OctoPlus NV, a drug delivery and development company, has granted Green Cross Corporation, a leading pharmaceutical company in the Republic of Korea, an exclusive license to develop and market OP-145 for chronic middle ear infection (chronic otitis media) for the Korean market.

OP-145 is designed to break the recurring cycle of infection causing chronic middle ear infection and is currently in phase II clinical trials. After successful completion of this trial OctoPlus plans to conduct an international multicenter clinical phase III study. Green Cross will be responsible for the execution of the Korean phase III study and for market introduction and commercialization of the product in the Republic of Korea.

Under the terms of the agreement, OctoPlus will retain the manufacturing rights to the bulk material and will be responsible for pharmaceutical development of the product. Green Cross will pay OctoPlus an up-front payment, milestone payments and royalties. Financial details were not disclosed.

"We are very pleased to enter into this agreement with Green Cross, a well-established and successful pharmaceutical company in the Korean market", stated Joost Holthuis, CEO of OctoPlus. "This partnership underpins the commercial value of the product and is an important next step towards a worldwide market introduction of OP-145 for chronic middle ear infection."

"We are delighted to have OctoPlus as our partner to pursue the introduction of OP-145, an excellent product for chronic middle ear infection, in the Republic of Korea. We strongly believe that OP-145 has the great potential to help many patients overcome this debilitating condition." said dr. B.G. Rhee, senior VP, Corporate Development of Green Cross.

OP-145 is a novel peptide product that has a unique mechanism of action: it neutralizes the bacterial toxins that often keep chronic middle ear infections active. OP-145 offers potential benefits to patients with chronic otitis media that do not respond to currently available antibiotics and thereby require surgical intervention. Middle ear infections are a very common condition, especially in young children but also in adults, and cause a severe morbidity burden. In addition to chronic middle ear infection, OP-145 shows potential for other indications such as sinusitis and chronic bronchitis. The product has recently started a phase II study that is part of an ongoing phase I/IIa clinical trial.