Ambrilia Enters Into an Agreement for the Sale of PCK3145
MONTREAL, QUEBEC AND NEW YORK, NEW YORK--(Marketwire - July 16, 2009) - Ambrilia (TSX:AMB) and Kotinos Pharmaceuticals Inc., announced today that they have entered into a Patent and Technology Purchase Agreement whereby Kotinos will acquire Ambrilia's prostate cancer therapeutic PCK3145 and related assets. Under the agreement, Ambrilia is eligible to receive up to US $15 MM in development and sales milestones, including an upfront payment of US $200,000, and double-digit royalties on product net sales.
"PCK3145 provides us with the opportunity to develop an innovative therapy with potential to address the very high unmet medical need in advanced metastatic prostate cancer.", said Nicholas G. Bacopoulos, Ph.D., Chairman and CEO of Kotinos. "We are eager to continue the development of this exciting compound and to expand on the positive clinical findings obtained by Ambrilia in the conduct of their Phase 1 program. We are especially pleased that Dr. Chandra Panchal, coinventor of PCK3145, has joined our Scientific Advisory Board, bringing continuity to the project."
"This agreement is part of our ongoing strategic realignment, allowing us to focus on external opportunities for our remaining assets," said Dr. Philippe Calais, President and CEO of Ambrilia. "We are very pleased to see PCK3145 in the hands of experienced management with a track record in cancer drug development. We look forward to a smooth transition of responsibilities and a successful development effort by Kotinos Pharmaceuticals."
About PCK3145:
PCK3145 is a synthetic peptide corresponding to amino acids 31-45 of prostate secretory protein 94 (PSP94), which has been shown to reduce prostate tumor growth and experimental skeletal metastases in various prostate tumor models. It has been shown to have anti-angiogenic as well as anti-metastatic activity. A Phase I/II study conducted by Ambrilia has shown that PCK3145 had clinical activity in metastatic prostate cancer patients. PCK3145 was found to be safe and well tolerated, and was shown to increase PSA doubling time and down-regulate matrix metalloprotease enzyme MMP-9 which has been implicated in cancer metastases. Disease stabilization as assessed by time to radiographic progression was also observed in several patients.
About Kotinos Pharmaceuticals, Inc.
Kotinos Pharmaceuticals is a privately held company focused on the development of drugs for cancer and other disorders. Dr. Bacopoulos has served as head of the Cancer Research Group at Pfizer Inc, President of OSI Pharmaceuticals Inc., C.E.O. of Aton Pharma Inc. and was involved in managing the development of Tarceva(C) and Zolinza(C). Kotinos Pharmaceuticals is majority-owned by Zein Biotec PLC, London, UK, which owns and operates ZEINCRO. Professor Gregory Sivolapenko, Chairman of Zein Biotec, will serve on the Board of Directors and on the Scientific Advisory Board of Kotinos.
About Ambrilia Biopharma Inc.
Ambrilia Biopharma Inc. (TSX:AMB) is a biotechnology company focused on the discovery and development of novel treatments for viral diseases and cancer. The Company's strategy aims to capitalize on its broad portfolio and original expertise in virology. Ambrilia's product portfolio is comprised of oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a targeted delivery technology for cancer, an HIV protease inhibitor program as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds. Ambrilia's head office, research and development and manufacturing facilities are located in Montreal. For more information, please visit the Company's web site: www.ambrilia.com.
Ambrilia's forward looking statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the Company's filings. We refer you to the Risk Factors section of the Company's annual information form which contains a more exhaustive analysis of the risks and uncertainties that are generally connected to the business of the Company. Such statements are also based on various assumptions, including the successful and timely completion of clinical studies on Ambrilia's products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelines and the attainment of the forecasted milestone payments and other revenues. Failure to complete a strategic or financial transaction as a result of the review of strategic alternatives could have a material adverse effect on Ambrilia. While Ambrilia anticipates that subsequent events and developments may cause Ambrilia's views to change, Ambrilia specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.