FutureChem Agrees to Return European Rights for Prostate Cancer Diagnostic Agent 'FC303'

FutureChem is accelerating its re-entry into the European market.

On June 5, FutureChem announced that it has secured the early return of the European rights for its prostate cancer diagnostic agent 'FC303' through an agreement with its partner, and is now pursuing new partnerships as well as a fast-track approval strategy with the European Medicines Agency (EMA). Previously, FutureChem had signed a joint development and technology transfer agreement for FC303 with the local European company IASON (now Curium Austria). However, the business environment changed both internally and externally, as its partner was later acquired and integrated by a major global company.

Curium, which acquired IASON, held the European rights to Lantheus's global prostate cancer diagnostic radiopharmaceutical 'Pylarify.' FutureChem believed that Curium might not actively pursue development for FC303's entry into Europe, but continued cooperation in the expectation that development would proceed in accordance with contractual obligations. However, the European Phase 3 clinical trial was ultimately delayed, and FutureChem requested early termination of the contract and return of rights from Curium in order to accelerate development and pursue the business more proactively. After discussions, the two parties agreed that FutureChem would bear all FC303 clinical costs incurred locally in Europe so far, and accordingly, they decided to terminate the existing contract.

A FutureChem representative stated, "We are currently negotiating detailed contract terms with two new European partners to enter the European market," adding, "We are also reviewing a strategy to submit the high-quality clinical data successfully obtained in Korea to the EMA, in order to streamline local clinical procedures and obtain marketing authorization more quickly."

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