QX Pharmaceuticals-B (02509.HK): QX004N Enters Phase III Clinical Trials and Receives Milestone Payment from Hansoh Pharmaceutical

Intelligent Finance APP reported that Quanxin Biotech-B (02509) announced that the company is developing an IL23p19 inhibitor, QX004N, for the treatment of psoriasis (Ps) and Crohn's disease (CD). In April 2024, the company entered into an exclusive out-licensing agreement with Hansheng (Shanghai) Health Technology Co., Ltd., a wholly-owned subsidiary of Hansoh Pharmaceutical Group Company Limited (03692.HK), for the research, development, production, and commercialization of QX004N in mainland China, Taiwan, Hong Kong, and Macao.

The announcement stated that QX004N has recently entered Phase III clinical trials, becoming the fourth product in the company's pipeline to successfully reach the Phase III stage.

Recently, the company has received a total of RMB 58 million from Hansoh Pharma as payment for the PsIII milestone and other payments under the licensing agreement.