Business
FluoroPharma Enters Development and Commercialization Agreement for China and Canada
FluoroPharma Enters Development and Commercialization Agreement for China and Canada.
About this update from Fluoropharma Medical Inc
[{"type":"text","content":"\nFluoroPharma Enters Development and Commercialization Agreement for China and Canada\n\nFluoroPharma Enters Development and Commercialization Agreement for China and Canada\n\nMONTCLAIR, NJ--(Marketwired - June 06, 2016) - FluoroPharma Medical Inc. (OTCQB: FPMI) has entered an exclusive agreement with Sinotau USA Inc., a wholly owned subsidiary of Sinotau Pharmaceutical Group, a pharmaceutical enterprise with a focus on critical therapeutic areas. With this agreement, Sinotau will develop and commercialize FluoroPharma's proprietary cardiac imaging assets CardioPET and BFPET in China and Canada. These agents address two different aspects of cardiovascular disease (CVD) with Positron Emission Tomography (PET) imaging.In exchange, FluoroPharma expects to earn significant revenue based on unit sales to Sinotau and royalties based on Sinotau's sales of both imaging agents. In addition to a $550,000 upfront payment to FluoroPharma, up to $1.4 million in development milestone payments have also been established. CardioPET, the company's lead imaging asset, is a fatty acid analog that targets the heart's primary energy source, and promises to provide unique insight into cardiac physiology versus older technologies like SPECT. CardioPET has completed enrollment in a Phase II study in Europe, and will advance to additional clinical studies in the US. BFPET, entering Phase II studies in the US, is a marker of mitochondrial membrane integrity and can be used to evaluate myocardial perfusion with all the potential benefits of Fluorine-18 PET imaging, such as higher image resolution fewer image artifacts. \"We are pleased to have reached agreement with such a well-established partner as Sinotau,\" said Thomas Tulip, Ph.D., President and Chief Executive Officer of FluoroPharma. \"As cardiovascular disease prevalence continues to rise in China, Canada, and around the world, we believe these assets will play a major role in how heart disease is diagnosed and managed appropriately.\" According to the World Health Organization, the death rate from cardiovascular disease in China is nearly double that of cancer, and across Asia it now exceeds the mortality rates for CVD in other developed countries. \"We are pleased to have a partnership that combines FluoroPharma's radiopharmaceutical assets with our extensive development, regulatory, sales, an...