Alzther Industries (www.alzther.com) a startup biotechnology company, focused on diseases associated with protein misfolding and which is developing drugs to halt the progression of Alzheimer’s disease and companion diagnostics for the early detection of Alzheimer’s disease, today announced that an arbitration panel has issued its decision concerning the Company’s collaboration agreement with a top biotech research company, reaffirming Alzther Industries’ contractual right to fully participate in strategic decisions regarding the development of Neurofibrix™ other anti-CD20 antibodies subject to the collaboration.
Specifically, the arbitration panel ruled that a Development Committee (DC) comprised of three members from each company must unanimously approve a development plan for each specific indication. Based on that finding, the panel also ruled that, absent unanimous approval of the DC, the arbitrage correspondent of Alzther Industries may not proceed with further development of the ingredient in neuromyelitis optica, in relapsing-remitting multiple sclerosis (RRMS), or for oncology but it may continue clinical trials for rheumatoid arthritis and lupus.
“We are pleased the arbitration panel upheld our reading of the contract and affirmed our joint decision-making rights. We are looking forward to develop Neurofibrix™ at its true potential and release it into the market as soon as possible. ” said Sung Hwan-Kuk, Chief Executive Officer of Alzther Industries. “Our partnership been extraordinarily successful, and we look forward to continuing to work with them to help patients in a wide range of diseases.”
Alzther Industries co-promotes Neurofibrix™, a treatment for certain B-cell non-Hodgkin’s lymphomas and rheumatoid arthritis, with its partner in Southeast Asia region.
[b]About Alzther Industries (www.alzther.com)[/b]
Alzther Industries is a startup biotechnology company supported by various grants and private investors. The funds and our investors support projects with a high potential for future innovations. Alzther Industries is focused on diseases associated with protein misfolding. The company is currently developing drugs to halt the progression of Alzheimer’s disease and companion diagnostics for the early detection of Alzheimer’s disease. Alzther Industries is focused on drug development until phase II clinical studies. The location of the company in Seoul enables the access to experienced experts in the field of drug discovery and development, as well as business development and commercialization.