa are obliged to pay USD2 million before the product is approved for production, followed by another USD1.6 million payment after the approval is granted. After the launch of the product in China, Nhwa will also pay a commission of a given percentage of the net sales revenue every year.