Angiotech Announces Drug Discovery And Development Agreement with CombinatoRx
03 Oktober 2005 - 7:00PM
PR Newswire (US)
Exclusive Collaboration With Initial Focus on Peripheral Vascular,
Coronary, and Orthopedic Indications VANCOUVER, Oct. 3
/PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc.
(NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP) today announced a license and
research collaboration agreement with CombinatoRx, Incorporated
focused on the selection and development of novel combination
pharmaceutical compounds for Angiotech's local interventional
therapy applications. The collaboration significantly expands
Angiotech's library of potentially useful drug compounds by
providing Angiotech with access to CombinatoRx's compound library
of over 2 million analyzed combinations of known pharmaceuticals,
for exclusive use in various interventional medicine fields.
Angiotech will be hosting a conference call for investors and
analysts to discuss details of the collaboration at 2:00 PM Eastern
time today (11:00 AM Pacific). The call will be webcast on
Angiotech's website at http://www.angiotech.com/ under Investor
Relations or by dialling toll-free at 1-866-202-3109 (North
America) or 617-213-8844 (International) and entering Access Code
72807940. CombinatoRx uses a high throughput screening system to
discover proprietary combinations of two or more drugs that are
able to affect important pharmaceutical pathways with the aim of
achieving greater efficacy than can be achieved through the use of
a single drug alone. The agreement provides Angiotech with
immediate access to CombinatoRx's combination pharmaceutical
compounds to target common problems in areas such as vascular,
orthopedic and general surgery, including specifically, peripheral
artery disease, coronary stenting and joint diseases. There will
also be joint research effort of up to five years designed to
combine CombinatoRx's combination drug discovery platform and
capabilities with Angiotech's expertise in local drug selection and
delivery across a number of disease areas including orthopedics,
gynecology, vascular restenosis, and local tumor cell management.
"Our license and exclusive relationship with CombinatoRx provides
us immediate access to a large and comprehensive library of
combination compounds" said William Hunter, M.D. MSc, President and
CEO of Angiotech Pharmaceuticals. "We believe there are several
CombinatoRx combination compounds that will enhance our leadership
position in repurposing known drugs to treat local vascular and
orthopedic disease and that may be of immediate use in certain of
our key product development programs, including the treatment of
restenosis in coronary stent applications. In addition, using
CombinatoRx's proprietary platform and approach, we can rapidly
screen a large number of unique drug combinations in our proven
biological models and assays. We believe working with CombinatoRx
will enable us to make fast, and most importantly, scientifically
informed decisions for commercialization of products containing
combinations of two or more drugs. Given that many drugs interact
with one another in unexpected ways, we believe it will become ever
more important to conduct such a scientific approach to discover
the best pharmaceutical solutions for local interventional
therapies." "This collaboration represents a new spectrum of
pharmaceutical options", said Rui Avelar, M.D., Senior Vice
President of Medical Affairs and Communications of Angiotech. "This
sophisticated approach to drug discovery enables us to find
combinations that are not simply additive in effect but potentially
superior in their combined form. We plan to quickly take advantage
of the collaboration and CombinatoRx's approach to enhance our
clinical initiatives." The licenses from the collaboration are
exclusive in Angiotech's principal fields of interest, including
local interventional pharmaceutical therapies for certain vascular
and orthopedic indications and in the majority of potential
drug-device combinations. As consideration for the license and
collaboration, Angiotech will provide CombinatoRx initial
consideration of $27 million in cash, and will make a concurrent
$15 million investment in CombinatoRx. In addition, CombinatoRx
will receive milestone payments and royalties from Angiotech for
each combination pharmaceutical compound successfully developed and
commercialized by Angiotech or Angiotech's commercialization
partners. The intellectual property developed during the research
collaboration will be jointly owned, but exclusively licensed to
Angiotech in its fields of drug-device combinations and certain
local drug delivery products, and to CombinatoRx primarily for
systemic therapies, and for a limited number of drug-device
combination fields. Vancouver-based Angiotech Pharmaceuticals, Inc.
is a specialty pharmaceutical company pioneering the combination of
pharmaceutical compounds with medical devices and biomaterials to
both create novel solutions for poorly addressed disease states and
dramatically improve surgical outcomes. To find out more about
Angiotech Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP),
please visit our website at http://www.angiotech.com/. CombinatoRx,
Incorporated is a biopharmaceutical company focused on developing
new medicines built from synergistic combinations of approved
drugs, designed to attack disease on multiple fronts. CombinatoRx
applies its proprietary combination drug discovery technology to
identify new combination product candidates in a number of disease
areas, including immuno-inflammatory disease, oncology, metabolic
disease and neurodegenerative diseases. By applying its proprietary
screening technology, CombinatoRx has discovered and advanced into
clinical trials a portfolio of seven product candidates targeting
multiple diseases. For further information, please visit the
CombinatoRx website at http://www.combinatorx.com/. Statements
contained herein that are not based on historical or current fact,
including without limitation statements containing the words
"anticipates," "believes," "may," "continue," "estimate,"
"expects," "may" and "will" and words of similar import, constitute
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, events or developments
to be materially different from any future results, events or
developments expressed or implied by such forward-looking
statements. Such factors include, among others, the following:
general economic and business conditions, both nationally and in
the regions in which the Company operates; technology changes;
competition; changes in business strategy or development plans; the
ability to attract and retain qualified personnel; existing
governmental regulations and changes in, or the failure to comply
with, governmental regulations; liability and other claims asserted
against the Company; and other factors referenced in the Company's
filings with the United States Securities and Exchange Commission
or the Canadian securities regulators. Given these uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements. The Company does not assume the
obligation to update any forward-looking statements. FOR ADDITIONAL
INFORMATION: Analysts and Investors: Todd Young, Vice President
Investor Relations and Communications, Angiotech Pharmaceuticals,
Inc. (604) 221-7676 ext 6933 Analysts: Rui Avelar, Senior Vice
President Medical Affairs and Communications, Angiotech
Pharmaceuticals, Inc. (604) 221-7676 ext 6996 Media: Wendy Carhart,
Waggener Edstrom Bioscience, (503) 443-7354, Email: DATASOURCE:
Angiotech Pharmaceuticals, Inc. CONTACT: Analysts and Investors:
Todd Young, Vice President Investor Relations and Communications,
Angiotech Pharmaceuticals, Inc., (604) 221-7676 ext 6933; Analysts:
Rui Avelar, Senior Vice President Medical Affairs and
Communications, Angiotech Pharmaceuticals, Inc., (604) 221-7676 ext
6996; Media: Wendy Carhart, Waggener Edstrom Bioscience, (503)
443-7354, Email:
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