Tokyo, Japan – 13 August 2012: Sosei Group Corporation (“Sosei”; TSE Mothers Index: 4565), the biopharmaceutical company, today announces that its wholly owned Japanese subsidiary, Sosei Co., Ltd. (“Sosei KK”), has assigned its rights to the assets of SD118 to a Chinese pharmaceutical company, Beijing Tide Pharmaceutical Co., Ltd (“Beijing Tide”). Sosei KK, together with its codevelopment partner, NeuroDiscovery Ltd. had been developing SD118 for the treatment of neuropathic pain.
SD118 was previously under investigation in Japan for a different indication, but following re-profiling has demonstrated its potential as a new therapy for neuropathic pain.
Sosei KK decided to assign its rights for SD118 in order to prioritize and focus development resources. Under the terms of the agreement, Sosei KK will receive payments from Beijing Tide based on revenues arising from the commercialization of SD118.