In October 2012, the Company and Hubei Qianjiang Pharmaceutical Co., Ltd., a Chinese pharmaceutical company, announced an agreement to co-develop new cancer drugs based on Immune Therapeutics’ patents involving MENK, where Immune Therapeutics is to maintain oversight responsibility for preclinical and clinical trials in China complying with both FDA and SFDA standards. The companies believe that this joint development (made and executed as shown in Figure xx, page xx) could help fast track the drugs for the Chinese pharmaceutical markets.
Hubei has committed a minimum of 10 million yuan, or approximately $1.6 million, for preclinical work. The preclinical trials, designed to assess safety, tolerability, and antitumor activity of MENK, are required in China as MENK is a new drug. Once the companies complete preclinical studies, Immune Therapeutics intends to apply for clinical trials with the SFDA. Hubei is also expected to provide the funding for clinical trials in China in order to have MENK approved as a new drug for the treatment of cancer. Additional information available at Hubei Qianjiang Pharmaceutical Company.