Biocure clarifies terms of Joint R&D Agreement for development of CAR T-cell Therapy
Vancouver, British Columbia – December 5, 2017 – Biocure Technology Inc. (formerly Gravis Energy Corp.) (CSE: CURE) (the “Company” or “Biocure”) is pleased to provide the following clarifications regarding its press release dated December 4, 2017 announcing that execution by its wholly owned subsidiary, BiocurePharm Corporation (“Biocure Korea”)of a joint R&D agreement (the “Agreement”) with Pharos Vaccine Inc. (“Pharos”) dated November 30, 2017 regarding research and development activities relating to the commercialization of anti-CD19 CAR-T (Chimeric Antigen Receptor T Cell) and for the pursuit of pre-clinical and clinical trials.
As previously disclosed, Biocure Korea will fund all fees and expenditures throughout all stages of the Agreement until product registration and commercial sales licenses are obtained and Pharos will provide to Biocure Korea a license for the use of its technology, prepare products for pre-clinical & clinical trial and address all technology-related activities.
During the term of the Agreement, Biocure Korea shall pay to Pharos licensing fees in the aggregate amount of 3.8 billion Korean won (approximately CDN$4,442,200). 500 million Korean won (approximately CDN$584,500) is payable in the first year of the Agreement term, payable in five equal installments of 100
million Korea won (approximately CDN$116,900) commencing on the execution of the Agreement and every three months thereafter. A further 300 million Korean won (approximately CDN$350,700) will be paid once the application for phase 1 clinical trials are approved. A further 1 billion Korean won (approximately CDN$1,169,000) will be paid once the phase 1 clinical trials are completed, and the final 2 billion Korean won (approximately CDN$2,338,000) will be paid once the phase 2 clinical trials are completed.
All Canadian dollar figures provided in this press release were calculated using the Bank of Canada foreign exchange rate on December 4, 2017 of one Korean won = CDN$0.1169.
While Biocure expects it will pay the initial licensing fees due within first year of the Agreement from its existing working capital, Biocure anticipates it will need to raise additional funds to make the licensing fee payments due commencing on the approval of phase 1 clinical trial applications.
Biocure is a South Korean based Bio Pharmaceutical company specializing in the development and potential commercialization of biosimilar pharmaceutical products. Biocure is in the process of clinical trials of five major biosimilar products in South Korea, including Interferon Beta 1b, Filgrastim and Ranibizumab.
Interferon Beta 1b is used for treating relapsing forms of multiple sclerosis (“MS”) Filgrastim is used to treat neutropenia, a lack of certain white blood cells caused by bone marrow transplants, chemotherapy, and other conditions. Ranibizumab is used for treating macular degeneration. It is also used to treat a type of eye problem known as macular edema, as well as certain eye problems caused by diabetes. Biocure is also developing a foot and mouth disease vaccine, a hair growth production product and a breast cancer detection kit.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Sang Mok Lee”
CEO and Director