BRESSO, Milan and OXFORD, U.K., May 15, 2002 (PRIMEZONE) -- Novuspharma SpA (Nuovo Mercato:NOV.MI) (ISIN: IT0001482444) today announced that it has acquired full rights to the anti-angiogenic research project from Prolifix Ltd., a U.K.-based drug discovery company with which it was collaborating.
Under the original agreement announced in September 2000, the two companies formed a strategic alliance to conduct research into a series of Prolifix's patented compounds with anti-angiogenic properties, specifically those inhibiting Hypoxia Inducible Factor 1a (HIF-1a). The agreement provided Novuspharma with access to Prolifix's studies in that area, while Novuspharma agreed to fund research up to the commencement of clinical trials. According to the agreement, the two companies would have been liable for an equal share of any clinical trial costs and entitled to a 50:50 split of revenues arising from any subsequent products.
With the new agreement, Novuspharma has acquired full rights to the research, compounds and associated intellectual property. The acquisition price has virtually no impact on the financial position of the Company. Project funding has already been budgeted for and the project is supported by Italian Government funding.
Angiogenesis is the process which leads to the formation of new blood vessels. This process, when induced by tumors, allows tumors to grow, invade surrounding healthy tissue and ultimately become metastatic and spread through the body. Recent studies have demonstrated that efficient inhibition of angiogenesis can block tumor growth in experimental models.
Novuspharma has selected HIF-1a as a primary target for further development. HIF-1a is a master regulator of hypoxia (deficiency in the amount of oxygen reaching body tissues). It is essential for development and plays a critical role in angiogenesis and tumour progression. In independent studies, several laboratories have provided "proof of principle" of the potential role of HIF-1a as a therapeutic target. Using its preclinical expertise, Novuspharma will carry out biochemical and cellular screening of Prolifix's and other compounds which have the potential to deprive tumours of the blood supply they need to grow, as well as conducting lead candidate optimization and preclinical studies.
Dr. Silvano Spinelli, Chief Executive Officer, said: "Novuspharma believes that anti-angiogenic drugs will play a major role in future cancer therapy. The inhibition of HIF-1a provides an unique approach not only to combating angiogenesis but also potentially to inhibiting the survival of cancer cells. The acquisition of full rights to this project will further strengthen our research portfolio without substantially increasing our financial burden. We now have the opportunity to screen new molecules internally as well as accelerating research through collaboration with pre-eminent scientific institutions."
Mrs. Birgit Stattin-Norinder, Chief Executive Officer of Prolifix, said: "Prolifix has established itself as a pioneer in exploiting abnormal cell cycle control and Novuspharma's commitment validates our approach to cancer drug discovery and underlines the quality of our anti-angiogenesis program."
Notes to Editors
Novuspharma SpA
Novuspharma, based in Bresso, Milan, is a biotechnology company focused on the discovery and development of innovative anti-cancer therapies. It has four products in clinical development and a dynamic research program. Novuspharma was created in 1998 as a spin-off from Boehringer Mannheim and Hoffmann-La Roche, and has a proven track record in product development. Novuspharma makes use of a complete range of discovery and development platforms and focuses its specific expertise on the most critical part of the development process from the initial identification of leads to late clinical development stages as far as New Drug Application.
Novuspharma has recently relocated its headquarters and research operations to join the growing number of start-up biotechnology and healthcare enterprises already situated in Bresso. One of the objectives of the relocation was to enable Novuspharma, as one of Italy's publicly-quoted biotechnology companies, to foster bio-entrepreneurship within the country and encourage the development of an innovative research environment.
For further information, please visit the Company's web site at www.novuspharma.com.
Prolifix Ltd.
Prolifix, based in Abingdon, Oxfordshire, U.K. is a privately-owned pharmaceutical company. It is a world leader in cell cycle drug discovery and aims to discover and develop novel, small molecule rugs to address diseases associated with aberrant cell growth and proliferation. It is focused on cancer and infectious disease and has a portfolio of programs to address significant unmet medical needs such as psoriasis, breast, colon and prostate cancer.
For further information please visit our web site www.prolifix.co.uk