Algeta Results for the First Quarter 2011
(Thomson Reuters ONE) -
Oslo, Norway, 12 May 2011 - Algeta ASA (OSE: ALGETA), a company focused on the
development of novel targeted cancer therapeutics, today announces its results
for the first quarter 2011.
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A presentation of the results will take place in Oslo at 09:00 CET and will be
webcast live (www.algeta.com/webcast). Algeta's President and CEO Andrew Kay,
CTO Thomas Ramdahl and CFO Øystein Soug will present:
Venue:
Felix Conference Center
Bryggetorget 3
0125 Oslo
Norway.
Breakfast will be served from 08:45 CET.
A conference call will take place today at 14:30 CET / 08:30 EST.
To participate in the conference call, please dial the appropriate number below:
800 80 119 (in Norway)
+47 23 18 45 01 (from abroad)
To access the replay, please dial +47 23 18 45 02. Enter account no. 1428
followed by #, then conference no. 428 followed by #. A replay version of the
conference call will also be available at www.algeta.com.
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Highlights of the first quarter 2011:
* Algeta reached an important milestone in the first quarter of 2011 when it
enrolled the last of a total of 922 patients into the pivotal Alpharadin
phase III ALSYMPCA trial for the treatment of symptomatic bone metastases in
patients with castration-resistant prostate cancer (CRPC)
* Preparations are continuing for a pre-planned interim efficacy analysis of
ALSYMPCA, which is expected to take place during 1H 2011. However, Algeta
expects the trial to continue because a high statistical hurdle has been
applied
* The phase IIa trial of Alpharadin in endocrine-refractory breast cancer
patients with bone metastases was fully enrolled during Q1 and top-line
results are expected in 1H 2011
* Enrollment continues into the phase I/IIa clinical trial designed to
investigate a potential dosage regimen of Alpharadin to be used in the
treatment of CRPC patients with bone metastases who can receive
chemotherapy
Key financials:
* Operating revenue for the first quarter amounted to NOK 56 million compared
with NOK 64 million in the same period in 2010
* Operating expenses for the quarter amounted to NOK 63 million compared with
NOK 64 million in the first quarter 2010
* Liquid funds amounted to NOK 408 million as of 31 March 2011, compared with
NOK 479 million at the end of the last quarter and NOK 504 million at the
end of the first quarter 2010
Post-period update
* Algeta made important progress designed to demonstrate the long-term
potential of its Thorium platform during the first quarter, culminating in
April with the signing of two agreements:
* The first agreement is a collaboration with Genzyme (Sanofi) that aims to
evaluate combining Genzyme's antibody with Algeta's thorium payload
* The second agreement, with Affibody AB, is an exclusive worldwide in-
licensing agreement to develop Targeted Thorium Conjugates (TTCs) against
HER-2 (breast cancer target) and PDGFR-beta (angiogenesis target). Algeta
gains access to Affibody's proprietary Affibody(®) molecules (a novel class
of small targeting molecules with antibody-like properties) and its
Albumod(TM) technology (designed to enhance efficacy of biopharmaceuticals
by extending their circulatory half-life) and gains exclusive worldwide
licenses for both targets
Andrew Kay, Algeta's President and CEO, said: "We are delighted to have
completed enrollment into the ALSYMPCA trial as scheduled, and we are working
closely with Bayer on both the regulatory and pre-commercialization activities
for Alpharadin.
"We are also looking forward to seeing the results of our phase IIa clinical
study in breast cancer patients with bone metastases during the next few months.
Success in this trial will give us insight to the potential of Alpharadin in
another large patient group as well as reinforcing its potential as a first-
choice treatment for bone metastases. I am also encouraged with the important
progress we are making with our strategy for developing novel Targeted Thorium
Conjugates (TTCs) based on the Thorium platform."
###
For further information, please contact
Andrew Kay, CEO +47 2300 7990 / +47 4840 1360 (mob)
Øystein Soug, CFO +47 2300 7990 / +47 9065 6525 (mob)
post(at)algeta.com
International media enquiries: +44 207 638 9571
Mark Swallow/David Dible/Sita Shah 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 frequently in certain late-stage cancers, e.g.
prostate (between 75-90% patients), breast (up to 75 %) and lung (up to 40%).
Alpharadin is being developed under a development and commercialization
agreement with Bayer Schering Pharma AG, and is in a global phase III clinical
trial (ALSYMPCA) to treat bone metastases resulting from castration-resistant
prostate cancer (CRPC). Alpharadin is also under investigation in phase IIa
clinical trials as a potential new treatment for bone metastases in endocrine-
refractory breast cancer patients, and in a phase I/IIa trial in combination
with docetaxel chemotherapy in for bone metastases CRPC patients.
Algeta is also exploring the potential of Targeted Thorium Conjugates (TTCs),
which are based on conjugating the alpha-emitter thorium-227 to targeting
molecules, as a basis of a future pipeline of tumor-targeting alpha-
pharmaceutical candidates.
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 pursuant to section
5-12 of the Norwegian Securities Trading Act.
First Quarter Report 2011:
http://hugin.info/134655/R/1514838/450981.pdf
Press release:
http://hugin.info/134655/R/1514838/450983.pdf
First Quarter Presentation 2011:
http://hugin.info/134655/R/1514838/450982.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
[HUG#1514838]
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 54558
Anzahl Zeichen: 9880
contact information:
Town:
Oslo
Kategorie:
Business News
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"Algeta Results for the First Quarter 2011"
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