He is heading a new company for the development of Coegin’s cancer drug
Av According to Coegin Pharma, based in Medicon Village in Lund, AVX420 has shown promising preclinical study results, especially in the indications of triple-negative breast cancer and leukaemia.
By forming a new company and placing the drug candidate there, the ambition is to create supreme conditions for clinical development and a future partnership to distribute the potential treatment to patients.
The fact that Avexxin Oncology is established in Norway is partly due to the fact that the researcher behind AVX420, Professor Berit Johansen, lives there and partly to the fact that the Norwegian financial market is believed to provide better conditions for continued financing and partnerships.
John Zibert, recently recruited as Medical Director at Coegin, is appointed the CEO of the new company. He has over 20 years of experience in drug development and digital health research and previously held management positions at Studies & Me A/S, Leo Innovation Lab and Leo Pharma.
“I am convinced that AVX420 has great potential, especially in treating various forms of blood cancer and triple-negative breast cancer. We have very ambitious development plans for AVX420 that will lead us to an early exit with potentially good returns,” says John Zibert in a press release.
Coegin has previously disclosed its plan to form several subsidiaries based on their drug candidates, and the establishment of Avexxin is part of this strategy.
“The establishment of new subsidiaries entails several advantages. It creates better financing conditions, is more cost-effective, creates a better focus and provides a smoother exit process. In accordance with our strategy, we intend to present more subsidiaries shortly,” says Coegin Pharma CEO Tore Duvold in a comment.
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