Hugel Acquires Phase 2 U.S. Clinical Data to 10XB101 and Exercises China Option for the Drug Product
August 12, 2021
SAN DIEGO (August 12, 2021) – 10xBio, LLC, a privately-held biotechnology company, announces that its Korean Partner, Hugel, Inc., has acquired rights to use and reference for regulatory and development purposes its Phase 2A dose escalation data for 10XB101. In addition, Hugel, Inc., has exercised its option for Chinese rights to 10XB101 subject to the terms of a Licensing and Development agreement for Korean rights to 10XB101 dated August 20, 2020. Gross proceeds for these two transactions are approximately $5.0 MM. Proceeds will be used to advance the company’s lead asset, 10XB101, into Phase 2B testing in the U.S. The company anticipates the completion of the next phase of clinical testing by the end of 2023. 10XB101 is a novel formulation of polidocanol, approved in the U.S. for vein sclerotherapy, which 10xBio is repurposing for body contouring applications in aesthetic medicine.
John Dobak, M.D., the company’s Managing Director and Chairman commented, “We would like to thank our partner Hugel for their continued commitment to the development of 10XB101. Our lead drug product is demonstrating that it has a better tolerability and efficacy profile than the only currently U.S. marketed product for body contouring, which incorporates deoxycholate as the active ingredient.”
We are biotechnology company that focuses on new uses for existing therapies and technologies. This strategy allows us to build on existing safety profiles and leverage known mechanisms of action, resulting in a streamlined development and regulatory process. Our most advanced asset, 10XB101, is a pharmaceutical product that addresses unmet needs in dermatologic aesthetic medicine. For more information, visit us at www.10xBio.com.
John Dobak, M.D.
Managing Director and Chairman