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May 18, 2022

Bioasis teams up with Korean firm

Photo | Contributed Deborah Rathjen, executive chair at New Haven's Bioasis Technologies.
By Michelle Tuccitto Sullo

New Haven-based Bioasis Technologies Inc. recently entered into a research collaboration and license agreement valued at more than $72 million with Neuramedy Co. Ltd. of Seoul, Korea.

Bioasis, a biopharmaceutical company, is developing its xB3TM platform technology for the delivery of therapeutics across the brain’s filtering mechanism, or the blood-brain barrier. 

Bioasis’ drug-development efforts focus on treatments for brain cancers and ailments such as Gaucher’s Disease, Parkinson’s disease, Lewy Body Dementia, multiple sclerosis and epilepsy.

Neuramedy is a biotech company researching and developing solutions for neurodegenerative diseases, including Parkinson’s disease.

Under the terms of the new agreement, Neuramedy has obtained worldwide rights to research, develop and commercialize an xB3TM version of its antibody, Tomaralimab, which is currently in development for the treatment of Parkinson’s disease and multiple system atrophy.

Bioasis will receive an upfront payment under the deal, though the amount was not disclosed. 

Bioasis may also receive an additional $72 million in U.S. dollars in milestone payments, along with a royalty on net sales.

Neuramedy’s CEO Seung Jae Lee said the company expects that Bioasis’ platform will improve the safety and efficacy of Tomaralimab. 

“Through collaboration with companies like Bioasis, we hope to provide solutions that can improve the lives of patients with neurodegenerative disorders,” Lee said, in an announcement. 

Bioasis Executive Chair Deborah Rathjen said the company is excited to work with Neuramedy. According to Rathjen, Bioasis’ platform has the potential to “significantly advance” the treatment of neurodegenerative diseases.

“Forming innovative partnerships with companies such as Neuramedy is an important part of our strategy,” Rathjen said. 

Bioasis has teamed up with other companies in recent months, such as Janssen Biotech and Oxyrane UK Ltd.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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