| BioAxone Therapeutic Licenses Phase II Spinal Cord Injury Drug Cethrin(R) to Boston Life Sciences | | | MONTREAL, Jan. 4 /CNW Telbec/ - BioAxone Therapeutic announced today that
it has licensed its clinical phase II spinal cord injury drug Cethrin to
Boston Life Sciences, Inc. (NASDAQ:BLSI). The worldwide, exclusive licensing
agreement grants Boston Life Sciences the rights to develop and commercialize
BioAxone's portfolio of proprietary recombinant fusion proteins, products, and
associated patents to treat acute spinal cord injury (SCI) and other serious
central nervous system disorders. The license provides for an up-front license
fee of US$10 million payable in 2 installments (US$2.5 million paid on
execution and US$7.5 million due on or before March 31, 2007), possible
performance milestones of up to US$25 million and on-going royalties based on
sales of Cethrin after approval. Detailed terms of the license were not
disclosed.
In November 2006, interim results from Cethrin's open-label, clinical
phase I/IIa North American dose escalation trial in SCI were published,
indicating that a one-time application of Cethrin(R) onto the dura mater of
the injured spinal cord is safe and well tolerated. The trial also has an
efficacy component based on the American Spinal Injury Association's (ASIA)
scale which is designed to assess sensory and motor function in patients. In
this trial, 31% of patients, after six weeks, recovered some sensory and/or
motor function below the level of their injury and converted from a complete
injury to an incomplete injury. These functional benefits may be dose
dependent.
"Boston Life Sciences' focus on axonal regeneration to restore sensory
and motor function after severe nerve damage, along with their expertise in
spinal cord injury, stroke and ocular injury, makes them an ideal licensing
partner for BioAxone," said Dr. Frank Bobe, President and CEO of BioAxone.
"Cethrin will be a core program for BLSI, thus assuring rapid clinical
development and commercialization. Boston Life Sciences neuroregenerative
programs are highly synergistic with BioAxone's technology. We are confident
that we will see additional drug candidates evolve over time from this
agreement."
"We are enthusiastic about having signed this licensing agreement with
BioAxone," said Dr. Mark Pykett, President and COO of Boston Life Sciences.
"The early clinical results from Cethrin's SCI trial are encouraging. They
support pre-clinical studies in which the drug was found to be effective in
facilitating axon regeneration following an acute injury to the CNS. If
successfully developed, Cethrin could address a significant unmet medical need
in acute spinal cord injury."
"During the next few months, BioAxone will work closely with Boston Life
Sciences to ensure an efficient transfer of this technology," added Dr. Bobe.
"We will jointly work with our stakeholders, in particular our clinical
investigators who have been very committed and supportive through-out
Cethrin's first clinical trial in acute spinal cord injury."
About Cethrin
Cethrin is a recombinant protein which promotes neuroregeneration in the
central nervous system (CNS). It was engineered by BioAxone to effectively
penetrate into CNS tissue, where it has been clearly shown to elicit the
rescue and repair of damaged neurons in preclinical animal models. Cethrin is
delivered in a single dose directly onto the dura mater of the spinal cord
during decompression/stabilization surgery. Cethrin was granted Orphan Drug
status by the U.S. Food and Drug Administration (FDA) in December 2005.
About BioAxone Therapeutic
BioAxone is a privately owned neuroscience company specializing in the
development and commercialization of proprietary technologies that target Rho
signaling. Established in April 2000 and headquartered in Montreal, Canada,
BioAxone has demonstrated expertise in recombinant protein product development
and has a focused small-molecule program.
Desjardins Securities Inc. acted as financial and strategic advisor to
Bioaxone in this licensing transaction.
For further information: Dr. Frank Bobe, President and CEO, BioAxone Therapeutic Inc., (514) 282-9990, www.bioaxone.com | | | |
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