CrystalGenomics announced on the 31st that it has shipped the initial export batch of its osteoarthritis treatment drug, Aselex (active ingredient: Polmacoxib), to Russia.
This initial shipment follows the signing of a supply contract with the Russian state-owned pharmaceutical company Pharmatis International and obtaining sales approval from the Russian Ministry of Health (MOH) in January last year. Production then began, and the first batch of 1.8 million capsules was shipped to Russia.
Pharmatis plans to establish sales and marketing strategies soon and proceed with the official launch. Under the contract, Pharmatis is obligated to purchase a minimum amount of $42 million (approximately 54.5 billion KRW), with an additional milestone revenue of $77 million (approximately 100 billion KRW) expected based on sales.
The COX-2 inhibitor market, to which Aselex belongs, is experiencing rapid growth in Russia, with an annual increase exceeding 30%. The company also expects to expand the market not only in Russia but also in the Eurasian Economic Union regions, including Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
A representative from CrystalGenomics explained, “Although there were concerns due to the war, the special nature of pharmaceuticals allowed us to safely ship the initial batch and proceed with the shipment to Russia.”
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