Recipharm Forms New Collaboration with Isofol Medical
News Aug 26, 2014
Recipharm and Isofol Medical AB have announced 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 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.