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Bridge Biotherapeutics: Material management information related to investment judgment (Bridge Biotherapeutics has entered into a license agreement to acquire a preclinical asset to treat fibrotic diseases, including idiopathic pulmonary fibrosis (IPF))







Material management information related to investment judgment

1. Title Bridge Biotherapeutics has entered into a license agreement to acquire a preclinical asset to treat fibrotic diseases, including idiopathic pulmonary fibrosis (IPF)
2. Details ※ Investor Ratings
This contract is a conditional contract where payments are contingent on the achievement of clinical milestones and approval by the relevant drug regulatory authority. Recognition of revenue related to this contract will depend on the receipt of clinical trial results and regulatory approval of the drugs. According to the terms and conditions of this contract, this contract may be terminated in the event of suspension of research and development by a regulatory authority, if the drug does not receive regulatory drug approval, etc.

1) Licensor
Company name: Shaperon
Nationality: Republic of Korea
Date created: 2008-10-01
Sales (end 2021): KRW 522,840,200

2) Summary of the contract
– Bridge Biotherapeutics has entered into a license agreement with Shaperon to acquire a preclinical asset for the treatment of fibrotic diseases, including idiopathic pulmonary fibrosis (IPF)

– This contract grants Bridge Biotherapeutics exclusive rights to the “Contract Compound” and stipulates the rights and obligations of each company.

3) Effective date:
2022-04-19

4) License details
Notable Features
– First-in-class candidate targeting fibrotic diseases by inhibiting inflammation as a GPCR19 agonist inhibiting NFkB and inflammasome signaling.

– Superior efficacy was observed in IPF animal models and the compound is expected to inhibit pro-inflammatory signals of fibrotic diseases, as confirmed by various experimental data.

5) Duration of the contract
From the date of execution of the contract to the date of expiry of the patent

6) Terms of payment (KRW)
Upfront payments, milestones and royalties in exchange for granting the exclusive license.

– In advance: 2 billion KRW
(paid in the month following the signature of the contract)

– Milestones
: 28 billion KRW
: A total of KRW 28 billion in milestone payments based on development, licensing and sales performance)

– Royalty: payments will be made at the agreed rate based on post-market sales

3. Occurrence date (or confirmation date) 2022-04-19
4. Date of decision 2022-04-19
– Presence of external directors Present (No.) 3
Absent(No.)
– Presence of the Statutory Auditors (members of the Audit Committee)
5. Other useful references for making investment decisions
The total amount of this contract exceeds 10% of the share capital (KRW 43,370,315,742) of Bridge Biotherapeutics. Equity reflects changes in capital and capital surplus compared to the 2021 consolidated financial statements.

Through the acquisition of BBT-209 (GPCR19 agonist), Bridge Biotherapeutics retains three pipeline assets related to idiopathic pulmonary fibrosis, including BBT-877 (autotaxin inhibitor) and BBT-301 (channel regulator ionic).

Shaperon is a clinical-stage biotechnology company developing novel inflammasome inhibitors (established in 2008).

If there are any changes to this contract or if disclosure obligations arise, we will disclose the relevant details promptly.

※ Title and date of other disclosures related to this one 2022-04-19 Investment Judgment Material Management Information
【Investment Risk Factors – Deal Options, etc.】
All payments, including the initial payment, and milestone payments are non-refundable and the payment terms stated above 6) will only be paid when the previously agreed terms are met.

The License Agreement may be terminated subject to results of clinical trials, regulatory approval, marketing approval, and there is no obligation to provide cancellation penalties related to the termination of the contract.

Based on the results of the preliminary study, Bridge Biotherapeutics may not provide milestone payments to Shaperon.

Warning

Bridge Biotherapeutics Inc. published this content on April 19, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on April 19, 2022 01:43:07 UTC.

Public now 2022

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Net income 2021 -26,278M
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Net cash 2021 42,901M
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PER 2021 ratio -10.6x
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EV / Sales 2020 34.9x
EV / Sales 2021 123x
# of employees 30
Floating 71.1%

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