Healthcare Industry News: Isotechnika
News Release - May 25, 2006
Isotechnika signs agreement granting Lux Biosciences Worldwide Ophthalmic rights to ISA247EDMONTON, May 25 (HSMN NewsFeed) - Isotechnika Inc. announced today that the Company has signed an agreement with Lux Biosciences, Inc. of Jersey City, New Jersey granting Lux Biosciences worldwide rights to develop and commercialize Isotechnika's lead drug, ISA247 for the treatment and prophylaxis of all ophthalmic diseases.
ISA247 is a novel calcineurin inhibitor currently being investigated in a Phase III trial for the treatment of moderate to severe psoriasis and a Phase IIb trial for the prevention of organ rejection following transplantation.
Under the terms of the agreement:
- Lux Biosciences, Inc. will make upfront and milestone payments to Isotechnika. Assuming all development milestones are achieved, the amount of this deal will be $32,700,000 USD with Isotechnika receiving an upfront payment of $3 million USD.
- Lux Biosciences, Inc. will pay Isotechnika royalties based on a percentage of net sales.
- Lux Biosciences, Inc. has exclusive worldwide marketing rights of ISA247 for all ophthalmic indications.
- Lux Biosciences, Inc. would be responsible, at its sole expense, for pre-clinical and clinical development, registration, and marketing of ISA247 for all ophthalmic indications.
- Isotechnika will be providing input on clinical trial design and will be reviewing and consulting on all regulatory filings.
- A Joint Steering Committee ("JSC") with equal membership from Isotechnika and Lux Biosciences, Inc. will be formed to oversee the development and commercialization of all ophthalmic indications.
"This agreement reconfirms the versatility of ISA247 as a multi-platform technology," stated Dr. Randall Yatscoff, Isotechnika's President and Chief Executive Officer. "Lux Biosciences' team has extensive experience in this area and we are extremely pleased to have them as a partner. We believe this agreement provides us with another opportunity to optimize shareholder value."
Dr. Ulrich Grau, Lux Biosciences' President and CEO comments, "We are delighted to be able to partner ISA247 for ophthalmic indications, and I commend Isotechnika for its great efforts behind its flagship molecule. We are highly impressed with the emerging profile of ISA247 that combines efficacy with superior safety. We believe that ISA247 has the potential to become the calcineurin inhibitor of choice with great potential in several indications, including ophthalmic indications."
Dr. Randall Yatscoff will chair a web cast this morning to provide an overview of the agreement. The web cast will take place at 9:00 a.m. ET/ 7:00 a.m. MT. All interested parties can access the live web cast (listen only mode) by accessing http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID(equal sign)1497760 or through the home page of the Company's corporate Web site at www.Isotechnika.com.
About Isotechnika Inc.
Isotechnika Inc. is an international biopharmaceutical company headquartered in Edmonton, Alberta, Canada. Drawing upon its expertise in medicinal chemistry and immunology, the Company is focused on the discovery and development of novel immunosuppressive therapeutics that are safer than currently available treatments. Its entrepreneurial management and world-class team of scientists are building a pipeline of immunosuppressive drug candidates for treatment of autoimmune diseases and for use in the prevention of organ rejection in transplantation. Isotechnika looks to become the leader in development of immunosuppressant therapies.
Isotechnika's lead compound, ISA247 is an immunosuppressant currently in an extension protocol of a Canadian Phase III human clinical trial for the treatment of moderate to severe psoriasis. In addition, ISA247 has successfully completed a Phase IIa trial for kidney transplantation. The Company also has an additional immunosuppressive compound in its drug pipeline, TAFA93 which is in Phase I.
Isotechnika Inc. is a publicly traded company on the Toronto Stock Exchange under the symbol ISA. More information on Isotechnika can be found at www.Isotechnika.com.
About Lux Biosciences Inc.
Founded in 2005, Lux Biosciences is a privately held biotechnology company dedicated to the identification, optimization, development and commercialization of products for the treatment of ophthalmic diseases. The company has assembled a portfolio of product candidates based on compounds with demonstrated utility in non-ophthalmic indications that offer potential to address major market opportunities in the ophthalmic field. ISA247, the most advanced of these, is expected to enter pivotal clinical trials for the treatment of uveitis by early 2007 and additionally offers a pipeline of other potential product applications. More information on Lux Biosciences can be found at www.luxbio.com .
This press release may contain forward-looking statements. Forward- looking statements, including the Company's belief as to the potential of its products, the Company's expectations regarding the issuance of additional patents and the Company's ability to protect its intellectual property, involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward- looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the ability to economically manufacture its products, the potential of its products, the success and timely completion of clinical studies and trials, the Company's ability to successfully commercialize its products, the ability of the Company to defend its patents from infringement by third parties, and the risk that the Company's patents may be subsequently shown to be invalid or infringe the patents of others. Investors should consult the Company's quarterly and annual filings with the Canadian commissions for additional information on risks and uncertainties relating to the forward- looking statements. Investors are cautioned against placing undue reliance on forward-looking statements.
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