Algeta concludes agreements for the manufacture and supply of Alpharadin for future commercial sale.
(Thomson Reuters ONE) -
Triggers EUR 5 million milestone payment from Bayer Schering Pharma
Oslo, Norway, 22 July 2010 - Algeta ASA (OSE: ALGETA), the focused oncology
company, today has announced it has concluded two agreements for the manufacture
and supply of Alpharadin for future commercial sale. Alpharadin (radium-223) is
a novel, targeted alpha-pharmaceutical in clinical trials for treating bone
metastases in cancer patients.
The signing of these agreements triggers a EUR 5 million milestone payment from
Bayer Schering Pharma ("Bayer"), Algeta's development and commercial partner for
Alpharadin.
The first agreement, with Bayer, provides that Algeta will be the exclusive
supplier of Alpharadin for future commercial sale.
The second agreement sees Algeta significantly extend its collaboration with
Oslo's Institute for Energy Technology (IFE), which currently manufactures
Alpharadin for Algeta/Bayer's ongoing ALSYMPCA phase III study and clinical
trials in other cancer indications. Under the terms of this second agreement,
IFE, in conjunction with Algeta, will commence an expansion of the existing
Alpharadin production facility at IFE. The upgrade, which will be paid for by
Algeta, will create a state-of-the-art manufacturing facility to supply the
expected commercial demand around the world following approval and launch.
Andrew Kay, Algeta's President and CEO said: "IFE has proved to be an excellent
manufacture and supply partner of Alpharadin for all our clinical trials to
date. We look forward to continuing our work together with IFE to secure the
future clinical and commercial supply of Alpharadin."
He added: "Algeta and IFE have developed world-leading expertise in the
production of the alpha-emitters that underpin our alpha-pharmaceutical
platform. As a consequence, the new, state-of-the-art facility will also provide
an important advantage to Algeta as it looks to advance its Thorium platform.
The conclusion of these agreements, therefore, is a very positive development
for Algeta."
###
For further information, please contact
For Algeta
Andrew Kay, CEO +47 2300 7990 / +47 4840 1360 (mob)
Oystein Soug, CFO +47 2300 7990 / +47 9065 6525 (mob)
post(at)algeta.com
International media enquiries: +44 207 638 9571
Mark Swallow/Helena Galilee/David Dible mark.swallow(at)citigatedr.co.uk
Citigate Dewe Rogerson
US investor enquiries: +1 646 378 2928
Jessica Lloyd jlloyd(at)troutgroup.com
The Trout Group
About Algeta
Algeta is a focused oncology company developing novel targeted therapies for
patients with cancer based on its alpha-pharmaceutical platform.
Algeta's lead product Alpharadin (based on radium-223) is a first-in-class,
highly targeted alpha-pharmaceutical under clinical evaluation to improve
survival in patients with bone metastases from advanced cancer. Its localized
action helps preserve the surrounding healthy tissue thereby limiting
side-effects.
The development of bone metastases represents a serious development for cancer
patients as they are associated with a dramatic decline in patient health and
quality of life, ultimately leading to death. Bone metastases represent a major
unmet medical need, occurring in up to 90% of certain late-stage cancers, e.g.
prostate, breast and lung.
Alpharadin is partnered with Bayer Schering Pharma AG, a major pharmaceutical
company, and is in a global phase III clinical trial (ALSYMPCA) to treat bone
metastases resulting from hormone-refractory (castration-resistant) prostate
cancer. Alpharadin is also under investigation in phase II clinical trials as a
potential new treatment for bone metastases in endocrine-refractory breast
cancer patients.
Algeta also aims to develop a future pipeline of tumor-targeting
alpha-pharmaceutical candidates based on the alpha particle emitter thorium-227,
through selective in-licensing and/or acquiring innovative technologies and
tumor-targeting molecules.
The Company is headquartered in Oslo, Norway, and was founded in 1997. Algeta
listed on the Oslo Stock Exchange in March 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 and
for the benefit of society, within the energy and petroleum sector, and to carry
out assignments in the field of nuclear technology for the nation. The Isotope
Laboratories at IFE are a national centre of expertise for radiopharmaceuticals.
The Institute was founded in 1948, and is today an independent foundation. The
annual turnover is approximately NOK 650 M, and IFE has approximately 600
employees.
www.ife.no/index_html-en?set_language=en&cl=en
Forward-looking Statement
This news release contains forward-looking statements and forecasts based on
uncertainty, since they relate to events and depend on circumstances that will
occur in the future and which, by their nature, will have an impact on results
of operations and the financial condition of Algeta. There are a number of
factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements. These
factors include, among other things, risks associated with technological
development, the risk that research & development will not yield new products
that achieve commercial success, the impact of competition, the ability to close
viable and profitable business deals, the risk of non-approval of patents not
yet granted and difficulties of obtaining relevant governmental approvals for
new products.
###
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1433540]
Press release: http://hugin.info/134655/R/1433540/379325.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Algeta ASA via Thomson Reuters ONE
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