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Ergomed signs first commercialisation deal for Haemostatix products

27 September 2017

Ergomed signs first commercialisation deal for Haemostatix products

London, UK / Seoul, Republic of Korea - 27 September 2017: Ergomed plc (LSE: ERGO) ('Ergomed' or 'the Company'), a specialised pharmaceutical services and drug development company, and Boryung Pharmaceutical Co. Ltd (Korea Stock Exchange, KRX: 003850) ("Boryung"), a pharmaceutical business with R&D, manufacturing and marketing capabilities, are pleased to announce an agreement to commercialise Ergomed's haemostat products PeproStat and ReadyFlow in South Korea.

Under the terms of the collaboration, Ergomed will receive an upfront and a series of milestone payments as well as a double-digit share of all future product sales in this territory. Today's agreement is the first in a series of anticipated deals that will support global sales of the products, which were obtained through Ergomed's acquisition of Haemostatix in 2016.

Dr. Miroslav Reljanovic, Executive Vice Chairman of Ergomed, said: "We are very pleased to sign our first commercialisation deal on the Haemostatix products. This partnership underlines the broad, global interest in novel, innovative haemostats, and endorses the Haemostatix platform, confirming its potential to generate significant future value to Ergomed and its shareholders. Korea is a rapidly growing market for haemostats and Boryung is an ideal partner with their marketing capability and experience with innovative drugs."                                                                                                                       

PeproStat is an innovative haemostat for the control of bleeding during surgical procedures. The product is based on a peptide that binds to fibrinogen in blood to promote localized clotting in a wound. Current therapies are based on the enzyme thrombin which require multiple preparation steps and are manufactured from blood donations with the related risks of infection and a complex supply chain. In contrast PeproStat is synthetic, fast acting and ready-to-use. PeproStat has completed recruitment in a Phase IIb study in five European countries with data expected in Q4 2017, and it is anticipated that the product will reach the market in 2020 in Europe and 2021 in Korea. ReadyFlow is a flowable formulation that is particularly suited to less accessible bleeds. The product is in pre-clinical development. ReadyFlow was awarded first prize in the UK's Royal Society of Chemistry Emerging Technology Competition.

The global haemostat market is forecast to grow to $2.76billion by 2020. Ergomed estimates that PeproStat and ReadyFlow together have peak sales potential of more than $500 million.

Mr. Tae-Hong Choi, Chief Executive Officer of Boryung Pharm said: "Boryung Pharm is one of the largest pharmaceutical companies in South Korea with a leading position in the market. We look forward to working with Ergomed and to making the potential value of the Haemostatix platform available soon in South Korea." He added, "PeproStat and ReadyFlow will offer surgeons a valuable new tool as the products work quickly and effectively, do not require preparation time, and can be used in a range of surgical settings. We have the strong ambition of a rapid market penetration with these innovative products, and are proud to strengthen our competence in surgical procedures."