Algeta and IFE agree to collaborate for the manufacture and supply of Alpharadin for future commerci
(Thomson Reuters ONE) - Oslo, Norway, 18 January - Algeta ASA (OSE: ALGETA), the cancer therapeuticscompany, and the Institute for Energy Technology (IFE), the internationalresearch institute for energy and nuclear technology based in Oslo, have agreedto collaborate for the manufacture and supply of Alpharadin for futurecommercial use and clinical trials. No financial terms are disclosed.Alpharadin is a first-in-class, highly targeted alpha-pharmaceutical underclinical evaluation to improve survival in patients with bone metastases fromadvanced prostate cancer. Its localised action helps preserve the surroundinghealthy tissue thereby limiting side-effects. Bone metastases represent a majorunmet medical need, occurring in up to 90% of certain late-stage cancers, e.g.prostate, breast and lung.The decision constitutes the first part of Algeta's manufacturing strategy toproduce and supply Alpharadin to meet expected needs of Algeta's ongoingALSYMPCA phase III study and planned clinical trials in other cancerindications. In addition it is planned that this expanded capacity will supplythe expected commercial demand around the world following its approval andworldwide launch in collaboration with Bayer Schering Pharma AG. Under the termsof this agreement Algeta has responsibility for the manufacturing and supply ofAlpharadin for commercial use.Andrew Kay, Algeta's President and CEO said: "IFE has been an excellentmanufacturer and supply partner of Alpharadin for all our clinical trials todate. We are very pleased to be able to extend this agreement to secure thefuture clinical and commercial supply of Alpharadin. This product has thepotential to be one of the world's leading oncology products"Eva Dugstad, Executive Vice President at the IFE, added, ""We are very pleasedthat Algeta has chosen IFE as a producer of its new alpha-pharmaceutical,Alpharadin. The Isotope Laboratories at IFE are a national center of expertisefor radiopharmaceuticals. The cooperation with Algeta has been inspiring to IFE.We are excited to participate in creating new business which at the same timegives hope to cancer patients with bone metastases. As a result of thiscollaboration, we expect to expand the activities at the IFE IsotopeLaboratories with 10 - 20 new employees that will benefit the whole of theNorwegian cluster within nuclear medicine." ###For further information, please contact For Algeta Andrew Kay, CEO +47 2300 7990 / +47 4840 1360 (mob) Thomas Ramdahl, CTO +47 2300 7990 / +47 9139 1458 (mob) post(at)algeta.com International media enquiries: +44 207 638 9571 Mark Swallow/Helena Galilee/David mark.swallow(at)citigatedr.co.uk Dible Citigate Dewe Rogerson US investor enquiries: +1 646 378 2928 Jessica Lloyd jlloyd(at)troutgroup.com The Trout Group For IFE +47 63 80 61 64 Eva Dugstad, Executive VP eva.dugstad(at)ife.no About AlgetaAlgeta ASA is a cancer therapeutics company built on world-leading, proprietarytechnology. Algeta is developing a new generation of targeted cancertherapeutics (alpha-pharmaceuticals) that harness the unique characteristics ofalpha particle emitters and are potent, well-tolerated and convenient to use.Algeta's lead alpha-pharmaceutical candidate, Alpharadin (based on radium-223),has blockbuster potential for treating bone metastases arising from multiplemajor cancer types, owing to its bone-targeting nature, potent efficacy(therapeutic and palliative) and benign safety profile. Development ofAlpharadin is most advanced targeting bone metastases resulting fromhormone-refractory prostate cancer (HRPC), and it entered an international phaseIII clinical trial (ALSYMPCA) in mid-2008 based on compelling clinical resultsfrom a comprehensive phase II program. This trial is currently open forrecruitment.In September 2009, Algeta entered into a global agreement with Bayer HealthcareAG for the development and commercialization of Alpharadin. As part of theagreement, Algeta retains an option to co-promote Alpharadin in the UnitedStates and to share profits from future sales.Algeta is also developing other technologies for deliveringalpha-pharmaceuticals. These include methods to enhance the potency oftherapeutic antibodies and other tumor-targeting molecules by linking them tothe alpha particle emitter thorium-227. The Company is headquartered in Oslo,Norway, and was founded in 1997. Algeta listed on the Oslo Stock Exchange inMarch 2007 (Ticker: ALGETA).Alpharadin and Algeta are trademarks of Algeta ASA.www.algeta.com About IFE (Institute for Energy Technology)IFE is an international research institute for energy and nuclear technology.IFE's mandate is to undertake research and development, on an ideal basis andfor the benefit of society, within the energy and petroleum sector, and to carryout assignments in the field of nuclear technology for the nation. The IsotopeLaboratories at IFE are a national centre of expertise for radiopharmaceuticals.The Institute was founded in 1948, and is today an independent foundation. Theannual turnover is approximately NOK 650 M, and IFE has approximately 600employees.http://www.ife.no/index_html-en?set_language=en&cl=enForward-looking StatementThis news release contains forward-looking statements and forecasts based onuncertainty, since they relate to events and depend on circumstances that willoccur in the future and which, by their nature, will have an impact on resultsof operations and the financial condition of Algeta. There are a number offactors that could cause actual results and developments to differ materiallyfrom those expressed or implied by these forward-looking statements. Thesesfactors include, among other things, risks associated with technologicaldevelopment, the risk that research & development will not yield new productsthat achieve commercial success, the impact of competition, the ability to closeviable and profitable business deals, the risk of non-approval of patents notyet granted and difficulties of obtaining relevant governmental approvals fornew products. ###This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1374325] IFE press release: http://hugin.info/134655/R/1374325/336919.pdf
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Highlights of t ...
