PAION AG / Research Update
21.04.2010 11:33
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FILING OF IND APPLICATION FOR GGF2 IN HEART FAILURE BY PAION'S PARTNER
ACORDA THERAPEUTICS TRIGGERS FIRST MILESTONE PAYMENTS
- PAION monetises US$ 1 million from Acorda licence agreement
- First milestone payment of US$ 500,000 received
- Second milestone payment of US$ 500,000 triggered by IND acceptance
Aachen (Germany), 21 April 2010 - The biopharmaceutical company PAION AG
(ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8) today
announces that the Investigational New Drug (IND) application by its
partner Acorda Therapeutics, Inc. for Glial Growth Factor 2 (GGF2) to treat
heart failure (CHF) was submitted to the FDA on 19 March 2010. Acorda
plans to begin clinical studies with GGF2 in heart failure patients by mid
2010. PAION has received US$ 500,000 as a first milestone payment triggered
by the IND filing and will receive a further payment of US$ 500,000
triggered by the IND regulatory acceptance.
Acorda recently had completed preclinical studies necessary to support
entry into clinical studies and had filed an IND application with the FDA.
The rights for GGF2 were licensed to Acorda in 2002 by PAION UK (former
CeNeS), when it was a preclinical candidate. Further milestone payments
would be due based on events specified in the agreement; thereafter PAION
would receive sales revenue dependent royalties.
'We are proud that in addition to M6G and CNS 7056 PAION is now able to
present another valuable project stemming from the CeNeS acquisition', said
PAION CEO Dr Wolfgang Söhngen. 'We wish our partner Acorda continued
success with this project.'
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About Glial Growth Factor (GGF2)
Glial Growth Factor 2 (GGF2) is known to stimulate the growth and
differentiation of a variety of cells including glial cells, the support
cells of the nervous system. These glial cells form the myelin sheath that
insulates nerve cells and is essential for their survival and proper
functioning. In demyelinating diseases such as multiple sclerosis, the
myelin sheath is damaged, leading to the degeneration of nerve cells.
Preclinical studies performed by PAION's licensee Acorda Therapeutics, Inc.
(NASDAQ: ACOR, Hawthorne, N.Y., US), have demonstrated that GGF2 can
stimulate the cell growth necessary to protect and regenerate a damaged
myelin sheath. GGF2 is the lead neuregulin in Acorda's portfolio. GGF2 has
also been shown in preclinical studies to protect cardiomyocytes and
promote the repair of tissue damage resulting from heart disease or injury.
GGF2 and other neuregulins have shown the ability to restore cardiac
function in preclinical models of heart failure caused by myocardial
infarction, rapid pacing, viral and chemically induced cardiomyopathies.
About PAION
PAION is a biopharmaceutical company headquartered in Aachen, Germany and
with a second site in Cambridge, UK. The company is focusing on the
clinical development of drug candidates for diseases or interventions for
which there is a substantial unmet medical need. PAION has a 'Search &
Develop' business model, which is based on its core expertise in drug
development. Where appropriate, particularly during the late stages of the
clinical development, PAION seeks to collaborate with experienced partners.
Contact
Ralf Penner
Director Investor Relations & Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG's management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
21.04.2010 11:33 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Deutschland
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: FILING OF IND APPLICATION FOR GGF2 IN HEART FAILURE BY PAION'S PARTNER ACORDA THERAPEUTICS TRIGGERS FIRST MILESTONE PAYMENTS
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