Genexine's joint venture in Indonesia allowed to use immunotherapeutic drug in ASEAN and elsewhere

SEOUL -- Along with technology transfer, a joint venture of Indonesian pharmaceutical group Kalbe Farma and Genexine, a clinical-stage biotechnology company in South Korea, has been granted the right to use GX-I7, an immunotherapeutic drug candidate, in ASEAN, the Middle East, Australia and New Zealand.

GX-I7 is in second-stage clinical trials to confirm o see if it is effective in the treatment of COVID-19. Genexine has said that GX-I7 showed good efficacy when used in combination with a variety of immunotherapeutic agents. Once proven to be effective, KG Bio will apply for emergency use authorization.

Genexine will receive $27 million in down payment as well as milestone payments, which are paid when each milestone is achieved in clinical trials and commercialization, and 10 percent of sales paid separately as royalties. The company will conduct a pre-clinical test to confirm the toxicity of GX-I7 by spraying it to the nasal cavity.