Asahi Kasei Pharma obtains exclusive option for AGN1 LOEP Hip Kit
September 30, 2021
Asahi Kasei Pharma Corp.
Asahi Kasei Pharma Corporation (Head office: Chiyoda-ku, Tokyo; President: Yoshikazu Aoki; hereinafter “Asahi Kasei Pharma”) has entered into an exclusive option agreement with AgNovos Healthcare, LLC (Head office: New York, USA; CEO: Tanner Howe; hereinafter “AgNovos”) for the commercialization in Japan of the AGN1 LOEP Hip Kit, a medical device under development by AgNovos.
The AGN1 LOEP Hip Kit enables orthopedic surgeons to perform a minimally invasive procedure to deliver a proprietary resorbable bone regenerative material*. Preclinical and clinical research demonstrates that treatment with the AGN1 LOEP Hip Kit leads to new bone formation and increases the strength of osteoporotic femurs.
Asahi Kasei Pharma has obtained an exclusive option agreement regarding sales rights of the AGN1 LOEP Hip Kit in Japan and will pay AgNovos up to $19.5 million as a lump-sum payment and development milestones. If the license agreement is concluded, AgNovos will be eligible to receive up to $103 million in additional payments as well as double-digit royalties on product sales in Japan.
In accordance with its mission “to sincerely care for each individual life and solve their unmet medical needs with a wealth of ideas and solid science,” Asahi Kasei Pharma is launching a new medical device business in its priority field of orthopedics in addition to pharmaceuticals such as Teribone™ in order to provide comprehensive solutions for an aging society based on the vision that “no one should have to give up doing what they love due to illness.”
- *Resorbable material is generally applied to the affected area by covering, coating, or filling to regenerate tissues. It may be intended for biological effects, contain pharmaceuticals, or use substances of biological origin.
About AgNovos Healthcare
AgNovos is a developer of new medical technology products leveraging regenerative medicine to address the local effects of bone disease, and its AGN1 Local Osteo-enhancement Procedure (LOEP) Hip Kit is CE-marked in Europe. AgNovos is privately held and has its corporate headquarters in New York City with manufacturing, research & development, and corporate support services located in Rockville, MD, USA. For more information, please visit www.agnovos.com