Licensing deal for Budesolv to treat allergic rhinitis in Greater China
Austrian drug developer Marinomed Biotech (VSE: MARI) has entered a new collaboration and licensing agreement with Chinese drugmaker Luoxin Pharmaceutical Group (SHE: 002793).
Luoxin Pharmaceutical will further develop and commercialize Budesolv (budesonide nasal spray), a new formulation of the glucocorticoid budesonide, for the treatment of allergic rhinitis in mainland China, Hong Kong, Macau, and Taiwan. Budesolv. Budesolv is the first medication originating from Marinomed’s proprietary Marinosolv platform.
Budesolv has successfully completed a pivotal Phase III clinical study, necessary for marketing authorization in Europe. The agreement to commercialize Budesolv in Greater China, is Marinomed’s important next milestone on the communicated development path of the Marinosolv technology platform.
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