TMS Co., Ltd. and Ji Xing Pharmaceuticals Limited ("JIXING") announced that they have entered into a strategic partnership. The partnership is established subsequent to the assignment of an option agreement (the "Option Agreement") from Biogen MA Inc. ("Biogen") to JIXING, originally between TMS and Biogen, followed by an amendment immediately in effect upon the assignment. TMS and JIXING will form a collaborate partnership to develop TMS-007 globally, with TMS regaining royalty-free Japan rights while JIXING will lead the development and commercializing of TMS-007 in the rest of the world.

TMS and JIXING will join forces to expeditiously develop and launch TMS-007 globally, facilitated by the form of a Joint Development Committee. TMS-007 is a novel small molecule under development for AIS, aiming to become the first U.S. FDA approved pharmacologic agent for this indication in over 25 years. TMS-007 is a proposed novel dual mechanism of action, consisting of both thrombolytic and an-inflammatory effects.

The Phase 2a clinical trial of TMS-007 conducted in Japan enrolled 90 AIS patients within 12 hours per LKN (Last Known Normal) who were not eligible for approved thrombolytics or endovascular therapy. In the clinical trial, the pooled TMS-007 group achieved statically significant difference over the placebo group on one of the most important efficacy endpoints, the proportion of patients with a modified Rankin Scale 0-1 (no or minimal symptoms) at Day 90. TMS-007 was well tolerated and notably did not cause symptomatic intracranial hemorrhage, which is one of the most serious adverse events for thrombolytic agents, in any of the 52 TMS-007 treated patients.

Concurrently, JIXING licenses to TMS exclusive Japan rights of JX09. JX09 is an oral, novel, small molecule, ASI in development for the treatment of resistant and/or uncontrolled hypertension by JIXING, which is planned to enter into a first-in-human Phase 1 clinical trial in early 2024. JX09 has demonstrated excellent aldosterone reduction activity as well as a good safety profile in preclinical studies, with best-in-class potential.