OliPass Signs Joint R&D Agreement for RNA Therapeutics with US-based Vanda Pharmaceuticals

[Asia Economy Reporter Chunhee Lee] OligoPlus, an RNA therapeutic platform company, announced on the 30th that it has signed a joint research and development agreement for RNA therapeutic new drugs targeting two genes with Vanda Pharmaceuticals, a Nasdaq-listed company in the United States.

This joint research and development aims to derive RNA therapeutic new drug candidates for one rare disease target and one immune-oncology-related target. Jeong, CEO of OligoPlus, said, "This is a valuable opportunity to reaffirm the excellence of OligoPlus's RNA therapeutic platform," adding, "It will serve as a cornerstone for building cooperation and trust between the two companies from a long-term perspective."

Under this agreement, OligoPlus will receive a signing fee of $3 million (approximately 4.3 billion KRW) from Vanda Pharmaceuticals. Research expenses for the joint research and development will also be supported. Upon achieving the short-term R&D goals agreed upon by both companies, OligoPlus will receive option exercise royalties from Vanda Pharmaceuticals and proceed with separate negotiations for licensing agreements related to the new drug targets. The detailed terms of the contract will not be disclosed based on mutual agreement.

OligoPlus operates a 'two-track business model (BM)' as an RNA therapeutic platform company. The first BM is to license out its self-developed RNA therapeutic new drugs after confirming clinical efficacy, and the second BM is 'Target X New Drug Joint Research and Development,' which derives RNA therapeutic new drug candidates for gene targets requested by partner pharmaceutical companies. This contract with Vanda Pharmaceuticals corresponds to the Target X New Drug Joint Research and Development.

Lee Jang-young, Vice President of OligoPlus, said, "This contract signing is expected to enhance global pharmaceutical industry's recognition of OligoPlus's platform technology," adding, "It will promote future contract signings in the form of Target X New Drug Joint Research and Development with global pharmaceutical companies."