Lotus Pharmaceuticals, Inc. ("Lotus" or the "Company"), a pharmaceutical company in the People's Republic of China ("PRC"), today announced that it has signed the technology transfer agreement for Laevo- Bambutero with Dongguan Kaifa Biomedicine, Inc. ("Dongguan Kaifa"). Under the terms of agreement, Lotus obtained the patent and the exclusive production rights for Laevo-Bambutero in China.
The Company intends to market Laevo-Bambutero as a better alternative to Bambutero for the treatment of asthma, since it is uses an integrated method of composition and has fewer side effects. Lotus plans to launch the drug by 2012, pending on the approval from SFDA. Approximately 300 million people in the world suffer from asthma and that figure is expected to grow over the coming years due to increasing air pollution and other environmental factors. Lotus estimates that 400 million people will have asthma by 2015.
The Chinese government has granted a patent for Laevo-Bambutero. Lotus obtained the patent, along with exclusive production rights for Laevo-Bambutero in China, through the technology transfer agreement with Dongguan Kaifa for a cash payment of RMB 48 million and a 3% royalty on products sales. The Company has already paid RMB 20 million to Dongguan Kaifa.
"Through the technology transfer agreement with Dongguan Kaifa we have obtained exclusive production rights to a highly effective drug with a large addressable patient population," said Dr. Zhongyi Liu, Chairman, CEO and President of Lotus Pharmaceuticals, Inc. "We believe that the commercialization of Laevo-Bambutero will help to further strengthen and diversify our product portfolio and make a meaningful contribution to our revenue in the years ahead."
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