Will exclusively manufacture Modufolin and invest €874m in the company
Contract Development and Manufacturing Organisation Recipharm is to collaborate with Isofol Medical, a Gothenburg, Sweden-based developer of novel cancer products, to strengthen the development of Isofol’s lead drug candidate Modufolin.
At the same time, Recipharm Venture Fund has invested SEK8m (€874m; £696m) in the company.
Modufolin, an endogenous folate-based biomodulator, developed by Isofol Medical with its R&D partner Merck Millipore, to increase the efficacy and decrease the side effects of chemotherapeutic agents used in the treatment of solid tumours, is currently in two clinical phase I/II studies.
Carl-Johan Spak, EVP Development & Technology, Recipharm, said: 'We are very pleased to have further developed our collaborative partnership with Isofol Medical and to have now signed an agreement for future exclusive commercial manufacturing of Modufolin, especially as this is a new, innovative drug, focused on tumour treatment and consequently has strong sales potential.'
Anders Rabbe, Managing Director of Isofol, added: 'Given the promising clinical data we have obtained to date we want to secure the long-term manufacture and supply of Modufolin for its future commercialisation. With Recipharm’s investment of SEK8m in Isofol we have now raised SEK45m during the last eight months. This capital and the collaboration with Recipharm not only strengthens the ongoing Phase II clinical development programme but could also secure the future commercialisation of Modufolin.'