SAN DIEGO, Oct. 19, 2010 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (OTCBB:ADMP), today announced the completion of the acquisition from Colby Pharmaceuticals of the remaining exclusive license agreements relating to two drug product candidates for the treatment of prostate cancer (PCa). On February 25, 2010, Adamis announced the signing of a definitive agreement to acquire exclusive licenses covering three small molecule compounds, named APC-100, APC-200 and APC-300. Adamis acquired APC-300 as part of the original transaction and has now completed the acquisition of APC-100 and APC-200.
The first of the three drugs to enter the clinic will be APC-100. Collectively, greater than $18 million has been spent on the development of these three new drug candidates for the treatment of prostate cancer. The development of APC-100 has been funded by Michael Milken's Prostate Cancer Foundation (PCF, formerly CapCure), the Department of Defense's Congressionally Directed Medical Research Programs' (CDMRP) Prostate Cancer Research Program (PCRP), as well as grants and contracts from the National Cancer Institute (NCI). Patents have been issued in the United States and in certain foreign markets and other foreign applications are in progress.
APC-100 received the National Cancer Institute's (NCI) multi-year, multi-million dollar Rapid Award. This award is given annually by the NCI Division of Cancer Prevention to what it believes are the most promising new preventative/therapeutic anti-cancer drugs. APC-100 is an orally available anti-androgenic/anti-inflammatory, signal transduction inhibitor drug. APC-100 has demonstrated to have higher therapeutic activity than the current marketed Standard of Care anti-androgens. When tested side by side in the TRAMP prostate cancer mouse model (spontaneous prostate cancer model), APC-100 gave 90% efficacy versus the marketed Standard of Care giving 55% efficacy. In addition to increasing time to tumor progression and survival, APC-100 also induces a significant decrease in PSA production. Adamis believes these characteristics make APC-100 a first-in-class compound for the potential treatment of castrate-sensitive and castrate-resistant prostate cancer.
Adamis has recently contracted for the manufacture, formulation and fill of APC-100. A portion of this material will be used in the upcoming Phase I/IIa planned clinical trial in prostate cancer. Dr. Dennis J. Carlo, President and CEO of Adamis stated "The next few months should be an exciting time for Adamis; some of the near term milestones will include filing the IND for APC-100 Phase I/IIa prostate cancer clinical trial, filing an IND for a Phase II telomerase cancer vaccine clinical trial, begin manufacturing of our second prostate drug APC-200 and publication and announcement of the Phase III efficacy results of our C31G contraception product.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future results of operations or future financial performance, including, but not limited to the following statements: the company's beliefs concerning the safety and effectiveness of the compounds and drug product candidates described in this press release; the results of any future clinical trials that the company may conduct relating to the licensed compounds; the ability to fund future product development; future revenues expected from any of the licensed compounds, assuming that they are developed and approved for marketing by the FDA and other regulatory authorities; future revenues from the company's other products; the ability to acquire other compounds and product candidates; and the intellectual property protection that may be afforded by any patents or patent applications relating to the licensed compounds. Statements in this press release concerning future milestone events depend on several factors beyond the company's control, including receipt of adequate funding to support these activities. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Adamis' actual results to be materially different from these forward-looking statements. Certain of these risks, uncertainties, and other factors are described in greater detail in Adamis' filings from time to time with the SEC, which Adamis strongly urges you to read and consider, all of which are available free of charge on the SEC's web site at http://www.sec.gov. Adamis expressly disclaims any intent to update any forward-looking statements.