Crystal Genomics said Tuesday that it has signed a domestic distribution contract with Daewoong Pharmaceutical to sell Acelex, a degenerative arthritis treatment, to small hospitals.
|Crystal Genomics CEO Cho Joong-myung (left) and Daewoong Pharmaceutical Vice President Lee Jong-wook pose after signing the distribution contract at Daewoong headquarters in downtown Seoul, Tuesday.|
Acelex is a selective COX-2 inhibitor designed to maintain the pain-reducing properties of traditional non-steroidal anti-inflammatory drugs (NSAIDs).
During a phase 3 clinical trial, the drug demonstrated superiority in improving osteoarthritis symptom index compared to Pfizer’s Celebrex, its reference drug. Pfizer’s drug is the world's top-selling osteoarthritis drug as of 2016, with a global sale of 3 trillion won ($2.8 billion), the company said.
Under the accord, Daewoong will be in charge of the sales of Acelex at small hospitals (300 beds or less). The company had signed an agreement with Dong-A ST to market the drug to large hospitals (300 beds or more) in 2015.
“This agreement has once again proved that Acelex is an excellent drug,” Crystal Genomics CEO Cho Joong-myung said. “Through cooperation with Daewoong and Dong-A ST, we will do our best to expand Acelex rapidly.”
Daewoong also showed confidence in the newly signed contract.
“With this agreement, both companies will work hard to make Acelex into a globally recognized drug in the NSAID market for osteoarthritis treatment,” said Lee Jong-wook, vice president of Daewoong. “The company plans to continue expanding its strategic alliance with bio venture companies through open collaboration.”