Healthcare Industry News: schizophrenia
News Release - May 7, 2007
Abraxis BioScience Announces Joint Venture With Cenomed for the Development of Novel Therapeutics for Neurological DiseasesLOS ANGELES--(HSMN NewsFeed)--Abraxis BioScience, Inc. (NASDAQ:ABBI ), an integrated, global biopharmaceutical company, today announced that it has entered into a joint venture agreement with Cenomed, Inc. to create Cenomed BioSciences, LLC. This venture is designed to further the research and development of novel drugs that interact with the central nervous system focused on psychiatric and neurological diseases. All of the assets of Cenomed, Inc. will be transferred into the joint venture. The previous focus of the research by Cenomed included the development of drugs for the treatment of schizophrenia, neuroprotection, mild cognitive impairment and memory/attention impairments associated with aging, attention deficit hyperactivity disorder and pain. Abraxis will make an upfront payment and help to fund the further development of these drugs. Additional financial terms of the agreement were not disclosed.
"We are very excited about this joint venture with Cenomed and believe this type of relationship underscores our commitment toward pursuing innovative treatments beyond oncology," said Patrick Soon-Shiong, M.D., chairman and chief executive officer of Abraxis BioScience, Inc. "In addition, through this relationship, we are gaining access to important research that may have the potential to change the way neurological diseases are treated."
"Abraxis has already established a history of developing innovative technology and we are confident that they will be a strong and committed partner in furthering this important research and the development of drugs to treat debilitating illnesses that affect the central nervous system," said David Helton, president of Cenomed BioSciences, LLC.
About Abraxis BioScience, Inc.
Abraxis BioScience, Inc. is an integrated global biopharmaceutical company dedicated to meeting the needs of critically ill patients. The company develops, manufactures and markets one of the broadest portfolios of injectable products and leverages revolutionary technology such as its nab(TM) platform to discover and deliver breakthrough therapeutics that transform the treatment of cancer and other life-threatening diseases. The first FDA approved product to use this nab platform, ABRAXANEŽ, was launched in 2005 for the treatment of metastatic breast cancer. Abraxis trades on the Nasdaq Global Market under the symbol ABBI. For more information about the company and its products, please visit www.abraxisbio.com.
About Cenomed, Inc. and Cenomed BioSciences, LLC
Cenomed, Inc. and Cenomed BioSciences, LLC is a privately-held biopharmaceutical company focused on the development of innovative new drug therapies for the treatment of nervous system disorders such as schizophrenia, neuroprotection, mild cognitive impairment and memory/attention impairments associated with aging, attention deficit hyperactivity disorder and pain. More information on Cenomed BioSciences will be available at www.cenomedbiosciences.com.
Source: Abraxis BioScience
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