Neovacs announced the continuation of the development of its IFNalpha Kinoid in South Korea with its partner Chong Kun Dang (CKD) Pharmaceutical Corp, on the basis of the licensing agreement signed in December 2015, for a potential overall value of EUR 5 million. This agreement covers the development and the commercialization of IFNalpha Kinoid in South Korea for Lupus and Dermatomyositis indications. Within this agreement both partners have agreed to prepare the filing for an "ODD" in South Korea, based on the results of the Phase IIb trial in Lupus with IFNalpha Kinoid.

Neovacs had already received in 2016 an "Investigational New Drug" (IND) of South Korean Health authorities to include 5 investigational centers in its global Phase IIb trial for IFNalpha Kinoid. Neovacs was able therefore to gain the support of Korean Opinion Leaders in Lupus for its innovative therapeutic approach and to include Korean patients in the study. Neovacs will receive potentially up to EUR 5 million in total under this license agreement in sequenced payments, based on the achievement of certain milestones, which include the Phase IIb results.