Aquavit And Green Cross Sign Strategic Collaboration MOU On IBX-001 Product Development And Commercialization In Asia

SEOUL, South Korea and New York, NY /PRNewswire/ -- Aquavit Pharmaceuticals, Inc. and Green Cross Corp. (006280:Korea SE), a leading biotechnology company inSouth Korea, signed a Memorandum of Understanding (MOU) towards establishing their strategic collaboration surrounding the development and commercialization of Aquavit's IBX-001 in Asia. The MOU signing took place at Green Cross in Seoul Korea on July 31, 2012.

The MOU includes the framework for their collaboration in which Green Cross will support the product development, registration, manufacturing, and receive an exclusive license to commercialize Aquavit's upcoming product IBX-001 in Korea.

"'We are very pleased to collaborate with Green Cross, a reputable company with solid presence in Asia-Pacific. We aim to be a global leader with our innovative personalized treatments through strategic partnerships," said Sobin Chang, Aquavit's Chief Executive Officer.

The MOU further outlines potential partnerships for other product development and commercialization.

About Green Cross Corporation
Green Cross Corporation is a leading, publicly traded Korean biopharmaceutical company that specializes in the development and commercialization of vaccines, plasma-derivatives, recombinant proteins, and therapeutic antibodies for use in the fields of oncology and infectious disease.

About Aquavit Pharmaceuticals, Inc. 
Aquavit Pharmaceuticals is a multi-specialty healthcare company focused on discovering, developing and commercializing innovative pharmaceuticals, medical device, and health technologies.