Canary Bio to Skip JP Morgan Healthcare Conference... "Already in Talks with Numerous Global Pharma Companies"

[Asia Economy Reporter Jang Hyowon] Canaria Bio (CEO Nahanik) announced on the 2nd that it will not attend the JP Morgan Healthcare Conference held from the 9th to the 12th.

Last year, the company began partnership discussions with multiple multinational pharmaceutical companies, has already signed non-disclosure agreements for due diligence with six companies, and is continuing discussions with several other multinational pharmaceutical companies, making attendance at this conference unnecessary.

CEO Nahanik stated, "While it is important to promote Oregovomab through the conference, now is the time to focus on licensing agreements. In addition to the companies we are currently negotiating with to secure favorable terms, we are continuing to contact other multinational pharmaceutical companies we desire through personal networks," explaining the reason for not attending the conference.

Canaria Bio plans to distribute Oregovomab through partnerships in global markets excluding the United States. In the U.S., the goal is to achieve an operating profit margin of over 50% through direct distribution. The global pharmaceutical market research firm Evaluate Pharma predicted that Oregovomab could generate sales of up to 6 trillion KRW in the U.S.

Oregovomab is a new drug that showed encouraging results in Phase 2 clinical trials, with progression-free survival (PFS) extended by 30 months to 42 months compared to the existing standard treatment. Currently, a global Phase 3 clinical trial targeting ovarian cancer patients began in October 2020, and interim results are expected to be announced in the second quarter of next year.