HONG KONG, Feb. 9, 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 Wanbang Biopharmaceutical Group Co., Ltd. (Wanbang Biopharmaceutical), the Company's commercial strategic partner for China, obtained Clinical Trial Approval ("CTA") for Senstend™ (the marketing name of Fortacin™ in China) from the Center of Drug Evaluation on 5 February 2021, which has triggered a payment of US$3.20 million (or approximately HK$24.96 million) before deduction of PRC withholding tax from Wanbang Biopharmaceutical. The randomised clinical trial is expected 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 randomised clinical trial. If the clinical study meets its endpoints and NMPA has granted an import licence for Senstend™, Regent Pacific will receive a payment of US$5 million (or approximately HK$39 million before deduction of PRC withholding tax) from Wanbang Biopharmaceutical. In addition, upon the first commercial sale of Senstend™ in China, the Group will receive another payment of US$2 million (approximately HK$15.6 million before deduction of PRC withholding tax) from Wanbang Biopharmaceutical. In addition, the Group will generate low to mid-teens royalties of Wangbang Biopharmaceutical's net sales of Senstend™ in China.
Jamie Gibson, Chief Executive Officer of the Company, said, "We are thrilled to achieve this significant milestone which is another step in achieving a successful commercial launch of Senstend™ in China. As well as bringing substantial income to the Group, it will also enhance our reputation when we launch the product in other regions."
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.