Hangzhou, China (October 25th 2014) – Betta Pharmaceuticals and Xcovery announce in Hangzhou today that Xcovery will get an equity investment worth 20 million dollars from Betta Pharmaceuticals. As the leading enterprise in new drug research and development of China, Betta continues to exert efforts in research and development of new drugs after successfully completed the development and marketing of Icotinib Hydrochloride. Located in Florida,U.S.A., Xcovery is a R&D enterprise focusing on development of new generation anti-tumor targeted drugs. Its key program, X-396, is a new generation ALK inhibitor directed at lung cancer, which is now under Phase 1/2 clinical research in the United States. Apart from equity investment, Betta will also get the development right of the X-396 program in China.
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