Agenix Sells HBV Drug To Cinkate For USD$2 Million

With the sale of its patented hepatitis drug AGX-1009 to Cintake, Agenix has exited all operations in China.

AsianScientist (May 26, 2014) – Agenix Ltd, an Australian-listed biotech company, has reached a binding Definitive Agreement for the sale of its AGX-1009 China project to Cinkate Pharmaceutical Intermediates Co Ltd, for USD$2 million. Under the terms of the sale, Cinkate will take over development of AGX-1009, a tenofovir prodrug for hepatitis B (HBV) patented in China.

Four three-party cooperation agreements were also signed by Cinkate, Agenix and its Chinese development partners the Institute of Medicinal Biotechnology, the Institute of Pharmacology and Toxicology of the Academy of Military Medical Sciences, the Institute of Radiation Medicine of the Academy of Military Medical Sciences, and HongHui Meditech.

Agenix chairman and chief executive Nick Weston said, “The sale of AGX-1009 demonstrates our focus on strengthening our balance sheet and exiting all operations in China.”

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Source: Agenix Ltd; Photo: AJ Cann/Flickr/CC.

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