REXAHN, FUTURE SYSTEMS FORM KOREAN DISTRIBUTION PARTNERSHIP
Pharmaceutical company Rexahn has entered into an agreement with Korea-based Future Systems (FS) that will grant FS exclusive rights to develop, manufacture, and sell three of Rexahn's drug candidates in several Korean territories. The investment -- approximately $35 million -- will make Rexahn the largest single stockholder of FS, the company said.
"The investment strengthens our company and provides Rexahn an opportunity to expand our access to the Asian market and reduce our risks through diversification, said Ted Jeong, chief financial officer of Rexahn. "Our plans for the future may include the acquisition of a pharmaceutical company in Korea, licensing in late stage drugs and/or marketed products and business development in Korea and the rest of Asia, including manufacturing, sales and marketing of current and future drug candidates."
Rexahn, based in Rockville, Md., specializes in medications that treat cancer and central nervous system disorders.