Luoxin Pharmaceutical's subsidiary introduced Budesolv®, a solution nasal spray of Budesonide

On October 21, Luoxin Pharmaceutical issued an announcement stating that its subsidiary Shandong Luoxin Pharmaceutical Group Co.
, Ltd.
(hereinafter referred to as "Shandong Luoxin") and Austria Marinomed BiotechAG (hereinafter referred to as "Marinomed") will be held on October 20, 2021.
Japan signed the "License Agreement", and reached an agreement on the introduction of Budesolv® (Budesonide solution nasal spray) product, Shandong Luoxin will obtain the product in Greater China (including mainland China, Hong Kong and Macau Special Administrative Region, Taiwan ) The right to exclusive development, production and commercialization
.

After the signing of the agreement, Shandong Luoxin will pay a total of US$2 million in down payment to Mrinomed, and will pay Mainomed a total of not more than US$20 million in milestone payments based on R&D milestones and sales milestones
.

Unless terminated early in accordance with the agreement between the parties, this license item is a perpetual license, and the royalty period will expire 10 years from the first commercial sale of the licensed product in the authorized area or the expiration date of the last valid power requirement of the patent
.

Budesolv® is a new glucocorticoid budesonide agent, a hormone nasal spray.
It is the first water-soluble nasal spray developed based on Marinomed’s proprietary technology platform Marinosolv®.
Budesolv® has successfully completed the European market application.
The pivotal phase III clinical trial
.

Budesolv® is a water-soluble, preservative-free budesonide nasal spray solution developed using Marinomed's patented technology.
This product is developed for the treatment of allergic rhinitis
.

Allergic rhinitis is a chronic disease with high incidence, long course, and recurrence
.

According to data from IQVIA and Meinenet, the global market size of hormone nasal sprays in 2020 is US$2.