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Nov 24
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Final close of Advent Life Sciences

By Advent Life Sciences, Press Release
Press Release.

 

London, 24 November 2010: Advent Venture Partners today announced the final close of a $120M (£75M) venture capital fund, to be called Advent Life Sciences. The fund will be managed by General Partners Shahzad Malik and Raj Parekh, and is the first life sciences-focused fund raised by the firm.

The fund will invest predominantly in early- and mid-stage life sciences companies in the UK, Europe and the US. Advent Life Sciences will back companies that have a first- or best-in-class approach in a range of sectors within life sciences, including new drug discovery, enabling technologies, med tech and diagnostics.

Commenting on this close, Raj Parekh said,

“We are pleased to have closed our first life sciences fund at this level in an environment of unprecedented difficulty for raising European venture funds. We appreciate the support that our LPs have shown to the team and the sector, and we look forward to investing this fund at such an opportune time in the cycle.”

The fund was raised with the participation of the UK Future Technologies Fund, managed by the European Investment Fund, which invests in a range of technologies such as life sciences, digital technology, and advanced manufacturing.

Advent’s life sciences team has a first-class investment track record. Recent investments include Avila Therapeutics, Biocartis, Cellnovo, Respivert, Thiakis, Algeta and Amsterdam Molecular Therapeutics in all of which the Advent Life Sciences team led the formation of the Company and/or participated in the first venture round.

Nov 04
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Algeta wins Scrip Award for Biotechnology Company of the Year

By Algeta, Press Release
Press Release.

 

Scrip’s Biotech Company of the Year award seeks to acknowledge the vital importance to the industry of biotechnology’s cutting-edge science and entrepreneurial spirit. This year, from a strong field, the judges chose Algeta as the winner.

 

The Norwegian firm has enjoyed a transformational year during which it took a major step towards achieving its ambition of becoming a cancer-focused speciality pharma company. Its major achievement was the signing of an $800 million partnership deal with Bayer Schering Pharma for the development and commercialisation of its novel radiopharmaceutical product Alpharadin to treat bone metastases in prostate and other cancer patients.

The deal, one of the largest in 2009, crucially allows Algeta to retain an option for 50:50 co-promotion in the US. Its structure is such that milestone payments abased on the successful development of Alpharadin would be enough to enable Algeta to establish a functional US commercial operation in readiness for launch. Moreover, the company’s share price rose by 780% during 2009, making it the flagship company in the Norwegian biotech sector.

The judges said that the use of Algeta’s proprietary technology in developing a new class of radiopharmaceuticals could lead to a significant advance in the treatment of various cancers. “A very impressive year – great deal and creation of shareholder value,” they said.

Alpharadin is an alpha particle-emitting targeted agent that prolonged patient survival in a Phase II trials. Alpha particles have a potent but very short-range cytotoxic effect (2-10 cell diameters) and so deliver localised tumour death with minimal effect on surrounding normal cells.

For the full list of winner please click on the link below:
www.scripintelligence.com/multimedia/archive/00108/040_CF_Scrip_Awards_108838a.pdf

Nov 02
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Avila Presents New Data on its Novel, Orally-Available Targeted Covalent Drug, AVL-192

By Avila, Press Release
Press Release.

 

Covalent Inhibition Achieves Superior Potency Against Drug-Resistant HCV Mutants

 

BOSTON and WALTHAM, MA – Avila Therapeutics™, Inc., a biotechnology company developing novel targeted covalent drugs, presented results today of preclinical studies that demonstrate its orally-available targeted covalent drug candidate, AVL-192, achieves superior potency against drug-resistant mutations of the Hepatitis C Virus (HCV). These new data were presented today at the Annual Meeting of the American Association for the Study of Liver Diseases (AASLD) international meeting in Boston, Massachusetts.

HCV protease (also known as NS3) is a promising target of intervention for the treatment of hepatitis C infection. However, medicines currently in late stages of clinical development are vulnerable to drugresistant mutations. AVL-192 is a novel, orally available compound that can rapidly and completely silence the HCV protease through highly selective, irreversible covalent bonding to the target protein. Preclinical data have demonstrated that AVL-192 achieves very high potency and selectivity for NS3 and also potently and effectively inhibits the drug-resistant mutations observed clinically.

Avila’s covalent approach to silencing the NS3 protein has resulted in a product candidate with a potential best-in-class profile due to the ability to retain potency against clinically-arising resistance
mutations, and potential breadth of activity across HCV genotypes with anticipated once-per-day dosing.

In a poster presentation at the meeting, entitled, “Second Generation of Covalent Irreversible Inhibitors Have Superior Potency Across Genotypes and Drug Resistant Mutants,” data were presented from preclinical studies that evaluated the efficacy of AVL-192 in biochemical and cell culture studies.

Highlights of the data demonstrate:

• AVL-192 has a time-dependent mode of action that delivers potent and rapid inhibition of WT NS3/4A and retains high potency against drug-resistant mutant NS3/4A proteases;

• AVL-192 is able to inhibit the protease long after the compound is removed, offering the benefit of less frequent dosing;

• AVL-192 as monotherapy can be curative in the replicon clearance assay;

• AVL-192 is highly selective and spares host proteases; and

• AVL-192 has high plasma exposure following oral administration in rats and dogs. “These new data reinforce our belief that our targeted covalent drug candidate AVL-192 has the potential to be a best-in-class, pan-genotype HCV therapeutic due to its unique mechanism of action,” said Juswinder Singh, Ph.D., Avila’s Founder and Chief Scientific Officer.

About Avila Therapeutics™, Inc.
Avila focuses on design and development of targeted covalent drugs to achieve best-in-class outcomes that cannot be achieved through traditional chemistries. This approach is called “protein silencing”. The company’s product pipeline has been built using its proprietary Avilomics™ platform and is currently focused on viral infection, cancer and autoimmune disease. Avila is funded by leading venture capital firms: Abingworth, Advent Venture Partners, Atlas Venture, Novartis Option Fund, and Polaris Venture Partners.

Oct 26
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Infinity announces that Purdue Pharmaceutical Products L.P. and Mundipharma International Corporation Ltd. Exercise Rights to Develop and Commercialize Infinity’s FAAH Pain Program Worldwide

By Infinity, Press Release
Press Release.

 

Decision Demonstrates Strength of Alliance and Underscores Complementary Capabilities of the Partners

 

CAMBRIDGE, Mass., — Infinity Pharmaceuticals, Inc. (Nasdaq:INFI) today announced that Purdue Pharmaceutical Products L.P. and its independent associated company, Mundipharma International Corporation Ltd., have exercised their right to assume worldwide development and commercialization activities for Infinity’s fatty acid amide hydrolase, or FAAH, program. The decision reflects progress made in the development of Infinity’s oral FAAH inhibitor, IPI-940. Data from the Phase 1 single-dose study showed IPI-940 demonstrated favorable pharmacokinetics and was generally well tolerated in healthy volunteers. Purdue is planning to initiate Phase 2 studies of IPI-940 in 2011.

The enzyme FAAH degrades anandamide, an endogenous cannabinoid that mediates the body’s own powerful analgesic and anti-inflammatory responses. IPI-940 blocks the action of FAAH, thereby increasing the therapeutic action of anandamide. As a novel inhibitor of FAAH, IPI-940 has potential application for the treatment of a broad range of painful conditions and inflammatory diseases.

“Purdue is a world leader in the development and commercialization of therapeutics for the treatment of pain, and we are pleased that they will be advancing IPI-940 through later-stage clinical development and into the marketplace,”

stated Adelene Q. Perkins, president and chief executive officer of Infinity.

“Purdue has been a wonderful partner. Working together, we will continue to leverage our complementary capabilities to bring important medicines to patients in pain and inflammatory diseases.”

“FAAH is a promising therapeutic target for a wide variety of pain and inflammatory conditions, and we look forward to advancing IPI-940 into Phase 2 clinical development,”

stated John H. Stewart, President and CEO of Purdue.

“This program fits well within our comprehensive analgesic plan and is a valuable addition to our expanding drug pipeline.”

Phase 1 Single Dose Study of IPI-940
The Phase 1 randomized study of IPI-940 enrolled 48 healthy adult volunteers and assessed the pharmacokinetics, pharmacodynamics, safety and tolerability of IPI-940 following single oral administration at escalating dose levels. In the study, administration of IPI-940 resulted in marked FAAH inhibition and increased anandamide levels. In addition, IPI-940 was well tolerated, with no observed dose-limiting toxicities or clinically significant changes in clinical laboratory values, vital signs or electrocardiogram parameters. Additional Phase 1 development of IPI-940 is ongoing.

Financial Guidance
Infinity is completing certain development activities to enable Purdue to begin Phase 2 studies. As a result of reimbursement for activities associated with the transition of the FAAH program to Purdue, Infinity now anticipates a year-end cash and investments balance of $90-$100 million, revised from an earlier expectation of $85-95 million.

About FAAH and IPI-940
FAAH plays a role in the endocannabinoid system (ECS), which is made up of a group of enzymes and receptors shown to play an important role in modulating painful and inflammatory conditions affecting the central nervous system and the body as a whole. In response to painful stimuli or inflammation, the ECS is activated and endocannabinoids are produced. Many endocannabinoids are fatty acid amides (FAAs), which produce the body’s own powerful analgesic and anti-inflammatory responses. FAAH breaks down FAAs, rendering the beneficial effects of FAAs short-lived. It is believed that inhibition of FAAH may enable the body to bolster its own analgesic and anti-inflammatory response. IPI-940 blocks the action of FAAH, thereby increasing the duration of the analgesic effect of FAAs. As a novel inhibitor of FAAH, IPI-940 has potential application for the treatment of a broad range of painful conditions and inflammatory diseases.

About the Strategic Alliance with Purdue and Mundipharma
Infinity entered into a strategic alliance with Purdue and Mundipharma in 2008 to develop and commercialize pharmaceutical products. The alliance includes product candidates arising from Infinity’s Hedgehog pathway, FAAH, phosphoinositol-3-kinase and discovery programs. Under the terms of the alliance related to the FAAH program, Purdue and Mundipharma will continue to be responsible for fully funding the FAAH program and Infinity will be entitled to worldwide royalties on any successfully-developed products. In addition, Purdue and Mundipharma are funding all research and development costs of other programs within the strategic alliance. Infinity retains U.S. commercialization rights for these products and will receive royalties on any product sales outside the U.S.

About Infinity Pharmaceuticals, Inc.
Infinity is an innovative drug discovery and development company seeking to discover, develop, and deliver to patients best-in-class medicines for difficult-to-treat diseases. Infinity combines proven scientific expertise with a passion for developing novel small molecule drugs that target emerging disease pathways. Infinity’s programs in the inhibition of the Hsp90 chaperone system, the Hedgehog pathway, fatty acid amide hydrolase and phosphoinositide-3-kinase are evidence of its innovative approach to drug discovery and development. For more information on Infinity, please refer to the company’s website at www.infi.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding the pursuit of later-stage clinical development and commercialization of IPI-940 by Purdue and Mundipharma, the potential applicability of FAAH inhibitors in pain and inflammatory diseases, the commencement of Phase 2 clinical studies of IPI-940 in 2011, the receipt of royalties by Infinity on sales of products arising from the strategic alliance, and year-end cash guidance. Further, there can be no guarantee that any positive developments in Infinity’s product portfolio will result in stock price appreciation. In particular, management’s expectations could be affected by risks and uncertainties relating to: efforts by Purdue and Mundipharma to continue developing IPI-940, which are outside of Infnity’s control; results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities, investigational review boards at clinical trial sites; the ability to enroll patients in clinical trials of IPI-940; unplanned cash requirements and expenditures; and Infinity’s ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing. These and other risks which may impact management’s expectations are described in greater detail under the caption “Risk Factors” included in Infinity’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on August 4, 2010. Further, any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:
Infinity Pharmaceuticals, Inc.
Jaren Irene Madden
617-453-1336
Jaren.Madden@infi.com

Oct 10
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Infinity Announces Promising Phase 1 Data of IPI-926 in Patients With Advanced or Metastatic Solid Tumors

By Infinity, Press Release
Press Release.

 

First Demonstration of Clinical Activity of IPI-926 Observed in Patients With Basal Cell Carcinoma

 

MILAN, Italy — Infinity Pharmaceuticals, Inc. (Nasdaq:INFI) today announced promising preliminary results from a Phase 1 study of IPI-926, its novel, oral small molecule that targets the Hedgehog pathway. In the study, IPI-926 was well tolerated and resulted in clinical activity in patients with basal cell carcinoma (BCC). These data demonstrate the ability of IPI-926 to inhibit the Hedgehog pathway, further supporting the Phase 1b/2 study of IPI-926 in combination with Gemzar® (gemcitabine) in patients with previously untreated, metastatic pancreatic cancer, which is enrolling patients. These data were described in a poster presentation at the European Society for Medical Oncology (ESMO) Congress in Milan, Italy.

“This study provides important information about the tolerability and anti-tumor activity of IPI-926 in patients with solid tumors and confirms our hypothesis that inhibition of the Hedgehog pathway may be an important new approach to treating the broad range of cancers in which this pathway is implicated,”

said Antonio Jimeno, M.D., Ph.D., Associate Professor, University of Colorado School of Medicine, and a lead investigator in this study.

“I look forward to further exploration of the clinical potential of IPI-926 in multiple indications.”

“We are encouraged by the clinical data of IPI-926 showing a pharmacokinetic profile that supports once daily dosing as well as activity in patients with basal cell carcinoma. We look forward to following the numerous patients who remain on study and reporting the full set of data in the future,”

stated Julian Adams, Ph.D., president of research and development at Infinity.

“Having demonstrated that IPI-926 has on-target activity against the Hedgehog pathway, these results further support our Phase 1b/2 trial in pancreatic cancer. We are currently evaluating additional indications in which to advance IPI-926.”

 

Trial Design and Results
The Phase 1 study of IPI-926 was designed as an open-label, dose-escalation study in patients with advanced and/or metastatic solid tumor malignancies. Patients received IPI-926 administered orally once-daily on 28 day cycles at doses ranging from 20 mg to 200 mg. In addition to the initial dose escalation phase, several expansion cohorts were enrolled at the 130 mg dose level, including a cohort of patients with locally advanced or metastatic BCC. Trial endpoints include safety and tolerability, pharmacokinetics, pharmacodynamics and anti-tumor activity. Further dose escalation in this study is ongoing to determine the maximum tolerated dose of IPI-926.

At the time of the data presentation, 60 patients have been enrolled, including 24 patients with BCC. IPI-926 has been well tolerated. The most common adverse events observed were Grade 1 and 2 fatigue and nausea. Grade 3 transaminitis was observed in four patients; however, all events of transaminitis were asymptomatic and reversible. No Grade 4 or 5 related AEs were observed. Steady state exposure to IPI-926 was achieved after three weeks on study, confirming the potential for once daily dosing.

In the BCC cohort, 17 patients were enrolled who were naïve to treatment with a Hedgehog pathway inhibitor. To date, four clinical partial responses have been observed in this group of patients. As the majority of patients with BCC have undergone treatment for less than 24 weeks, more time on study will be required to fully assess the clinical activity of IPI-926 in patients with BCC. Only one patient with BCC naïve to treatment with a Hedgehog pathway inhibitor has discontinued from the study due to progression of disease, and this patient was on trial for more than 18 months. Among patients with non-BCC solid tumors enrolled in the study, three patients have shown stable disease for at least six months.

Information regarding clinical trials for IPI-926, including participating clinical trial sites, is available at www.clinicaltrials.gov.

About the Hedgehog Pathway and IPI-926
Malignant activation of the Hedgehog pathway is responsible for a broad range of cancers through three distinct mechanisms: signaling to the tumor microenvironment, signaling to tumor progenitor cells, and genetic activation of the Hedgehog pathway in tumor cells. IPI-926 is a small molecule that inhibits Smoothened (Smo), a key component of the Hedgehog pathway. Smo inhibition represents a significant anti-cancer opportunity for addressing a number of difficult-to-treat cancers by disrupting malignant activation of the pathway.

IPI-926 is currently being evaluated in a Phase 1 study in solid tumors as well as a Phase 1b/2 study in combination with Gemzar® (gemcitabine) in patients with previously untreated, metastatic pancreatic cancer. These clinical trials build upon a robust set of supporting preclinical data that provide a strong rationale for evaluating the potential of IPI-926 for treatment of a broad range of cancers.

About Infinity Pharmaceuticals, Inc.
Infinity is an innovative drug discovery and development company seeking to discover, develop, and deliver to patients best-in-class medicines for difficult-to-treat diseases. Infinity combines proven scientific expertise with a passion for developing novel small molecule drugs that target emerging disease pathways. Infinity’s programs in the inhibition of the Hsp90 chaperone system, the Hedgehog pathway, fatty acid amide hydrolase and phosphoinositide-3-kinase are evidence of its innovative approach to drug discovery and development. For more information on Infinity, please refer to the company’s website at www.infi.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include those regarding the utility of Hedgehog pathway inhibition, the reporting of clinical data and the potential of IPI-926 to treat a broad range of cancers. Such statements are subject to numerous factors, risks and uncertainties that may cause actual events or results to differ materially from the company’s current expectations. For example, there can be no guarantee that IPI-926 will successfully complete necessary preclinical and clinical development phases or that Infinity’s strategic alliance with Mundipharma International Corporation Ltd. will continue for its expected term or that it will fund Infinity’s programs as agreed. Management’s expectations could also be affected by risks and uncertainties relating to: results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities, investigational review boards at clinical trial sites, and publication review bodies; Infinity’s ability to enroll patients in its clinical trials; unplanned cash requirements and expenditures, including in connection with business development activities; and Infinity’s ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing. These and other risks which may impact management’s expectations are described in greater detail under the caption “Risk Factors” included in Infinity’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on August 4, 2010. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Gemzar® is a registered trademark of Eli Lilly and Company.

CONTACT:
Infinity Pharmaceuticals, Inc.
Jaren Irene Madden
617-453-1336
Cell: 617-780-7432
Jaren.Madden@infi.com
http://www.infi.com

Oct 06
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Amsterdam Molecular Therapeutics successfully raised €14.3m through an Equity Issue

By Press Release

Press Release.

Amsterdam – Amsterdam Molecular Therapeutics (AMT) Holding N.V. (Euronext: AMT) announces today that it has successfully raised € 14.3 m in gross proceeds through a private placement of new shares with institutional investors, other qualifying investors who subscribed forat least € 50,000 per investor in various jurisdictions and the members of the Board of Management (the “Private Placement”). Pursuant to the Private Placement AMT will issue 8,435,294 new ordinary shares with a nominal value of € 0.04 each for an offer price of € 1.70 per share.

The net proceeds of the Private Placement will increase AMT’s financial flexibility and will be used to fund Glybera® through its regulatory and commercial development and to continue the development of the hemophilia and other pipeline programs.

The payment and delivery of the new shares is expected to take place on October 11, 2010, at which date the new shares are also expected to be admitted to listing on NYSE Euronext in Amsterdam.

Immediately after the closing of the Private Placement, AMT’s issued and outstanding share capital will amount to 23,504,022 ordinary shares.

Pricing Statement
The prospectus that was prepared in relation to the admission to listing and trading of the shares was made generally available on 5 October 2010. Today, AMT deposited a pricing statement with the Authority of the Financial Markets (Stichting Autoriteit Financiële Markten) mentioning amongst others the number of new shares to be issued and the issue price of the new shares. The prospectus and the pricing statement are available via AMT’s website.

Kempen & Co and Petercam Nederland N.V. have acted as joint global coordinators and bookrunners for the Private Placement.

About Amsterdam Molecular Therapeutics
AMT is a leader in the development of human gene based therapies. Using adeno-associated viral (AAV) derived vectors as the delivery vehicle of choice for therapeutic genes, the company has been able to design and validate what is probably the first stable and scalable AAV production platform. This proprietary platform can be applied to a large number of rare (orphan) diseases that are caused by one faulty gene. Currently, AMT has a product pipeline with several AAV-based gene therapy products in LPLD, Hemophilia B, Duchenne Muscular Dystrophy, Acute Intermittent Porphyria, and Parkinson’s Disease at different stages of research or development. AMT was founded in 1998 and is based in Amsterdam.

Not for release, publication or distribution in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Japan or South Africa or to US persons. This announcement is not a prospectus and is not an offer for sale of securities in the United States, Canada, South Africa, Australia, Japan or any other jurisdiction.

The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “”Securities Act””), and may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

In connection with the admission of the shares in the capital of Amsterdam Molecular Therapeutics (AMT) Holding N.V. to listing and trading on NYSE Euronext in Amsterdam a prospectus has been made generally available (the “”Prospectus””). The Prospectus is available at no cost through the website of AMT, and is also available via the website of NYSE Euronext (Dutch residents only) and by sending a request in writing to AMT (P.O. Box 22506, 1100 DA Amsterdam, The Netherlands).

For further enquiries:

Ellen Roest
AMT Communications
Tel : +31 6 2900 6179
e.roest@amtbiopharma.com

Mike Sinclair
Halsin Partners
Tel : +44 20 7318 2955
msinclair@halsin.com

Jörn Aldag
CEO
Tel +31 20 566 7394
j.aldag@amtbiopharma.com

Certain statements in this press release are “forward-looking statements” including those that refer to management’s plans and expectations for future operations, prospects and financial condition. Words such as “strategy,” “expects,” “plans,” “anticipates,” “believes,” “will,” “continues,” “estimates,” “intends,” “projects,”“goals,” “targets” and other words of similar meaning are intended to identify such forward-looking statements. Such statements are based on the current expectations of the management of AMT only. Undue reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and can be affected by factors that are beyond the control of AMT. Actual results could differ materially from current expectations due to a number of factors and uncertainties affecting AMT’s business.

AMT expressly disclaims any intent or obligation to update any forward-looking statements herein except as required by law. For a more detailed description of the risk factors and uncertainties affecting AMT, reference is made to the Prospectus and AMT’s public announcements made from time to time.

Oct 06
Love0

Pathwork Diagnostics Completes $30M Series C Round

By Pathwork Diagnostics, Press Release
Press Release.

 

Capital to Accelerate Commercialization and Market Share for FDA-cleared Tissue of Origin Test

 

REDWOOD CITY, Calif., – Pathwork Diagnostics, Inc, a privately held molecular diagnostics company focused on oncology, today announced the closing of its $30 million Series C financing. Led by Alta Partners, the financing included participation from the company’s existing investors: Abingworth, Advent Venture Partners, Novus Ventures, Prospect Venture Partners and Venrock. David Mack, Ph.D., Director at Alta Partners, joined Pathwork Diagnostics’ board of directors in connection with the financing.

The Pathwork® Tissue of Origin Test identifies the source of cancers that are difficult to classify and increases oncologists’ confidence in their treatment approaches. The test works on formalin-fixed, paraffin-embedded (FFPE) tissues, which is the most common clinical specimen type. The accurate and reproducible results are evaluated by the physician in the context of the patient’s clinical history and complementary diagnostics.

Breaking new ground in the field of molecular diagnostics, the Tissue of Origin Test recently received U.S. Food and Drug (FDA) clearance. Pathwork has the only FDA-cleared molecular diagnostic test for tissue of origin. Pathwork also recently signed a diagnostic discovery partnership in oncology with Novartis.

“2010 has been an exciting and productive year at Pathwork Diagnostics,”

said CEO Deborah J. Neff.

“We are pleased to have Alta Partners join our outstanding syndicate of investors, and look forward to working with our team to accelerate our efforts to build adoption and market share for the Tissue of Origin Test. This financing provides the resources to support our commercial activities and expand our product offerings.”

“Pathwork Diagnostics is developing compelling technology that is changing the way oncologists diagnose and treat challenging tumors,”

said new board member David Mack.

“We believe the company’s technology is best in class and are excited about the company’s commercial growth opportunities.”

When the tumor’s tissue of origin cannot be identified, patients may not receive the most appropriate tissue specific standard-of-care treatment.

“Our approach allows physicians to have more certainty in diagnosing and managing their cancer patients,”

said Deborah J. Neff.

“Pathwork looks forward to working directly on new molecular diagnostic tests and in collaboration with pharmaceutical companies to provide physicians with better diagnostics that will help improve patient care.”

 

About Pathwork Diagnostics
Pathwork Diagnostics Inc. is a privately held company based in Redwood City, Calif., that develops and commercializes high-value molecular diagnostics for oncology. The company’s flagship Tissue of Origin Test is the only FDA-cleared molecular test of its kind. For more information call toll-free 1(877) 808-0006 or visit www.pathworkdx.com.

About Alta Partners
Alta Partners is a San Francisco-based venture capital firm focused on life sciences investing. Founded in 1996, the firm currently manages $2 billion in committed capital through eight venture fund programs. Alta invests in life sciences companies across the development continuum, from company formation to later-stage opportunities, and has funded more than 120 companies in the sector to date. www.altapartners.com

Oct 04
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Avila Initiates Phase 1 Clinical Study of AVL-292, a Targeted Covalent Drug and Novel Potential Treatment for B Cell Cancers and Autoimmune Diseases

By Avila, Press Release
Press Release.

 

WALTHAM, Mass. – Avila Therapeutics™, Inc., a biotechnology company developing targeted covalent drugs, announced today that it has initiated a phase 1 clinical trial to assess the safety, tolerability and pharmacokinetic profile of AVL-292, a novel, orally available, covalent drug that targets Bruton’s tyrosine kinase (Btk). AVL-292 is the first product candidate to enter clinical evaluation from Avila’s proprietary covalent drug platform, Avilomics™.

“Initiating clinical development of AVL-292 is an important milestone in our development of a new generation of rationally-designed, targeted covalent drugs,”

said Katrine Bosley, Chief Executive Officer of Avila.

“By addressing a target that has been difficult for others to address successfully AVL-292 has the potential to help patients in need of new therapies for B cell cancers and autoimmune diseases like rheumatoid arthritis.”

B cells are implicated in multiple diseases, and Btk plays a critical role in the signaling and proliferation of B cells. Potent, selective inhibition of Btk has the potential to be therapeutically important in the treatment of B cell-related hematological cancers such as non-Hodgkin lymphoma (NHL) and chronic lymphocytic leukemia (CLL), as well as autoimmune diseases such as rheumatoid arthritis. In preclinical studies, AVL-292 selectively and potently inhibited Btk in vitro and was efficacious in a variety of different animal disease models.

The first clinical study of AVL-292, which is being conducted in the U.S., is a double-blind, placebo-controlled, single ascending dose study and will evaluate the safety, tolerability, and pharmacokinetic profile of AVL-292 in healthy volunteers. In addition, this study will use Avila’s unique covalent probe technology to evaluate quantitatively the relationships among dose level, systemic exposure and occupancy of the target by AVL-292. This combination of analyses is designed to provide a powerful and rigorous understanding of AVL-292 action at the molecular and cellular levels and may serve to guide future clinical development.

“The Leukemia & Lymphoma Society is very excited about AVL-292 moving into clinical evaluation. There remains a great need for therapies that work by new mechanisms to treat patients who are fighting blood cancers, and we believe that targeting Bruton’s tyrosine kinase may be an important new approach to benefit the patients we serve,”

said Louis DeGennaro, Ph.D., Chief Mission Officer of The Leukemia & Lymphoma Society, with whom Avila established a collaboration in March 2010.

 

About Avila Therapeutics
Avila focuses on design and development of targeted covalent drugs to achieve best-in-class outcomes that cannot be achieved through traditional chemistries. This approach is called “protein silencing”. The company’s product pipeline has been built using its proprietary Avilomics™ platform and is currently focused on cancer, autoimmune disease, and hepatitis C infection. Avila is funded by leading venture capital firms: Abingworth, Advent Venture Partners, Atlas Venture, Novartis Option Fund, and Polaris Venture Partners.

Aug 03
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Algeta concludes agreements for the manufacture and supply of Alpharadin for future commercial sale

By Algeta, Press Release
Press Release.

 

Oslo, Norway – Algeta ASA (OSE: ALGETA), the focused oncology company, today has announced it has concluded two agreements for the manufacture and supply of Alpharadin for future commercial sale. Alpharadin (radium-223) is a novel, targeted alpha-pharmaceutical in clinical trials for treating bone metastases in cancer patients.

The signing of these agreements triggers a EUR 5 million milestone payment from Bayer Schering Pharma (“Bayer”), Algeta’s development and commercial partner for Alpharadin.

The first agreement, with Bayer, provides that Algeta will be the exclusive supplier of Alpharadin for future commercial sale.

The second agreement sees Algeta significantly extend its collaboration with Oslo’s Institute for Energy Technology (IFE), which currently manufactures Alpharadin for Algeta/Bayer’s ongoing ALSYMPCA phase III study and clinical trials in other cancer indications. Under the terms of this second agreement, IFE, in conjunction with Algeta, will commence an expansion of the existing Alpharadin production facility at IFE. The upgrade, which will be paid for by Algeta, will create a state-of-the-art manufacturing facility to supply the expected commercial demand around the world following approval and launch.

Andrew Kay, Algeta’s President and CEO said:

“IFE has proved to be an excellent manufacture and supply partner of Alpharadin for all our clinical trials to date. We look forward to continuing our work together with IFE to secure the future clinical and commercial supply of Alpharadin.”

He added:

“Algeta and IFE have developed world-leading expertise in the production of the alpha-emitters that underpin our alpha-pharmaceutical platform. As a consequence, the new, state-of-the-art facility will also provide an important advantage to Algeta as it looks to advance its Thorium platform. The conclusion of these agreements, therefore, is a very positive development for Algeta.”

 

For further information, please contact:

For Algeta
Andrew Kay, CEO
Oystein Soug, CFO
+47 2300 7990 / +47 4840 1360 (mob)
+47 2300 7990 / +47 9065 6525 (mob)
post@algeta.com

International media enquiries:
Mark Swallow/Helena Galilee/David Dible,
Citigate Dewe Rogerson
+44 207 638 9571,
mark.swallow@citigatedr.co.uk

US investor enquiries:
Jessica Lloyd, The Trout Group
+1 646 378 2928,
jlloyd@troutgroup.com

About Algeta
Algeta is a focused oncology company developing novel targeted therapies for patients with cancer based on its alpha-pharmaceutical platform.

Algeta’s lead product Alpharadin (based on radium-223) is a first-in-class, highly targeted alpha-pharmaceutical under clinical evaluation to improve survival in patients with bone metastases from advanced cancer. Its localized action helps preserve the surrounding healthy tissue thereby limiting side-effects.

The development of bone metastases represents a serious development for cancer patients as they are associated with a dramatic decline in patient health and quality of life, ultimately leading to death. Bone metastases represent a major unmet medical need, occurring in up to 90% of certain late-stage cancers, e.g. prostate, breast and lung.

Alpharadin is partnered with Bayer Schering Pharma AG, a major pharmaceutical company, and is in a global phase III clinical trial (ALSYMPCA) to treat bone metastases resulting from hormone-refractory (castration-resistant) prostate cancer. Alpharadin is also under investigation in phase II clinical trials as a potential new treatment for bone metastases in endocrine-refractory breast cancer patients.

Algeta also aims to develop a future pipeline of tumor-targeting alpha-pharmaceutical candidates based on the alpha particle emitter thorium-227, through selective in-licensing and/or acquiring innovative technologies and tumor-targeting molecules.

The Company is headquartered in Oslo, Norway, and was founded in 1997. Algeta listed on the Oslo Stock Exchange in March 2007 (Ticker: ALGETA).

Alpharadin and Algeta are trademarks of Algeta ASA.

About IFE (Institute for Energy Technology) ife.no
IFE is an international research institute for energy and nuclear technology. IFE’s mandate is to undertake research and development, on an ideal basis and for the benefit of society, within the energy and petroleum sector, and to carry out assignments in the field of nuclear technology for the nation.

The Isotope Laboratories at IFE are a national centre of expertise for radiopharmaceuticals. The Institute was founded in 1948, and is today an independent foundation. The annual turnover is approximately NOK 650 M, and IFE has approximately 600 employees.

Forward-looking Statement
This news release contains forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on results of operations and the financial condition of Algeta. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things, risks associated with technological development, the risk that research & development will not yield new products that achieve commercial success, the impact of competition, the ability to close viable and profitable business deals, the risk of non-approval of patents not yet granted and difficulties of obtaining relevant governmental approvals for new products.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Aug 02
Love0

Pathwork Diagnostics Partners with Leading Pharmaceutical Company to Discover Molecular Diagnostics for Cancer

By Pathwork Diagnostics, Press Release
Press Release.

 

REDWOOD CITY, California – Pathwork Diagnostics Inc., a molecular diagnostics company focused on oncology, today announced that it has entered into a research collaboration with Novartis.

The parties intend to discover clinically meaningful biomarker signatures that can serve as the basis for diagnostics across a range of cancer types. Under the terms of the agreement, both parties have rights to develop and commercialize the diagnostic products.
Financial terms were not disclosed.

“There is no question that the future of cancer treatment will require and depend on molecular diagnostics,”

said Richard Klausner, M.D., former director of the National Cancer Institute and member of Pathwork Diagnostics Board of Directors.

“The collaboration between Pathwork and Novartis has the potential to yield diagnostic products that improve the quality of cancer care worldwide.”

 

About Pathwork Diagnostics
Pathwork Diagnostics Inc. develops and commercializes high-value molecular diagnostics for oncology and is a privately held company based in Redwood City, Calif. The company’s Tissue of Origin Test is the only FDA-cleared molecular test that assists in the determination of the tissue of origin. The test uses microarray-based RNA profiling to compare the patient’s specimen to a database of known tumor types. The accurate and reproducible results are evaluated by the physician in the context of the patients’ clinical history and complementary diagnostics, such as immunohistochemistry.