RIBOMIC Inc. announced that it has signed Memorandum of Understanding (MOU) with Rico International (Beijing) Medicine Technology Co. Ltd. and Shanghai Huirui Medical Co. Ltd. to establish a joint venture which will be responsible for clinical development of RBM-007 for age-related macular degeneration (AMD) and other indications in China.

Under the terms of MOU, RIBOMIC will receive up to USD 100 million, including milestone payments and post-marketing royalties, depending upon the fundraising at the joint venture and progress in clinical development. RIBOMIC has been developing RBM-007 for wet AMD in the United States and has already completed three Phase II clinical trials. Within these trials, while it was not possible to demonstrate superior efficacy over Standard of Care in previously treated wet AMD patients, signs of efficacy were observed in treatment-nanve patients.

Therefore, RIBOMIC is considering continuing the clinical development within treatment-nanve patients. Rico International (Beijing) Medicine Technology Co. Ltd. and Shanghai Huirui Medical Co.

Ltd. work with companies from Japan, Europe, and the United State to develop and distribute innovative pharmaceuticals in China. The two companies are well versed in fundraising and regulatory affairs in China.