Pacgen Biopharmaceuticals has entered into collaboration research and development agreements with New Summit Biopharma to develop PAC-113 for the treatment of oral candidiasis for commercialisation in China.
Shanghai's New Summit Bio will help Pacgen raise funding and develop PAC-113 for the Chinese market.
Oral candidiasis is an infection of yeast fungi in the mouth.
New Summit Bio CEO Dr Jun Ren said PAC-113 has significant market potential for the treatment of oral candidiasis in China.
"The collaboration between Pacgen and New Summit Bio represents a new milestone in drug development between China and foreign countries. We are committed to working with Pacgen in raising funds, and coordinating the research and development with top R&D organisations to expedite development of PAC-113," Ren said.