PharmAbcine Signs Long-term Contract Manufacturing Organization Agreement for Olinvacimab with Binex

DAEJEON, South Korea, June 26, 2020 /PRNewswire/ -- PharmAbcine (KRX: 208340) (GM: Jin-san Yoo), biotech company focusing on the development of antibody therapeutics, announced on 18th that it had signed a contract manufacturing organization(CMO) agreement with biologics contract development and manufacturing organization (CDMO) Binex for additional production of investigational Olinvacimab (TTAC-0001), PharmAbcine's leading antibody therapeutics pipeline in oncology.

Under the agreement, Binex is responsible for large-scale manufacturing of clinical investigational material for PharmAbcine for its global Phase 2 trials on olinvacimab + immunotherapy combination for metastatic triple negative breast cancer (the U.S. included) and trials on various common solid tumors. Binex has been a clinical manufacturing partner of PharmAbcine since early global clinical trials on olinvacimab.

"Contract manufacturing organization agreement with Binex enables us to secure the steady supply of investigational material for multinational clinical trials and trials on various common solid tumors. We will remain fully committed to the swift development of olinvacimab in use for treatment of recurrent glioblastoma multiforme (rGBM) and metastatic triple negative breast cancer (mTNBC)," said Jin-san Yoo, GM, PharmAbcine.

Olinvacimab, an anti-vascular endothelial growth factor receptor 2 (VEGFR2), targets and inhibits tumor angiogenesis-inducing VEGFR2. PharmAbcine is conducting a Phase 2 clinical trial on olinvacimab in patients with Avastin-refractory rGBM in the U.S. and Australia. In addition, Phase 1b trials on olinvacimab plus PD-1 antibody Keytruda (pembrolizumab) combination for rGBM and mTNBC are still going on in Australia in collaboration with MSD (Merck).

PharmAbcine gave an update about how far the development of olinvacimab had come at the world's largest conference of the pharmaceutical and biotechnology industry '2020 Bio International Convention' hosted virtually from 8^th till 12^th. It is working with multiple pharmaceutical and biotech companies to further discuss olinvacimab technology transfer.

About PharmAbcine Inc.

PharmAbcine is a clinical-stage biotech company focusing on the development of fully human antibody therapeutics to treat neovascular disorders, tumors, and other medically unmet diseases. It provides therapeutic antibodies for a wide spectrum of indications from oncology, immuno-oncology, ophthalmology, respiratory, to renal pathology.

PharmAbcine's leading pipeline, olinvacimab, an anti-VEGFR2 neutralizing fully human IgG, is currently in a phase II study for bevacizumab-nonresponding rGBM (recurrent glioblastoma multiforme) patients in both US and Australia. In collaboration with MERCK, olinvacimab plus pembrolizumab Phase Ib trials for mTNBC and rGBM are on-going.

PharmAbcine has its own HuPhage library and innovative selection system. PharmAbcine's advanced 3G expression system accommodates high levels of antibody production with high reproducibility. With its highly advanced technology platforms, it provides high-quality antibody generation services. The high standards have allowed PharmAbcine to expand co-development opportunities with not only existing but also potential partners.

Additional information about PharmAbcine can be found on website at http://www.pharmabcine.com.

About Binex

Binex Co., Ltd. is a publicly traded specialized pharmaceutical company located in Busan, Korea developing a broad range of pharmaceutical products such as nutrients and vitamin compounds, and intestinal antiseptic concentrated with probiotics screened by Binex. Binex is also developing a strong anti-cancer franchise based around their DC-Vac and ANYCELL cell bank businesses. BINEX went public in 2001 on the Korean Stock Exchange and recorded sales of $30 million in 2007 fiscal year.

Additional information about PharmAbcine can be found on website at http://www.bi-nex.com/.

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SOURCE PharmAbcine