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Under the terms of the termination agreement, Daewoong regains all rights to the commercialization and clinical development of Fexuclue (fexuprazan), a novel potassium-competitive acid blocker for the treatment of erosive esophagitis, in the U.S. and Canada.
Proceeds from the financing will be used to advance the company’s pipeline of GI therapies, DWP14012, for serious conditions that impact millions of people yet are not effectively treated.
Daewoong Pharmaceutical will take a significant equity stake in Neurogastrx, ramping to 13.5% ownership upon an initial public offering (IPO). Neurogastrx has the exclusive right to develop and commercialize fexuprazan in the U.S. and Canada.