Kitov Pharamceuticals Grants First License to Sell KIT-302

Kitov Pharamceuticals American depository shares rose 9% on Wednesday after the Israeli biopharma company said it has granted Kuhnil Pharmaceutical Co. Ltd. an exclusive license to manufacture and market KIT-302 in South Korea.

This is the first license for KIT-302, which was developed to simultaneously treat pain caused by osteoarthritis and to treat hypertension, the company said. Kuhnil will be responsible for seeking regulatory approval for KIT-302 in South Korea.

Kitov is entitled to receive milestone payments upon achievement of certain predefined regulatory milestones, as well as double digit royalties on net sales, it said, without giving further details.

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