Dance Biopharm Announces Buyback of Dance-501 Asia License from Harmony Plus Holdings
SAN FRANCISCO, Aug. 29, 2017 /PRNewswire/ -- Dance Biopharm Holdings, Inc. ("Dance"), a privately-held biotechnology company focused on the development of Dance-501, a proprietary 'soft-mist' inhaled insulin product to treat diabetes, today announced the purchase of Harmony Biopharm Limited, the holder of its Dance-501 Asia license, from Harmony Plus Holdings Limited ("Harmony"), an affiliate of Harmony Asset Management Group. Going forward, Harmony will continue to advise Dance for the development of the product in China under a consulting / advisory agreement. Dance will compensate Harmony for their many contributions to date with a combination of stock and a percentage of future revenues on sales of Dance-501 in China.
Harmony, with its extensive network in Asia, has assisted Dance in a variety of ways. Harmony was instrumental in bringing Dance an important strategic partner, Dongbao, the top Chinese insulin manufacturer and marketer in China. They also were key to the development of a regulatory pathway with the Chinese FDA that calls for China to be part of a global Phase 3 program that would enable the same regulatory documents to be used in the US, EU and China. This obviates the need for a "China alone" study and greatly facilitates bringing the product to market more efficiently.
"We came to China looking for a partner like the Harmony group. We are delighted with this outcome. Navigating uncertain regulatory waters in China can be a challenge for any company. Dr. Augustine Chow and his team helped position us for success in China. We now have a single unified global Phase 3 program that includes the US, EU and China," stated John Patton, Ph.D., chairman and chief executive officer of Dance Biopharm. "Dance is extremely pleased that Harmony has agreed to continue to provide its support and advice to us for the development of Dance-501 in China under a consulting / advisory agreement."
"From the first day I saw their technology, I knew they had a winner. We believe in the great potential that Dance-501 holds for the treatment of diabetes and this buyback is the result of our support for Dance's new strategy of a stronger emphasis on Asia Pacific. As shareholders of Dance Biopharm, we look forward to assisting Dance in opening the pathway toward product approval in Asia," stated Dr. Augustine Chow, Chairman of Harmony Asset Management Group.
About Dance-501, an Inhaled Insulin Product
Dance-501 consists of a high purity liquid formulation of recombinant human insulin stored in a dispenser for administration with a small handheld electronic inhaler. The electronic inhaler utilizes a patented vibrating mesh technology, designed to produce consistently sized particles of liquid insulin in the form of a soft mist, allowing the efficient and consistent delivery of insulin into the lungs in a few breaths. Dance-501 has not yet been approved by any regulatory authority.
About Harmony Asset Management Group
Harmony Asset Management Group is a privately-held company that creates value by investing in emerging private companies and unlocking the company's growth potential in the region. Harmony Asset Management Group utilizes its extensive network in Asia to help its portfolio companies identify relevant strategic partners with the ability to accelerate the company's growth in the region. The group has more than 20 years of experience making investments in a wide range of industries with a focus on advanced technologies.
About Dance Biopharm Holdings, Inc.
Dance Biopharm Holdings, Inc. is a privately-held company based in the San Francisco Bay Area focused on the clinical development of inhaled insulin products to treat diabetes patients worldwide. The company began operations in 2010, founded by Dr. John Patton, who has over 25 years of experience developing inhaled insulin and other inhaled therapies. For more information, please visit http://dancebiopharm.com.
All statements other than statements of historical fact included in this press release are forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such statements. We have based these forward-looking statements upon information available to management as of the date of this release and management's expectations and projections about certain future events. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to late stage clinical trials, regulatory pathways and approvals, commercialization of our products and Dance's relationship with Harmony.
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SOURCE Dance Biopharm
Released August 29, 2017