DGAP-News

PAION GRANTS EXCLUSIVE LICENSE TO TTY BIOPHARM FOR DEVELOPMENT AND COMMERCIALIZATION OF REMIMAZOLAM IN TAIWAN

DGAP-News: PAION AG / Key word(s): Miscellaneous PAION GRANTS EXCLUSIVE LICENSE TO TTY BIOPHARM FOR DEVELOPMENT AND COMMERCIALIZATION OF REMIMAZOLAM IN TAIWAN 05.03.2021 / 09:00 The issuer is solely responsible for the content of this announcement. PAION GRANTS EXCLUSIVE LICENSE TO TTY BIOPHARM FOR DEVELOPMENT AND COMMERCIALIZATION OF REMIMAZOLAM IN TAIWAN

- EUR 1.1 million upfront payment to PAION

- Supply of drug product at a percentage of net selling price

Aachen (Germany), 05 March 2021 - PAION AG, a specialty pharma company (ISIN DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8), and TTY Biopharm Company Limited ("TTY") today announce that they have entered into a license agreement for remimazolam with PAION granting TTY an exclusive license for the development and commercialization of PAION's lead drug candidate, remimazolam, in Taiwan.

Under the terms of the agreement, TTY has the right and obligation to further develop remimazolam in all indications in Taiwan with PAION's support. TTY will bear all cost for market authorization and distribution.

PAION will receive a EUR 1.1 million upfront payment and will supply drug product at a percentage of the net selling price in Taiwan with minimum supply price guarantees.

Dr. Jim Phillips, CEO of PAION AG, commented: "We are excited to have TTY as our partner for remimazolam in Taiwan. They have an impressive track record in the Taiwanese pharmaceutical market with a growing and successful presence in the hospital setting, especially critical care. We look forward to collaborating to make the regulatory filing, approvals and market launch in the coming months."

TTY's CEO, Mr. Chun-Liang Shih stated: "PAION is a specialty pharmaceutical company dedicated to the development of innovative drugs in the fields of anesthesia and critical care. Remimazolam, developed by PAION, has been approved in many countries and is a promising medicine for physicians and patients. PAION's vision aligns with that of TTY's. Thus, we anticipate that our collaboration with PAION will provide a meaningful contribution to anesthesia and critical care."