SOM Biotech signs letter of intent with Megapharm to commercialize SOM3355 in Israel and the Palestinian Authority
SOM Biotech signs letter of intent with Megapharm to commercialize SOM3355 in Israel and the Palestinian Authority
Barcelona, Spain, 15 December 2021. SOM Biotech (“SOM” or the “Company”), a clinical-stage biopharmaceutical company with a proprietary AI-based drug discovery technology and a focus on neurological orphan diseases, today announces that it has signed a letter of intent with Megapharm Ltd. (“Megapharm”), a leading Israel-based pharmaceutical company, regarding a potential exclusive distribution agreement for the commercialization of SOM3355 to treat chorea symptoms in Huntington’s disease (“HD”) in Israel and the Palestinian Authority.
Under the terms of the agreement, Megapharm would be responsible for registration and marketing of SOM3355 in Israel and the Palestinian Authority and SOM Biotech would be responsible for manufacturing, product supply, quality assurance and control, regulatory support, and maintenance of IP.
Raúl Insa, Chief Executive Officer of SOM Biotech, said: “SOM3355 has already demonstrated positive Phase 2a results showing that it has the potential to treat chorea symptoms in HD and, as we prepare to start the Phase 2b trial in Q1 2022, it is great to have Megapharm already interested in partnering with us to commercialize SOM3355 in the region. Megapharm has particularly relevant experience commercializing drugs for HD and we are looking to utilize its specific knowledge and physician network as we continue the clinical development of SOM3355.”
Miron Drucker, CEO of Megapharm, said: “We are very pleased to have entered into discussions with SOM Biotech regarding the distribution and commercialization of SOM3355. SOM3355 has the potential to improve the lives of patients experiencing chorea symptoms in HD and we are committed to working with SOM Biotech to advance it through the clinic and to the HD community in Israel and the Palestinian Authority.”
ENDS
For more information about SOM Biotech, please contact:
Media Contact:
Maria Zimina
zimina@sombiotech.com
Consilium Strategic Communications
Amber Fennell, Lindsey Neville, Giulia Lasagni
sombio@consilium-comms.com
About SOM Biotech
SOM Biotech (www.sombiotech.com) – established in 2009 – is a biopharmaceutical company based in Barcelona, Spain. SOM has an extensive portfolio of product candidates that includes drugs for neurological orphan diseases including TTR Amyloidosis, Huntington’s disease, Tardive Dyskinesia, Phenylketonuria, Niemann-Pick C, Glioblastoma and Parkinson’s disease. The company engages in accelerated discovery of therapies through a proprietary artificial intelligence-based computational technology (SOMAI PRO) and develops strategic partnerships with major research centers and pharmaceutical companies. The Company has received partial funding for a number of its programs from the Spanish Ministries of Science and Innovation (CDTI) and Industry (ENISA).
About SOMAI PRO
SOMAI PRO is the Company’s proprietary AI-based drug discovery technology. The Company successfully uses the technology to identify drugs effective for the treatment of a specific disease, to discover new mechanisms of action and new applications for a drug, and to predict the toxicity of the compounds, as well as the molecular scaffolds for new chemical entities. The main strength of the technology is its high success rate with two of the Company’s programs already achieving positive Phase 2a results. Additionally, while other AI-based approaches use methods based on data mining, structural similarity, or the target structure, SOMAI PRO uses molecular fields, allowing for an increased rate of success, with results achieved in the shortest possible time and considerably reducing the costs associated with drug discovery.
About SOM3355
SOM3355 is potentially the only safe VMAT2(-) not related to serious adverse events such as depression, suicide, parkinsonism, or neuroleptic syndrome. The Company intends to initiate a Phase 2b in Q1 2022.
About Megapharm
Megapharm Ltd. is a leading Israeli private pharma marketing company, founded in 1989, exclusively representing a number of major American, European and Japanese pharmaceutical companies. Megapharm provides its partners with a full set of commercial capabilities, including registration, market access and sales and marketing. Megapharm has demonstrated dynamic sales growth by developing a strong company presence and expertise in selected therapeutic areas (i.e. Oncology, Hematology, CNS, Orphan and metabolic drugs) and a proven track record of obtaining national reimbursement and inclusion of its products in Health Funds in Israel. Additional information can be found at: www.megapharm.co.il
