Chelsea Therapeutics Gains Global Rights to I-3D Portfolio Targeting Autoimmune Disease and Transplant Rejection
CHARLOTTE, N.C., April 8, 2008 -- Chelsea Therapeutics International, Ltd. (Nasdaq:CHTP) announced that it has acquired full global rights to the I-3D portfolio of orally active, dihydroorotate dehydrogenase (DHODH) inhibiting compounds for the treatment of autoimmune diseases and transplant rejection.Â
Following a decision to focus its resources on its immunomodulatory compounds, Active Biotech AB has discontinued its participation in the I-3D co-development program and granted Chelsea exclusive global rights to the portfolio in exchange for royalties on future sales. The I-3D portfolio, originally developed by Active Biotech and under joint development by both companies since 2006, consists of an extensive library of therapeutic compounds that have demonstrated, during preclinical testing, potent inhibition of DHODH activity while maintaining PK and safety properties superior to the marketed DHODH inhibitor. Inhibition of DHODH is the rate-limiting step in de novo pyrimidine biosynthesis, which is required for the proliferation of T-cells during clonal expansion. Potential indications for drug candidates in this library include transplant rejection, rheumatoid arthritis, psoriasis and systemic lupus erythematosus (SLE).
"We have greatly enjoyed our collaboration with Active Biotech and respect their decision to focus on their unique quinoline based therapeutic platform," commented Dr. Simon Pedder, President and CEO of Chelsea. "We continue to believe that the I-3D portfolio of DHODH inhibitors may have value and have identified a cost-effective process for screening molecules in this portfolio which will require only a minimal investment of time and money. The results of this screening will permit us to make more informed decisions regarding our investment in the program for 2009 and beyond."
About Chelsea Therapeutics
Chelsea Therapeutics is a biopharmaceutical development company that acquires and develops innovative products for the treatment of a variety of human diseases. The Company is currently developing a library of metabolically inert antifolate compounds engineered to have potent anti-inflammatory and anti-tumor activity to treat a range of immunological disorders. Early clinical data suggests that Chelsea's lead antifolate compound, CH-1504, is a safe and effective treatment alternative to methotrexate for RA and may have further applications for psoriasis, IBD and certain cancers. Chelsea's antifolate program is complemented by a strategic partnership with Active Biotech AB for the joint development of a portfolio of therapeutics targeting immune-mediated inflammatory disorders and transplantation. In addition to its autoimmune pipeline, Chelsea is developing Droxidopa, an orally active synthetic precursor of norepinephrine, for the treatment of neurogenic orthostatic hypotension. Currently approved and marketed in Japan, Droxidopa has accumulated over 15 years of proven safety and efficacy, historically generating annual revenues of approximately $50 million in Japan.
This press release contains forward-looking statements regarding future events. These statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include reliance on collaborations and licenses, risks and costs of drug development, regulatory approvals, intellectual property risks, our reliance on our lead drug candidate CH-1504, our history of losses and need to raise more money, competition, market acceptance for our products if any are approved for marketing, reliance on key personnel including specifically Dr. Pedder, management of rapid growth, and the need to acquire or develop additional products.
CONTACT: Chelsea Therapeutics International, Ltd.
Â Â Â Â Â Â Â Â Nick Riehle, Chief Financial Officer
Â Â Â Â Â Â Â Â Â Â 704-341-1516 x101
Â Â Â Â Â Â Â Â Investor/Media Relations
Â Â Â Â Â Â Â Â Kathryn McNeil
Â Â Â Â Â Â Â Â Â Â 718-788-2856