Kitov inks first license deal for KIT-302

Tel Aviv, Israel-based Kitov Pharmaceuticals (TASE: KTOV) has signed a definitive license agreement for its lead product candidate, KIT-302, which was developed to simultaneously treat pain caused by osteoarthritis and to treat hypertension, for the territory of South Korea with Kuhnil Pharmaceutical ,a leading South Korea-based pharmaceutical company.

On receipt of marketing authorization in South Korea, Kuhnil will have the exclusive right and license to manufacture, distribute and sell KIT-302 in South Korea. Kuhnil will be responsible for seeking regulatory approval for KIT-302 in South Korea.

Under the terms of the deal, Kitov is entitled to receive milestone payments on achievement of certain predefined regulatory milestones, as well as double digit royalties on net sales. The initial term of the definitive agreement with Kuhnil is for 10 years from the date of first commercial sale and will automatically renew for an additional one-year term. Commercial launch in South Korea is estimated to take place in 2019.