FutureChem Agrees to European Technology Export for Prostate Diagnostic New Drug FC303

Contract Signed with Austrian Company Iasonsa for Development and Licensing

[Asia Economy Reporter Jang Hyowon] FutureChem, a company specializing in the development of new radiopharmaceutical drugs, announced on the 6th that it has signed a contract with Austria's IASON GmbH regarding the joint development and exclusive licensing of a PSMA-based prostate diagnostic radiopharmaceutical new drug (FC303).

FutureChem and IASON have agreed to collaborate from clinical trials for the launch of the PSMA-based radiopharmaceutical new drug FC303 through to new drug approval and sales. Accordingly, they have completed detailed agreements on key contract terms such as upfront payments and milestones.

Under this contract, IASON will be responsible for clinical trials and product approval throughout Europe except Turkey, while FutureChem will bear part of the technology and development costs. Upon achieving clinical and approval milestones, IASON will pay milestones in stages.

Additionally, the running royalty based on sales revenue is approximately 20% of net sales. Prostate cancer is particularly prevalent in Western countries, ranking second among all male cancers.

IASON, a radiopharmaceutical specialist company headquartered in Austria, plans to supply the new drug across Europe by adding FC303 to its existing FDG radiopharmaceutical products after launch.

Jae-Daeyoon, CEO of FutureChem, stated, “This recognition of FutureChem’s outstanding technology and product capabilities in radiopharmaceutical new drug development overseas gives us confidence. Based on this, we will accelerate our entry into not only Europe but also North America and Asia including China through successful global clinical trials,” adding, “We will continue to grow steadily as a leading global company in radiopharmaceutical new drug development.”