ENCell and Lucy Biotech Sign a Strategic Alliance and Licensing Agreement for the Next generation Mesenchymal Stem Cell Therapy (EN001)

Strengthening collaboration through joint research and licensing agreement for six Asian countries and regions

SEOUL, South Korea, Sept. 12, 2024 /PRNewswire/ -- On the 9th, ENCell announced that it has signed a licensing and strategic alliance agreement with Lucy Biotech for EN001. ENCell grants Lucy Biotech the rights to develop and commercialize EN001 in six Asian countries and regions (Hong Kong, Taiwan, Macau, Vietnam, Thailand, and Singapore) in exchange for an upfront payment of USD 1.5 million. Additionally, ENCell will receive up to USD 18 million in milestone payments based on development stages, along with sales-based royalties.

Lucy Biotech, based in Hong Kong, is a biotechnology company that develops technology utilizing anti-freeze proteins to minimize cell, tissue, and organ damage during freezing and thawing processes. By optimizing this technology, the company aims to provide innovative solutions for cryopreservation in a range of biotechnological applications, from cell therapy to long-term organ preservation for transplantation.

To strengthen their strategic alliance, both companies have also signed a joint research agreement leveraging ENCell's and Lucy Biotech's cryopreservation technologies. Under this agreement, they will conduct research to test the cryopreservation efficiency of MSC cells.

EN001 is a clinical-stage mesenchymal stem cell therapy candidate in ENCell's pipeline, produced using mesenchymal stem cells obtained in the early culture stage. Through preclinical studies, ENCell has confirmed its potential in regenerating damaged nerves and muscles. In June last year, the company completed a Phase 1a clinical trial for patients with Charcot-Marie-Tooth disease type 1A and presented the results at the Peripheral Nerve Society (PNS) conference. ENCell is currently conducting a Phase 1b trial for Charcot-Marie-Tooth disease type 1A patients.

In addition, ENCell has received IND approval from the Ministry of Food and Drug Safety for Phase 1b/2a clinical trials targeting patients with Duchenne muscular dystrophy and Phase 1/2a for sarcopenia.

This strategic alliance is expected to accelerate the global commercialization of EN001 and further enhance ENCell's technology. Through collaboration with Lucy Biotech, both companies aim to significantly increase their competitiveness in the global biotech market.

SOURCE ENCell CO,. LTD.