Algeta appoints Lars Abrahmsén as Senior Vice President, Protein Therapeutics
(Thomson Reuters ONE) -
New role created to drive the development of Algeta's Thorium platform
Oslo, Norway, 10 November 2010 - Algeta ASA (OSE: ALGETA), a company focused on
the development of novel targeted cancer therapeutics, announces that Dr. Lars
Abrahmsén has been appointed as Senior Vice President, Protein Therapeutics and
will take up this new role on 15 November 2010.
Dr. Abrahmsén will be responsible for the development of Algeta's Thorium
platform and for building and overseeing the preclinical development of a
pipeline of alpha-pharmaceutical candidates based on tumor-targeted thorium-227
conjugates. Algeta's strategy for enhancing its alpha-pharmaceutical pipeline,
beyond Alpharadin, is focused initially on the development of a robust
proprietary position around its Thorium platform through both in-house
development and selective in-licensing.
This program builds on the excellent progress made with Alpharadin, an alpha-
pharmaceutical being developed in a phase III trial by Algeta and Bayer Schering
Pharma for treating bone metastases arising from castration-resistant prostate
cancer, which has demonstrated encouraging survival, efficacy and safety data in
phase I and II.
Dr. Abrahmsén will join Algeta from Affibody AB, a Swedish company developing
proprietary targeting molecules for therapeutic and diagnostic purposes, where
he was Chief Scientific Officer since 2004. He has a wealth of experience in
protein engineering, including monoclonal antibody production and conjugation,
gained at Affibody, Genentech and at Pharmacia, where he established their phage
display and antibody cloning capabilities. Over the past 20 years, working
mostly in oncology, Dr. Abrahmsén has led several projects from discovery
through preclinical development and into the clinic, developing an expert
knowledge of technologies for conjugation of therapeutic payloads to monoclonal
antibodies and targeting molecules.
Andrew Kay, Algeta's President and CEO, said: "A key strategic objective of
Algeta beyond the success to date with Alpharadin is to develop a new class of
alpha-pharmaceuticals based on our Thorium platform and unlock the cancer-
killing potential of targeted thorium-227 conjugates. Lars' experience and
expertise in developing targeted conjugates makes him the perfect choice to
drive the formation and future development of our thorium platform and we are
very excited to welcome him to the management team at Algeta."
Lars Abrahmsén said: "I am delighted to be joining Algeta at this pivotal time
in the development of the Company's Thorium platform. There is a strong and
growing interest in arming tumor-targeting molecules, such as antibodies, with
active payloads to maximize the effectiveness of cancer therapy. Algeta's
approach using thorium-227 conjugated to tumor-targeting molecules offers great
promise in this area. I look forward to joining the Company's excellent team and
working on this exciting and challenging project."
About the Thorium platform
Algeta believes that the combined properties of tumor-targeted thorium-227 based
alpha-pharmaceuticals may have significant advantages over existing antibody
drug conjugates leading to enhanced clinical effects.
Thorium-227 is an element (radionuclide) that emits high-energy alpha particles.
Such elements are of considerable interest in the treatment of cancer as they
are potent at killing tumor cells and have a highly localized effect as a result
of the very short range of the alpha particle (2-10 cell diameters).
Whereas radium-223, which forms the basis of Alpharadin, is self-targeting to
bone metastases by virtue of its properties as a calcium-mimic, thorium-227 must
be linked to tumor-targeting molecules, such as monoclonal antibodies, to reach
its target. By conjugating thorium-227 to a number of such molecules, each with
a different tumor target, Algeta has the potential to create a pipeline of new
generation alpha-pharmaceuticals to specifically seek and destroy cancers. The
short range of the alpha particle means that damage to healthy cells and side
effects may be minimized.
Importantly, the direct tumor cell killing action of alpha-pharmaceuticals
potentially overcomes drug-resistance mechanisms. In addition, alpha-
pharmaceuticals cause a localized 'bystander effect', whereby tumor cells
adjacent to those bound by the alpha-pharmaceutical may also be destroyed even
if they do not bind the drug themselves.
###
For further information, please contact
For Algeta
Andrew Kay, CEO +47 2300 7990 / +47 4840 1360 (mob)
Thomas Ramdahl, CTO +47 23 00 79 90 / +47 9139 1458 (mob)
Oystein Soug, CFO +47 2300 7990 / +47 9065 6525 (mob)
post(at)algeta.com
International media enquiries: +44 207 638 9571
Mark Swallow/ 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 company focused on 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 castration-resistant prostate cancer. Alpharadin is
also in a phase II clinical trial for breast cancer patients who have bone
metastases and are endocrine-refractory, and in a phase I/IIa trial in
combination with docetaxel chemotherapy in CRPC patients with bone metastases.
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.
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#1460551]
Press release:
http://hugin.info/134655/R/1460551/399678.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(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
Unternehmensinformation / Kurzprofil:
Datum: 10.11.2010 - 07:45 Uhr
Sprache: Deutsch
News-ID 48601
Anzahl Zeichen: 9707
contact information:
Town:
Oslo
Kategorie:
Business News
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"Algeta appoints Lars Abrahmsén as Senior Vice President, Protein Therapeutics"
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