NexMed Inc announced that its Asian licensee for Befar, Vergemont International Limited which is doing business as NexMed Asia Limited, has entered into a licensing agreement with CJ Corporation, one of the top five pharmaceuticals companies in South Korea. Pursuant to the terms of the agreement, CJ Corporation will develop, market and distribute Befar in South Korea, and the Company will receive royalty payments and payments for manufacturing supplies from Vergemont for Befar sales in South Korea.
Befar is the Asian trademark for Alprox-TD, NexMed's proprietary cream treatment for erectile dysfunction (ED) and incorporates alprostadil (prostaglandin E-1) with the NexACT transdermal delivery technology. NexMed recently completed its two Phase 3 pivotal studies for Alprox-TD, which tested 1,400 men with mild to severe ED at 82 U.S. research clinics. The Company's U.S. Phase 2 data, published in the December 2002 issue of Urology (volume 60, number 6), indicate that up to 83% of the patients treated with Alprox-TD reported satisfaction with treatment and experienced mostly mild to moderate transient side effects. This U.S. Phase 2 data for Alprox-TD support the results previously reported for the clinical studies conducted in China and Hong Kong.
CJ Corporation has a diversified business portfolio including ventures in biotechnology and pharmaceuticals, and reported 2001 sales in excess of US$5 billion. Through its thirteen affiliates and 32 worldwide offices, CJ Corporation is represented in sixty countries.
Dr. Joseph Mo, NexMed's Chief Executive Officer said, "With a population of 48 million, South Korea, currently the second largest pharmaceutical market in Asia, is a logical target market following the launch of Befar in Hong Kong and China. We're pleased that CJ Corporation will undertake the development and commercialization of our product in South Korea." Dr. Mo further said, "We look forward to supporting our Asian licensee's expansion efforts in Asia while actively engaging in discussions with potential licensing partners for Alprox-TD in the U.S. and Europe."