|Pharmbio Korea CEO Nam Bong-gil (left) and Trevena CEO Maxine Gowen shake hands after signing the exclusive marketing agreement on May 9.|
Pharmbio Korea said Monday that it has signed an agreement with Trevena, a U.S. biopharmaceutical company, to market Oliceridine, an intravenous narcotic analgesic, exclusively.
Oliceridine is an innovative drug that effectively reduces moderate to severe acute pain while minimizing side effects compared to conventional painkillers. The U.S. Food and Drug Administration (FDA) registered the drug as a breakthrough therapy in 2016, it said.
“The company acknowledges that Pharmbio Korea has had numerous success cases in product development and launched them in Korea,” Trevena CEO Maxine Gowen said. “We also know that the company has recently increased its presence among general hospitals in Korea.”
Trevena plans to form a strong partnership with Pharmbio Korea and successfully launch its analgesic product, Gowen added.
Pharmbio was no less enthusiastic about the newly signed accord.
“Despite many side effects, conventional opioid analgesics have been widely used because of their powerful analgesic effects,” Pharmbio Korea CEO Nam Bong-gil said. “The company expects that Oliceridine will provide new treatment options for Korean medical staff and patients suffering from acute pain.”
Oliceridine has proved its safety and efficacy in two large-scale phase 3 clinical trials involving 800 patients. The company expects to receive approval from the FDA by the end of this year.