Concordia Pharmaceuticals, Inc. Signs First Licensing Agreement with Ono Pharmaceutical Co, Ltd. for Salirasib
First-In-Class Treatment Targets Pancreatic Cancer
Ft. Lauderdale, Florida, September 1, 2010 - Concordia Pharmaceuticals, Inc. announced today that it has signed a licensing agreement with Ono Pharmaceutical Co, Ltd. (Osaka, Japan), a top-tier Japanese pharmaceutical company, for salirasib, a first-in-class, targeted agent for the treatment of pancreatic, non-small cell lung and colorectal cancers. The agreement grants Ono the exclusive rights to develop and commercialize salirasib in Japan.
Terms of the deal include an upfront payment to Concordia by Ono, followed by additional payments based on the successful completion of clinical and regulatory milestones, as well as royalties on sales of salirasib in Japan.
"We are enthusiastic about this agreement with Ono, which marks an important milestone for both salirasib and Concordia," said Reginald Hardy, President, Concordia Pharmaceuticals. "Salirasib holds exciting promise for some of the most difficult-to-treat cancers, and we are actively pursuing all opportunities to bring this compound to the next stage of clinical development and ultimately, commercialization."
"Salirasib represents a truly novel approach for cancer treatment and we are encouraged by the clinical benefit which has been demonstrated to date," said Gyo Sagara, Ono's President, Representative Director and CEO. "Because its mode of action is different from existing therapies, salirasib is expected to offer a new option for pancreatic cancer patients, who currently have few effective treatments."
Salirasib is the first in a new class of compounds called "rasibs" that inhibit overactive cell growth due to a mutation of the Ras protein. Salirasib is distinct from other classes of drugs known as Epidermal Growth Factor Receptor (EGFR) antagonists and farnesyltransferase inihibitors (FTIs). Following a comprehensive pre-clinical investigation of the molecule and the acceptance of the Company's Investigational New Drug Application by the Food and Drug Administration, salirasib is now the only rasib in clinical trials.
In certain types of cancers, such as pancreatic, non-small cell lung and colorectal cancers, the mutation of the Ras protein occurs frequently occurs and causes tumor cell proliferation. Mutant versions of Ras are found in approximately 70-90% of pancreatic cancers, 25% of non-small cell lung cancers, and 30-40% of colorectal cancers.
Concordia, founded in 2003, is a privately held clinical stage biotechnology company focused on the development of salirasib, a first-in-class therapy directly targeting the Ras pathway. Concordia holds worldwide rights to salirasib and has secured patents filed in the U.S., Europe and various other countries to make, use and sell the compound. Locust Walk Partners served as advisor to Concordia. For more information, visit www.concordiapharma.com.
Ono Pharmaceutical Co., Ltd., is a R&D-oriented pharmaceutical company specialized in creating innovative medicines in specific areas and is headquartered in Osaka, Japan. Salirasib will further expand Ono's oncology pipeline.