SUDA Pharmaceuticals Ltd (ASX: SUD), a biotechnology company focused on developing therapies to treat cancer and conditions that affect the central nervous system, advises that Mitsubishi Tanabe Pharma Korea (MTPK) have indicated their intention not to proceed with the License and Supply Agreement for ZolpiMist.
MTPK cited challenges with their regulatory body, the Ministry of Food and Drug Safety (MFDS). SUDA has agreed to terminate the Agreement and the Company notes that there is no immediate financial impact as a result of the termination. SUDA will continue to focus on its partnership with TEVA, and look to secure additional partners for the ASEAN region and other territories.
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