Quantum Genomics Announces the End of its Collaboration with Qilu for the Development and Commercialization of Firibastat in China

Rhea-AI Summary

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.

Positive

• Quantum Genomics retains rights to develop firibastat in the Chinese market.
• The company is exploring new partnership opportunities for firibastat.

Negative

• Collaboration with Qilu ended due to misalignment on firibastat's development.

PARIS and NEW YORK, April 20, 2021 (GLOBE NEWSWIRE) -- Quantum Genomics (Euronext Growth - FR0011648971 - ALQGC), a biopharmaceutical company specializing in developing a new drug class that directly targets the brain to treat difficult-to-treat and resistant hypertension and heart failure, announces the end of its collaboration with Chinese Pharma Qilu in the development and the commercialization of firibastat in China.

In the frame of their collaboration, Quantum Genomics and Qilu Pharmaceutical did not succeed to align their view regarding firibastat development. Consequently, Quantum Genomics recovers its rights for the Chinese market and reopens discussions with international pharma companies for this market.

With a strong cash position which has been strengthened throughout year 2020, Quantum Genomics remains confident to further develop its worldwide coverage with the signing of new partnerships which should benefit to all stakeholders.

About Quantum Genomics

Quantum Genomics is a biopharmaceutical company specializing in the development of a new class of cardiovascular medications based on brain aminopeptidase A inhibition (BAPAI). Quantum Genomics is the only company in the world exploring this innovative approach that directly targets the brain. The company relies on 20 years of academic research from the Paris-Descartes University and the laboratory directed by Dr. Catherine Llorens-Cortes at the Collège de France (French National Institute of Health and Medical Research (INSERM)/ the Scientific Centre for National Research (CNRS)). The goal of Quantum Genomics is to develop innovative treatments for complicated, or even resistant, cases of hypertension (around 30% of patients have poor control of their condition or receive ineffective treatment) and for heart failure (one in two patients diagnosed with severe heart failure dies within five years).

Based in Paris and New York, Quantum Genomics is listed on the Euronext Growth exchange in Paris (FR0011648971- ALQGC) and trades on the OTCQX Best Market in the United States (symbol: QNNTF).

For more information, please visit www.quantum-genomics.com, or follow us on Twitter and LinkedIn

Contact

Quantum Genomics

Contact@quantum-genomics.fr

So Bang (Europe)

Financial and Media communication Quantum-genomics@so-bang.fr

LifeSci (USA)

Mike Tattory Media Relations and Scientific Communications +1 (609) 802-6265 | mtattory@lifescicomms.com

FAQ

Why did Quantum Genomics end its collaboration with Qilu Pharmaceuticals?

Quantum Genomics ended its collaboration with Qilu because the two companies could not align their views on the development of firibastat.

What will Quantum Genomics do after ending its collaboration with Qilu?

Quantum Genomics plans to explore new partnerships for the development of firibastat in the Chinese market.

What is the significance of Quantum Genomics retaining rights to firibastat in China?

Retaining rights allows Quantum Genomics to independently develop firibastat and seek new collaborations, potentially enhancing market opportunities.

How has Quantum Genomics’ cash position changed?

Quantum Genomics has strengthened its cash position throughout 2020, aiding in its ability to pursue further development and partnerships.