SEONGNAM, South Korea, March 8, 2022 /PRNewswire/ -- Bridge Biotherapeutics (KQ288330), a South Korean clinical-stage biotechnology company focused on developing novel drugs for fibrosis, inflammation, and cancer, announced that the company has signed an exclusive option-to-license agreement for CellionBioMed's ion channel modulator (BBT-301), in order to develop a novel therapy for multiple fibrotic diseases including idiopathic pulmonary fibrosis (IPF).
BBT-301, an innovative drug candidate discovered by CellionBiomed, demonstrated anti-fibrotic efficacy and a stable safety profile, by modulating activities of specific ion channels within human cell membranes.
By entering into the option-to-license agreement, Bridge will make an option payment of approximately USD 0.4 million (KRW 500 million). The companies will also conduct joint studies into new therapeutic indications.
The potential deal value equates to approximately USD 24 million (KRW 29 billion) including option, upfront, and milestone payments. CellionBioMed is also entitled to receive royalty payments upon the commercialization of BBT-301.
"We are highly excited to in-license BBT-301, a novel drug candidate for the treatment of fibrotic diseases," and "In addition to BBT-877, an autotaxin inhibitor for the treatment of IPF, Bridge will strengthen its commitment to develop novel anti-fibrotic drugs and to address unmet medical needs within the fibrotic disease area, based on the solid collaboration with CellionBioMed," said James Lee, CEO of Bridge Biotherapeutics.
"We are pleased to enter into a partnership with Bridge Biotherapeutics, which has a proven track record in both global drug development and business development," and "as the originator, we will ensure the close cooperation and coordination with Bridge Biotherapeutics, in order to provide innovative treatments for various fibrotic diseases," said Seong Jin Kim, Ph.D., President and CEO of CellionBioMed.
Bridge Biotherapeutics retains the right to exercise the option to obtain an exclusive license for the candidate, dependent on the research conducted within the option period.
About Bridge Biotherapeutics, Inc.
Bridge Biotherapeutics Inc. is a publicly traded clinical-stage biotech company based in the Republic of Korea with offices in the U.S. and China. Founded in 2015, Bridge Biotherapeutics is engaged in the discovery and development of novel therapeutics for disease indications with high unmet medical including cancer, ulcerative colitis, and fibrotic diseases. The company's pipeline includes BBT-401, a first-in-class Pellino-1 inhibitor for the treatment of ulcerative colitis; BBT-877, a novel autotaxin inhibitor for the treatment of fibrotic diseases including idiopathic pulmonary fibrosis (IPF); and BBT-176, a potent targeted cancer therapy for non-small cell lung cancer (NSCLC) with C797S triple EGFR mutations. For more information, visit https://www.bridgebiorx.com/en/.
