LIPAC Oncology LLC and Huons Co., Ltd. announced the achievement of a major development milestone in their partnering agreement by finalizing its Clinical Study Report for a Phase 2A marker lesion clinical trial in patients with low-grade highly recurrent Non-Muscle Invasive Bladder Cancer (NMIBC) treated with LiPax (paclitaxel). LiPax, a proliposomal paclitaxel formulation in development for intravesical instillation in the treatment of NMIBC, demonstrated a 63% responder rate in highly recurrent and heavily pre-treated patients. In September 2019, LIPAC and Huons announced that they entered into an exclusive licensing agreement to develop, manufacture, and commercialize LiPax for all indications in South Korea. This is the first milestone payment to LIPAC based on specific development, regulatory and commercial milestones and royalty payments based on sales. Based on a patient's biopsy results obtained from TURBT, NMIBC is stratified into three risk categories: low, intermediate, and high risk. To reduce recurrence and prevent progression, the American Urological Association NMIBC guidelines recommend intravesical therapy after TURBT. The low to intermediate risk category targeted by LiPax is estimated to comprise 90,000 Americans, yet no intravesical agent is approved by the U.S. Food and Drug Administration for this disease.