HONG KONG, April 1, 2021 /PRNewswire/ -- Regent Pacific Group Limited ("Regent Pacific" or the "Company" and together with its subsidiaries, the "Group"; stock code: 0575.HK), a specialist healthcare, wellness and life sciences investment group is pleased to announce that the Group has received a payment of US$3.20 million (approximately HK$24.96 million) before deduction of PRC withholding tax in full on 31 March 2021 from Wanbang Biopharmaceutical Group Co., Ltd. (Wanbang Biopharmaceutical), the Company's commercial strategic partner for China and a wholly controlled company of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. following the Clinical Trial Approval ("CTA") for Senstend™ (the marketing name of Fortacin™ in China) has been obtained from the Center of Drug Evaluation.
Regent Pacific will continue to work with Wanbang Biopharmaceutical on the commencement of the randomised clinical trial, which remains on track to commence in April / May 2021, with an estimated completion time of 12 months. Wanbang Biopharmaceutical has appointed a leading contract research organisation to undertake the phase III double blinded multi-centre randomised clinical trial. The Group looks forward to undertaking this next critical step towards commercialisation of Senstend™ in Mainland China.
If the clinical study meets its endpoints and NMPA has granted an import licence for Senstend™, Regent Pacific will receive another payment of US$5 million (approximately HK$39 million) before deduction of PRC withholding tax from Wanbang Biopharmaceutical. Upon the first commercial sale of Senstend™ in China, Wanbang Biopharmaceutical will pay Regent Pacific a payment of US$2 million (approximately HK$15.6 million) before deduction of PRC withholding tax. The Group will generate low to mid-teens royalties of Wanbang Biopharmaceutical's net sales of Senstend™ in China.
About Regent Pacific (Stock code: 0575.HK)
Regent Pacific is a diversified investment group based in Hong Kong currently holding various corporate and strategic investments focusing on the healthcare, wellness and life sciences sectors. The Group has a strong track record of investments and has returned approximately US$298 million to shareholders in the 23 years of financial reporting since its initial public offering in May 1997.
About Fortacin™ / Senstend™
Fortacin™ is the first solution to PE that does not act on the central nervous system and offers bona fide therapeutic efficacy that has been validated through extensive clinical trials in Europe, with over 23,500 doses delivered to trial participants. The solution is a topical spray containing low doses of lidocaine and prilocaine that take effect almost immediately upon application, giving users more control without reducing pleasure. Fully approved by the European Medicines Agency (EMA), Fortacin™ is now available in France, Germany, Italy, Portugal, Spain and the UK.