NEW YORK, April 30, 2010 (GLOBE NEWSWIRE) -- Geller Biopharm, Inc. announced today that they have successfully advised BELLUS Health of LAVAL, Quebec, Canada in its transaction with Celtic Therapeutics with respect to Phase III investigational product candidate KIACTA™ (eprodisate) for the treatment of AA Amyloidosis. A news release presenting the details of the transaction was issued jointly by BELLUS Health and Celtic Therapeutics on April 29, 2010.
"We are pleased to have advised BELLUS Health in successfully finding a partner for Kiacta for AA Amyloidosis. It has been an excellent experience, working closely with the outstanding management team of BELLUS Health," said Matthew Geller, PhD, President of Geller Biopharm. "This is an ideal partnership for BELLUS Health. It provides validation of their highly promising phase III product candidate, KIACTA™, while at the same time contributing to strengthen their financial position."
Mr. Roberto Bellini, President and Chief Executive Officer of BELLUS Health, stated, "We are pleased to deliver on what has been a major priority of our Company and announce this partnership with Celtic Therapeutics to develop KIACTA™ to its fullest potential. We are grateful to Geller Biopharm for having introduced us to Celtic Therapeutics. Geller Biopharm's expertise and counsel has certainly been very useful in successfully closing this transaction," he concluded.
KIACTA™ is an investigational product candidate for the treatment of AA Amyloidosis. KIACTA™ has received Orphan Drug Status designation in the United States and Orphan Medicinal Product designation in Europe and is now advancing to a second Phase III confirmatory clinical trial in the second half of 2010.
KIACTA™ was investigated in a landmark international, randomized, double-blind, placebo-controlled, and parallel-designed clinical trial in which 183 AA Amyloidosis patients were enrolled at 27 sites around the world. The results of the Phase II/III clinical trial for KIACTA™ demonstrate that this product candidate offers important clinical benefits to patients by reducing the progression of AA Amyloidosis-associated renal disease. These results were published in the June 7, 2007 issue of the New England Journal of Medicine.
About BELLUS Health
BELLUS Health is a global health company focused on the research and development of products to provide innovative health solutions to address critical unmet medical needs. For further information, please visit www.bellushealth.com.
About Geller Biopharm
Geller Biopharm is a healthcare advisory firm based in NYC that has extensive experience and is actively engaged in licensing, mergers, acquisitions and consulting assignments for biotech, pharmaceutical and medical device companies. All securities and investment advisory services, including financial raises, provided by Geller Biopharm's members are offered through Financial West Group (FWG), member FINRA/SIPC. Geller Biopharm and FWG are not affiliated.
Forward Looking Statements
Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond BELLUS Health Inc.'s control. Such risks include but are not limited to: the impact of general economic conditions, general conditions in the pharmaceutical and/or nutraceutical industry, changes in the regulatory environment in the jurisdictions in which the BELLUS Health Group does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation, that actual results may vary once the final and quality-controlled verification of data and analyses has been completed, as well as other risks disclosed in public filings of BELLUS Health Inc. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These statements speak only as of the date made and BELLUS Health Inc. is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, unless required by applicable legislation or regulation. Please see the Annual Information Form of BELLUS Health Inc. for further risk factors that might affect the BELLUS Health Group and its business.
Geller Biopharm Matthew Geller, PhD, President (212) 315-0600 ext 201 Mobile (917) 509-6062