MEDY-TOX TO COLLABORATE ON BOTULINUM TOXIN PRODUCTS

Medy-Tox, a South Korean biopharmaceutical company, and Q-Med have entered into an agreement to collaborate on botulinum-toxin-based biopharmaceuticals.

This collaboration will allow Q-Med to develop and commercialize new generations of botulinum toxin products for therapeutic indications. Medy-Tox will support Q-Med with its extensive technology for the development of botulinum toxin, and Q-Med will support Medy-Tox with the establishment of new facilities.

Under the agreement, Q-Med will pay Medy-Tox milestones of up to $8 million provided that specific targets have been met. In addition, Q-Med will support Medy-Tox with an additional $3 million to expand its facilities in Ochang-Myeon, South Korea. The agreement also entitles Medy-Tox to a future royalty on botulinum-toxin-based products developed by Q-Med that are based on Medy-Tox's active pharmaceutical ingredients.

Q-Med has granted Medy-Tox the right of first refusal regarding distribution in India, Thailand, Singapore and South Korea of newly developed botulinum toxin products.