To the OMX
Announcement No TopoTarget A/S
. 03-08 / Copenhagen, 8 February 2008
S ymbion
F ruebjergvej 3
D K 2100 Copenhagen Ø
D enmark
T el: +45 39 17 83 92
F ax: +45 39 17 94 92
C VR-nr: 25695771
www.topotarget.com
TopoTarget Clarifies Status of Collaboration with LEO-
Pharma, in order to Fully Ensure Accurate and Full
Information to the market
Copenhagen, Denmark - February 8, 2008- TopoTarget A/S (OMX:
TOPO) today wishes to clarify the status of the company's collaboration with LEO
Pharma concerning a pre-clinical compound for investigation for the treatment of
psoriasis. The clarification follows the publication of information connected
with an interview with LEO Pharma, which appeared in the Danish newspaper Børsen
today.
TopoTarget was informed on January 23 2008 that LEO Pharma planned to
discontinue development of a very early stage pre-clinical compound originally
in-licensed from TopoTarget for the treatment of psoriasis. Under the terms of
the agreement the collaboration ends after a three month period on April 30
2008.
During the termination period a report concerning the project will be sent to
TopoTarget by LEO Pharma.
TopoTarget wishes to state that information regarding pre-clinical programs with
insignificant financial and strategic impact on the company are normally
announced in the Quarterly report.
The HDACi (PXD 118490/LEO 80140) pre-clinical compound was out-licensed to LEO
Pharma in 2006 for investigation for potential use in treating psoriasis. The
compound will now revert to TopoTarget's pre-clinical team where further
development opportunities will be consididered. This compound was one out of
around 800 compounds in TopoTarget's pre-clinical library.
“Psoriasis is not a focus area for TopoTarget and this out-licensing agreement
was part of our business development strategy to allow pharmaceutical companies
to investigate interesting compounds in early stage development efforts to find
new treatments.” Said Peter Buhl Jensen, CEO of TopoTarget. “TopoTarget is
dedicated to finding treatments for cancer and the value of business is in our
marketed product Savene®/Totect™ and in our robust clinical pipeline consisting
of belinostat and 8 additional products in Phase I and Phase II clinical
development.”
Today's news does not change TopoTarget's full-year financial guidance.
TopoTarget A/S
Page 1 of 2
TopoTarget Clarifies Status of Collaboration with LEO-Pharma, in order to Fully
Ensure Accurate and Full Information to the market
For further information, please contact:
Peter Buhl Jensen Telephone +45 39 17 83 43
CEO
Background information
About TopoTarget
TopoTarget (OMX: TOPO) is a biotech company, headquartered in Denmark and with
subsidiaries in the US, Switzerland, Germany and the UK, dedicated to finding
''Answers for Cancer'' and developing improved cancer therapies. TopoTarget is
founded and run by clinical cancer specialists and combines years of hands-on
clinical experience with in-depth understanding of the molecular mechanisms of
cancer. Focus lies on highly predictive cancer models and key cancer targets
(including HDACi, NAD+, mTOR, FasLigand and topoisomerase II inhibitors) and a
strong development foundation has been built. TopoTarget has a broad portfolio
of small molecule pre- clinical drug candidates and nine drugs (both small
molecules and protein based) are in clinical development, including both novel
anti-cancer therapeutics and new cancer indications for existing drugs.
Savene®/Totect™ were approved by EMEA in 2006 and the FDA in 2007 and is
TopoTarget's first product on the market. For more information, please refer to
www.topotarget.com.
TopoTarget Safe Harbour Statement
This announcement may contain forward-looking statements, including statements
about our expectations of the progression of our preclinical and clinical
pipeline including the timing for commencement and completion of clinical trials
and with respect to cash burn guidance. Such statements are based on
management's current expectations and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. TopoTarget cautions investors that
there can be no assurance that actual results or business conditions will not
differ materially from those projected or suggested in such forward-looking
statements as a result of various factors, including, but not limited to, the
following: The risk that any one or more of the drug development programs of
TopoTarget will not proceed as planned for technical, scientific or commercial
reasons or due to patient enrolment issues or based on new information from
non-clinical or clinical studies or from other sources; the success of competing
products and technologies; technological uncertainty and product development
risks; uncertainty of additional funding; TopoTarget's history of incurring
losses and the uncertainty of achieving profitability; TopoTarget's stage of
development as a biopharmaceutical company; government regulation; patent
infringement claims against TopoTarget's products, processes and technologies;
the ability to protect TopoTarget's patents and proprietary rights;
uncertainties relating to commercialization rights; and product liability
expo-sure; We disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise, unless required by law.
TopoTarget A/S Announcement No. 03 08 7 February 2008 Page 2 of 2
TopoTarget Clarifies Status of Collaboration with LEO Pharma to ensure accurate and full information to the market
| Source: Topotarget
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