Biosolution said that it has signed an exclusive sales agreement with Mundipharma Korea for the latter to market CartiLife, a knee cartilage defect treatment.
|Biosolution CEO Yoon Jung-hyun (left) and Mundipharma CEO Raman Singh hold up the exclusive sales agreement at Biosolution headquarters in Nowon-gu, Seoul, on Monday.|
The drug, developed by Biosolution, is an autologous cartilage-derived chondrocyte cell therapy for treating cartilage defects. Its key benefits include significantly reduced risk of host-immune rejection due to its autologous nature, direct restoration of hyaline cartilage, and a less invasive surgery followed by shorter recovery times compared to the alternative, comparable therapies.
The company received local sales approval from the Ministry of Food and Drug Safety in April last year, while obtaining U.S. Food and Drug Administration’s nod to conduct phase 2 clinical trials in the U.S. in November.
Under the agreement, Mundipharma Korea has the right to market and distribute CartiLife.
"We are delighted to extend our relationship with Biosolution to include CartiLife, which adds to our portfolio of products for orthopedic care," Mundipharma CEO Raman Singh said. "It is another example of our support for innovative treatments developed in Asia and our ability to increase their market presence."
Biosolution CEO Yoon Jung-hyun also said, "We will do our best to improve the quality of life of patients with osteoarthritis by establishing CartiLife, which has safety and excellent effects on knee cartilage recovery, in the local market with Mundipharma."