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Mapi Pharma Ltd. Announces Closing of $10 Million Investment by Zhejiang Jingxin Pharmaceutical Co.
NESS ZIONA, Israel, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Mapi Pharma Ltd., a privately held, fully integrated, clinical stage biopharmaceutical company has completed an equity investment of $10 million by Zhejiang Jingxin Pharmaceutical Co., Ltd. a publicly listed Chinese pharmaceutical company manufacturing products for neurological, cardiovascular, and digestive system indications. Jingxin is also a current shareholder of Mapi Pharma, following an initial $10 million investment in 2016.
Mapi Pharma is engaged in the development of high barrier-to-entry, high added-value lifecycle management pharmaceuticals and complex active pharmaceutical ingredients (“APIs”) and formulations.
The funds raised will support Mapi’s future development and enable the expansion of the company’s pipeline to additional 505(b)(2) and Depot innovative and QQ products beyond the lead product, Glatiramer Acetate (Copaxone®) Depot, or GA Depot, for the treatment of multiple sclerosis (MS) which is in final preparations for a phase III clinical trial.
“I am pleased that Jingxin has expressed its continued confidence in Mapi Pharma and is committed to supporting our future plans,” said Ehud Marom, Chairman and CEO of Mapi. “Mapi has developed a cooperation model with Chinese companies which leverages both parties’ strengths. Jingxin’s investment entails a product development agreement and Mapi will develop a product exclusively for Jingxin, and will provide Jingxin with the support relating to the registration, manufacturing and marketing of the Product in the Chinese market. Mapi will hold the global IP and marketing rights.”
About Mapi Pharma
Mapi is a clinical stage pharmaceutical company, engaged in the development of high barrier-to-entry and high added-value life cycle management (“LCM”) products that target large markets and generic drugs that include complex active pharmaceutical ingredients (“APIs”) and formulations. The GA Depot injection, administered once every four weeks, is the first in a series of depot long-acting injections in the company’s pipeline, for the treatment of MS. The product is an LCM of Copaxone®, which requires injections daily or every other day. Mapi is built on strong chemical and pharmaceutical R&D capabilities, a deep understanding of the global market and of regulatory needs and its ability to foster local cooperation and enduring relationships in all of the countries in which it operates. Mapi is headquartered in Israel, with R&D facilities in Israel and China, and an API production facility in the Neot-Hovav Eco Industrial Park south of Beersheba, Israel. Mapi has a strong IP position, filing numerous patent applications for APIs and formulations. For more information, please visit: www.mapi-pharma.com.
About Jingxin Pharmaceutical Co., Ltd.
Zhejiang Jingxin Pharmaceutical Company Ltd. is a public Chinese company (SHE:002020) focused on developing novelty and generic drugs for CNS, including treatment of Parkinson's disease, with sales throughout China as well as abroad, through cooperation with a number of international partners. The Company’s portfolio includes APIs, finished products, and medical imaging devices as well as contract manufacturing services. Jingxin is headquartered in Zhejiang Province with offices and manufacturing sites that meet global standards throughout the country. The company also has an R&D center in Shanghai Zhangjiang High-Tech Park for advanced drug and API development and a marketing center in Hangzhou CBD. For more information, refer to http://www.jingxinpharm.com/en/.
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LifeSci Advisors, LLC