Drug manufacturer TaiGen Biotechnology Co (太景生技) yesterday announced that it has inked a deal with ScinoPharm Taiwan (台灣神隆) to use the latter’s active pharmaceutical ingredients to make Burixafor, a stem cell mobilizer.
Under the deal, ScinoPharm is to manufacture the ingredients at its factory in Changshu, China, which began operating in December last year, as well as conduct the clinical trials for Burixafor.
Although the pact only goes as far as the clinical trial stage, the companies are likely to continue their partnership after the drug hits the market, TaiGen chief financial officer Max Chan (詹孟恭) said at a shareholders’ meeting.
TaiGen has completed phase two of the clinical trials it is conducting in the US for Burixafor, which covered the drug’s mobilization of stem cells for blood and marrow transplants, Chan said.
He added that TaiGen has also received approval from Chinese authorities to initiate phases one and two of clinical testing to determine if Burixafor can be used to enhance the effects of chemotherapy.
TaiGen chairman and CEO Hsu Ming-chu (許明珠) said she expects the China trials to require the participation of 50 to 60 subjects, adding that they are to be completed at the end of next year, with phase-three trials to be done by the end of the first half of 2017.
TaiGen is looking for partners to conduct phase-three trials in the US, she added.
Last year, the firm posted losses of NT$432.19 million (US$14.41 million), or NT$0.66 per share, down 10.69 percent from losses of NT$478.39 million, or NT$0.81 per share, the previous year on the back of higher revenue last year.
Citing data from JSB Market Research, Hsu said peak sales of Burixafor are projected to reach US$1.1 billion a year.
JSB predicts that with Burixafor, TaiGen will grab 40 percent of the market for blood and marrow transplant drugs, with sales of US$500 million a year, while staking out a 10 to 15 percent share of the chemotherapy enhancers market that would give TaiGen US$600 million in sales a year, Hsu said.
Chan said TaiGen is to spend NT$500 million to NT$600 million on research and development this year, more than NT$440.37 million it spent last year, but that it will remain in the red.
While some shareholders voiced concern that TaiGen’s share price is relatively low compared with its local peers, Hsu said the company will still stick to its principles of providing accurate forecasts and refraining from inflating its outlook.
“Taiwan’s stock market now is reminiscent of the US’ in the 1970s, when venture capitalists profited from incomplete information about listed drug companies,” she said. “However, when most investors learn how to properly evaluate a such firms, these venture capitalists can no longer turn a profit and only those companies with strong innovation and portfolios stay standing.”
Her remarks won support from some shareholders at the meeting.
“I do not think the CEO should change her style and follow the current trends in Taiwan,” said one, adding that he thinks TaiGen should focus on making high-quality drugs.
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