GERMANTOWN, Md., Oct. 30, 2019 /PRNewswire/ -- Seneca Biopharma,
Inc., (fka Neuralstem, Inc.) (NASDAQ: CUR), a clinical-stage
biopharmaceutical company developing novel treatments for diseases
of unmet medical need, and Jiangsu QYuns Therapeutics Co., Ltd., a
China-based company focused on
monoclonal antibody therapeutics, jointly announce that they have
entered into a non-binding term sheet for the licensing of
certain assets owned by QYuns.
Subject to entering into definitive agreements and receiving
necessary approvals, Seneca and
QYuns will enter into a royalty- and milestone-free, perpetual,
non-cancelable, exclusive worldwide, other than in Greater China (which includes Hong Kong, Macau and Taiwan and certain other Asian territories)
license to develop and commercialize certain of QYuns' assets,
including QX005N, targeting IL-4Rα, QX002N, targeting IL-17A,
QX004N targeting IL-23A, and QX006N targeting IFNRα. As
contemplated by the term sheet, Seneca will also gain access to future
antibody assets developed by QYuns and the parties will collaborate
on future pipeline expansion. Upon entering into the license,
Seneca's lead asset will be SNC005
(QX005N) that targets IL-4Rα for the treatment of Asthma and Atopic
Dermatitis. As consideration for the license, Seneca will issue QYuns a yet to be determined
amount of common stock.
"The anticipated in-licensing and collaboration with QYuns, as
well as our access to QYuns' future pipeline assets, is consistent
with Seneca's new focus on
developing and commercializing de-risked assets. We are excited
that our lead asset SNC005 is going to be developed with a strategy
of fast-follower, to a marketed therapy in the same indications
that have estimated peak annual sales of $5.8 Billion," said Dr. Ken Carter, Executive Chairman of Seneca
Biopharma. Commenting further, "In the US alone, there are
estimated to be over 25 million people suffering from Asthma and 18
million from Atopic Dermatitis that we hope could benefit from our
therapies."
"Seneca Biopharma offers a global pathway for us to rapidly
expand the growth of our monoclonal antibody portfolio," said Mr.
Jiwan Qiu CEO of QYuns Therapeutics. "QYuns looks forward to a
very fruitful collaboration with Seneca Biopharma to bring our
treatments to more patients worldwide."
About Seneca Biopharma
Seneca Biopharma, Inc., (NASDAQ: CUR) is a clinical-stage
biopharmaceutical company developing novel treatments for diseases
of unmet medical need. Seneca is
in the process of finding and acquiring new assets, promising
science and technologies that will provide meaningful therapies for
patients.
It is anticipated that Seneca
will start trading under its new ticker symbol, NASDAQ: SNCA on or
about November 1, 2019.
Cautionary Statement Regarding Forward Looking
Information
This news release contains "forward-looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
relate to future, not past, events and may often be identified by
words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek" or "will." Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Specific
risks and uncertainties that could cause our actual results to
differ materially from those expressed in our forward-looking
statements include risks inherent in the development and
commercialization of potential products, uncertainty of clinical
trial results or regulatory approvals or clearances, need for
future capital, dependence upon collaborators and maintenance of
our intellectual property rights. Actual results may differ
materially from the results anticipated in these forward-looking
statements. Additional information on potential factors that could
affect our results and other risks and uncertainties are detailed
in Seneca Biopharma's periodic reports, including its Annual Report
on Form 10-K for the year ended December 31,
2018 as well as its subsequent quarterly reports on Form
10-Q, filed with the Securities and Exchange Commission (SEC). We
do not assume any obligation to update any forward-looking
statements.
Contact:
Josh Barer
Hibiscus BioVentures
josh@hibiscusbio.com
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SOURCE Seneca Biopharma, Inc.