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Antisoma Acquires Cytogen's Royalty Rights To R1549
London, UK and Princeton, New Jersey USA (ots) - Antisoma plc (LSE: ASM; Nasdaq Europe: ASOM), a United Kingdom-based biopharmaceutical company, and Cytogen Corporation (Nasdaq: CYTO), a United States-based, product-driven, oncology-focused biopharmaceutical company, today announced that Antisoma has acquired certain royalty rights to Antisoma's lead product, R1549 (formerly Pemtumomab), from Cytogen.
In connection with Antisoma's acquisition of such rights, Antisoma made a cash payment to Cytogen of USD $500,000, and has agreed to make an additional payment of USD $500,000 upon the first commercial sale, if any, of its R1549 product. In return, Cytogen relinquished its right to receive royalties equivalent to 1.65% of net sales revenues, if any, of Antisoma's R1549 product. Cytogen was entitled to such royalties pursuant to its grant of a licence to certain technology, upon which R1549 is based, to Antisoma and Imperial Cancer Research Technology Limited (now Cancer Research Technology Ltd).
R1549 is being co-developed by Antisoma and Roche. Roche has worldwide marketing rights under an agreement between the companies signed in November 2002. R1549 is expected to complete a pivotal phase III study in ovarian cancer between December 2003 and February 2004, and the major findings of the trial are expected to be released during the first half of 2004.
Michael D. Becker, President and Chief Executive Officer of Cytogen Corporation, stated, "We believe that our transfer of royalty rights relating to R1549 to Antisoma will benefit both Cytogen and Antisoma. We expect to utilize the additional working capital to further enhance our focused business plan, primarily by continuing to develop our sales and marketing efforts for Quadramet®, for which we recently reacquired marketing rights in August 2003 from Berlex Laboratories, Inc."
Commenting on the transaction, Glyn Edwards, CEO of Antisoma, said, "This will increase our net income from future sales of R1549, and adds to the potential upside for our shareholders as we await the results from the pivotal study."
Based in London, UK, Antisoma is a biopharmaceutical company that develops novel products for the treatment of cancer. Antisoma fills its development pipeline by acquiring promising new product candidates from internationally recognised academic or cancer research institutions. Its core activity is the pre-clinical and clinical development of these drug candidates. Antisoma forms partnerships with pharmaceutical companies to bring its products to market. In November 2002, Antisoma signed a ground-breaking collaboration agreement with Roche to develop and commercialise products from Antisoma's pipeline. For more information about Antisoma, visit the website at www.antisoma.com
Except for the historical information presented, certain matters discussed in this statement are forward looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from results, performance or achievements expressed or implied by such statements. These risks and uncertainties may be associated with product discovery and development, including statements regarding the company's clinical development programmes, the expected timing of clinical trials and regulatory filings. Such statements are based on management's current expectations, but actual results may differ materially.
Cytogen Corporation of Princeton, NJ is a product-driven, oncology-focused biopharmaceutical company. Cytogen markets proprietary and licensed oncology products through its in-house specialty sales force: Quadramet® (a skeletal targeting therapeutic radiopharmaceutical for the relief of pain due to bone metastases); ProstaScint® (a monoclonal antibody-based imaging agent used to image the extent and spread of prostate cancer); and NMP22® BladderChek (a point-of-care, in vitro diagnostic test for bladder cancer). Cytogen has exclusive U.S. marketing rights to Combidex®, an ultrasmall superparamagnetic iron oxide contrast agent for magnetic resonance imaging of lymph nodes that is pending clearance by the U.S. Food and Drug Administration. Cytogen's pipeline comprises product candidates at various stages of clinical development, including fully human monoclonal antibodies and cancer vaccines based on PSMA (prostate specific membrane antigen) technology, which was exclusively licensed from Memorial Sloan-Kettering Cancer Center. Cytogen also conducts research in cellular signaling through its AxCell Biosciences research division in Newtown, PA. For more information, please visit the Company's website at www.cytogen.com, which is not part of this press release.
ProstaScint® is a registered United States trademark of Cytogen Corporation. All other trade names, trademarks or service marks appearing in this press release are the property of their respective owners, and not the property of Cytogen or any of our subsidiaries. Quadramet® is a trademark of The Dow Chemical Company used under license by Cytogen.
This press release contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements.
The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements involve a number of risks and uncertainties and investors are cautioned not to put any undue reliance on any forward-looking statement. There are a number of important factors that could cause Cytogen's results to differ materially from those indicated by such forward-looking statements. Such factors are discussed in Cytogen's Form 10-K for the year ended December 31, 2002, as amended, and from time-to-time in Cytogen's other filings with the Securities and Exchange Commission. Any forward-looking statements made by Cytogen do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments Cytogen may make. Cytogen does not assume, and specifically disclaims, any obligation to update any forward-looking statements, and these statements represent Cytogen's current outlook only as of the date given.
This information is provided by RNS The company news service from the London Stock Exchange
ots Originaltext: Antisoma plc
Chief Executive Officer
Michael D. Becker,
Chief Executive Officer