SAN DIEGO, May 30, 2007 (PRIME NEWSWIRE) -- Coronado Biosciences Inc. (Coronado), a privately-held, clinical stage biopharmaceutical company focused on the development of novel and proprietary cancer therapeutics, and Burnham Institute for Medical Research (Burnham), a California-based, non-profit medical research institute, today announced an agreement granting Coronado exclusive worldwide rights to develop and commercialize Apogossypol. Apogossypol is a small molecule that is believed to inhibit key prosurvival proteins from the Bcl-2 family. These proteins are commonly overexpressed in a wide variety of solid tumors and hematological malignancies. It has been demonstrated in preclinical models that the inhibition of these proteins by Apogossypol results in cancer cell apoptosis and reversal of cancer therapy resistance in preclinical models.
"Apogossypol has the potential to improve therapy of a wide variety of cancers where Bcl-2 overexpression has been implicated, including the ability to reverse resistance to conventional therapies," said Dr. Bryan Leigh, Chief Medical Officer for Paramount BioSciences. "We have mobilized our in-house team to begin development of this novel technology. Our hope is that Apogossypol will prove to be an effective and well-tolerated treatment for many of the most common types of cancer."
Under the terms of the agreement, Coronado will manage all development and commercial activities worldwide. Coronado plans to file a US IND and begin clinical studies for oncology indications in mid-2008. Under the terms of the agreement, Coronado will pay Burnham an upfront payment and potential future milestones in excess of $15 million if Apogossypol is successfully developed and commercialized. In addition, Burnham will receive royalties on worldwide sales of Apogossypol.
"We are thrilled by the possibility that our discoveries can be translated into effective anti-cancer treatments and as such we are very excited to work with Coronado Biosciences on the clinical development of Apogossypol and related compounds," said Maurizio Pellecchia, Ph.D., professor of medicinal chemistry at Burnham. Dr. Pellecchia, in collaboration with Dr. John Reed's laboratory, initially designed Apogossypol and its derivatives as possible anti-cancer agents.
About Coronado Biosciences
Founded in 2007 by Paramount BioSciences, Coronado Biosciences Inc. is a San Diego, CA-based clinical stage biopharmaceutical company focusing on the treatment of cancer.
About Paramount BioSciences
Paramount BioSciences, LLC is a leading drug development and healthcare investment firm focused on the in-licensing of novel therapeutics, and the formation of new biotechnology and life-sciences companies. For additional information about Paramount BioSciences, visit www.paramountbio.com.
About Burnham Institute for Medical Research
Burnham Institute for Medical Research conducts world-class collaborative research dedicated to finding cures for human disease, improving quality of life, and thus creating a legacy for its employees, partners, donors, and community. The La Jolla, California campus was established as a nonprofit, public benefit corporation in 1976 and is now home to three major centers: a National Cancer Institute-designated Cancer Center, the Del E. Webb Center for Neurosciences and Aging, and the Infectious and Inflammatory Disease Center. Burnham today employs more than 750 people and ranks consistently among the world's top 20 organizations for the impact of its research publications. In 2006, Burnham established a center for vascular mapping and bionanotechnology in Santa Barbara, California. Burnham is also establishing a campus at Lake Nona in Orlando, Florida that will focus on diabetes and obesity research and will expand the Institute's drug discovery capabilities, employing over 300 persons. For additional information about Burnham and to learn about ways to support its research, visit www.burnham.org.