AgNovos Healthcare, LLC and Asahi Kasei Pharma Corporation announced today that the companies have entered into an exclusive option agreement to commercialize the AGN1 LOEP hip belt. Kits in Japan have closed. The set is used to perform minimally invasive surgery in the case of osteoporosis-related bone loss in the hip.

AgNovos will receive up to $ 19.5 million in non-dilutive funds. If the AGN1 LOEP Hip Kit is successfully developed and commercialized, AgNovos will be entitled to additional payments of up to $ 103 million and will also receive double-digit royalties on product sales in Japan that AgNovos estimates are over the term of the agreement could be in excess of $ 400 million. AgNovos and Asahi Kasei Pharma have agreed to cooperate on all aspects of entering and launching in Japan.

Tanner Howe, CEO of AgNovos, commented, “We are excited to enter into this agreement with Asahi Kasei Pharma, a company that has shown itself to be a leader and innovator in the commercialization of osteoporosis therapies in Japan. This collaboration underscores the potential of our technology to meet the unmet need for osteoporosis care in Japan. The Asahi Kasei Pharma team has great experience and an extensive network and is therefore ideally suited for us as a partner in Japan. "

Yoshikazu Aoki, President of Asahi Kasei Pharma, commented, “We view the option agreement with AgNovos as an important step in the medical device business and believe that the AGN1 LOEP Hip Kit can help improve the quality of life for patients with osteoporosis . We look forward to working with AgNovos in the Japanese market. "

About osteoporosis and fragility fractures of the hip

Osteoporosis is characterized by a loss of bone mass and bone strength, which increases the risk of so-called fragility fractures. These are broken bones after a low-energy trauma such as falling from a standing position. The risk of breaking a bone from a fall is influenced by the severity of the loss of bone mass. The most debilitating form of fragility fracture is the fragility fracture of the hip. These bone fractures are associated with significant morbidity and mortality and often lead to a considerable burden on the affected people, their relatives and the health system. Over two million hip fragility fractures occur worldwide each year, 200,000 of them in Japan.

About the AGN1 LOEP hip set

The AGN1 LOEP hip set contains the instruments and materials required for the minimally invasive insertion of AGN1, a company-owned, calcium-based, triphasic, osteoconductive implant material. AGN1 is characterized by a unique formulation with a cell-friendly surface architecture that enables the rapid formation of new bones. In preclinical and clinical studies it has been shown that therapy with AGN1 LOEP achieves an immediate, meaningful and permanent increase in the strength of the osteoporotic femur. The set is available in selected markets under the brand name OSSURE® LOEP Kit.

About AgNovos Healthcare

AgNovos Healthcare develops new therapies to cover the treatment needs of bone diseases with the help of in-house bone augmentation technology and regenerative medicine. AgNovos Healthcare is a privately held company with headquarters in New York City and a manufacturing, research and development, and business support services location in Rockville, Maryland. www.agnovos.com

About Asahi Kasei Pharma

True to its mission of "sincerely caring for each and every human life and meeting unmet medical needs with a wealth of ideas and solid science," Asahi Kasei Pharma operates the pharmaceutical and diagnostics businesses in the Asahi Kasei Group's Health Care Business Unit. Further information is available at https://www.asahikasei-pharma.co.jp/en/ .

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Contacts
James Pilachowski
Senior Vice President, Hip Program and Marketing
+1 646 502 5868
jpilachowski@agnovos.com

 

Source:businesswire.com

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