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Quantum Genomics has secured €3 million in non-dilutive financing, including €1.5 million from BNP bank, guaranteed by the French government, and a €1.5 million R&D loan from Bpifrance. The BNP loan has a 12-month maturity at a 0.25% interest rate, while the Bpifrance loan spans 7.6 years at 0.72%. Company CEO Jean-Philippe Milon highlighted the importance of this funding for the company's R&D programs amidst market uncertainties, especially following their recent capital raise and strategic partnerships.
Quantum Genomics, a biopharmaceutical company, will present top-line results from its QUORUM study on firibastat at the European Society of Cardiology meeting in August 2021. The study focuses on heart failure treatment post-myocardial infarction, involving 295 subjects across 35 hospitals in 7 European countries. The primary endpoint is the change in Left Ventricle Ejection Fraction after three months compared to ramipril. No major safety issues were reported, and the trial aims to assess firibastat's efficacy as a potential breakthrough therapy.
Quantum Genomics has ended its collaboration with Chinese pharmaceutical company Qilu regarding the development and commercialization of firibastat in China. The companies could not align their visions for the drug's development, leading Quantum Genomics to reclaim its Chinese market rights. The company is now exploring new partnerships while maintaining a strong cash position, bolstered throughout 2020. Quantum Genomics specializes in innovative cardiovascular medications targeting resistant hypertension and heart failure.
Quantum Genomics has announced that Orient EuroPharma Co. Ltd (OEP) has acquired an equity interest in the company. This follows their previous exclusive licensing agreement for the development of firibastat in Southeast Asia, Australia, and New Zealand. OEP invested €870,000 at €4.83 per share, reflecting the average price of the last 20 trading sessions, with new shares subject to a three-year lock-up. The strategic partnership aims to advance treatment options for resistant hypertension and heart failure, leveraging OEP's expertise in the pharmaceutical sector.
Quantum Genomics has entered an exclusive licensing agreement with Qilu Pharmaceutical to develop and commercialize firibastat for resistant hypertension in Greater China, including Hong Kong and Macao. Quantum Genomics will receive up to $50 million in upfront and milestone payments, along with double-digit royalties on sales. The target market is approximately 25 to 30 million people suffering from this condition in the region. This partnership is part of Quantum Genomics' strategy to expand in Asia, enhancing its financial outlook and potential revenue streams.
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