Recipharm forms new collaboration with Isofol Medical to exclusively manufacture Modufolin® and invests SEK 8 million in the company
Recipharm and Isofol Medical AB, a Gothenburg-based pharmaceutical company developing novel products for unmet needs within oncology, are pleased to announce the formation of a collaboration to strengthen the development program of Isofol's lead drug candidate Modufolin®.
At the same time, Recipharm Venture Fund, the life science sector investor with a strategic interest in pharmaceutical and biotechnology companies in need of pharmaceutical development and manufacturing support, has today announced that it has invested SEK 8 million in Isofol Medical.
Isofol Medical AB is currently evaluating Modufolin® in two clinical phase I/II studies. Modufolin® is an endogenous folate-based biomodulator, developed to increase the efficacy and decrease the side effects of chemotherapeutic agents used in the treatment of solid tumors. Modufolin® is innovative and has very good sales potential and a high likelihood of reaching the market.
Carl-Johan Spak, EVP Development & Technology, Recipharm, commented: "We are very pleased to have further developed our collaborative partnership with Isofol Medical and to have now signed an agreement for future exclusive commercial manufacturing of Modufolin®, especially as this is a new, innovative drug, focused on tumor treatment and consequently has strong sales potential."
He continued: "We look forward to putting our technical skills and capabilities to fully manufacture this exciting product whilst further assisting its development through the strategic investment."
"Given the promising clinical data we have obtained to date we want to secure the long term manufacture and supply of Modufolin® for its future commercialization. With Recipharm's investment of 8 MSEK in Isofol we have now raised 45 MSEK during the last 8 months. This capital and the collaboration with Recipharm not only strengthens the ongoing Phase II clinical development program but could also secure the future commercialization of Modufolin®" Anders Rabbe, Managing Director of Isofol commented.
For more information contact:
Carl-Johan Spak, EVP Development & Technology Recipharm
[email protected], +46 8 602 53 13
Anders Rabbe, Managing Director, Isofol Medical
Recipharm is a leading CDMO (Contract Development and Manufacturing Organisation) in the pharmaceutical industry based in Sweden employing some 1,500 employees. Recipharm offers manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material and pharmaceutical product development. Recipharm currently manufactures more than 200 different products to both Big Pharma and smaller research- and development companies. Recipharm's turnover is approximately SEK 2.1 billion and the Company operates development and manufacturing facilities in Sweden, France, the UK, Germany and Spain and is headquartered in Jordbro, Sverige. The Recipharm B-share (RECI B) is listed on Nasdaq OMX Stockholm.
For more information on Recipharm and our services, please visitwww.recipharm.com.
Modufolin® (chemical name [6R]-5,10-
Modufolin® is a registered Trademark of Merck KGaA, Darmstadt, Germany.
About Isofol Medical AB
Isofol Medical is a clinical stage pharmaceutical company developing novel products for unmet needs within oncology. Isofol's lead clinical candidate, Modufolin®, is predicted to improve the outlook for cancer patients undergoing chemotherapy treatment with a range of antimetabolites. Isofol's ongoing clinical trials are focusing on colorectal cancer and osteosarcoma. Isofol Medical collaborates closely with its strategic R&D partner Merck Millipore, the world's leading manufacturer of reduced folates.
For more information about Isofol Medical, please visit www.isofolmedical.com
Recipharm AB (publ)
Corporate identity number 556498-8425
Address Lagervägen 7, SE-136 50 Jordbro Telephone 46 8 602 52 00
Fax 46 8 81 87 03, www.recipharm.com