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CENOMED AND TORREYPINES THERAPEUTICS ENTER INTO LICENSING AGREEMENT
- Cenomed Licenses Rights to Phenserine, Posiphen and Bisnorcymcerine for Use in Counterterrorism and Chemical Defense -
IRVINE, Calif., and LA JOLLA, Calif., (October 8, 2008) – Cenomed BioSciences, LLC, a majority-owned subsidiary of Abraxis BioScience, Inc. (Nasdaq: ABII), and TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced that they have entered into an exclusive licensing agreement whereby Cenomed acquired from TorreyPines Therapeutics the worldwide development rights held by TorreyPines to three compounds; phenserine, Posiphen™ and bisnorcymcerine, for chemical defense and counterterrorism defense. Cenomed will develop these compounds for potential use in preventing toxicity following exposure to chemical organophosphorus nerve agents including the chemical warfare agents sarin, soman, tabun and VX. Pursuant to the terms of the agreement TorreyPines will receive potential future milestone and royalty payments.
These compounds may have the potential to protect against the toxic effects of nerve agent exposure and to potentially restore inactivated muscle cells and neural cells throughout the body. Cenomed intends to develop the compounds for use by the military, as well as civilians in the case of a chemical attack. Phenserine and Posiphen have been shown to be safe and well tolerated following oral exposure in human clinical trials. Bisnorcymcerine has completed pre-clinical evaluation. Cenomed will initiate testing of the compounds against chemical warfare agent toxicity and prepare for the filing of an Investigational New Drug Application with the U.S. Food and Drug Administration (FDA).
In addition to protecting the solider the federal government has taken steps to protect civilians against terrorist attacks involving chemical warfare agents. Project BioShield provides measures to expedite research on medical treatments for exposure to these agents. The FDA amended regulations includes the "animal efficacy rule," which provides that certain treatments for exposure to chemical warfare agents can be approved based on effectiveness data from animal studies when human studies cannot be ethically conducted because the studies would involve administering potentially lethal or disabling toxic agents to healthy human volunteers.
"Cenomed has a strong focus on chemical defense. This licensing agreement expands Cenomed’s scope of research and potentially gives us a broader pipeline for developing therapies for unmet needs in chemical defense for both military and civilian applications," said David R. Helton, President and CEO of Cenomed BioSciences.
“We are pleased to reach agreement with Cenomed, a company uniquely positioned to develop these compounds for use in protecting our military and civilian population in the event of a chemical attack,” said Evelyn Graham, acting Chief Executive Officer of TorreyPines.
About Cenomed BioSciences, LLC
Cenomed BioSciences, LLC, a joint venture between Abraxis BioScience, Inc. (NASDAQ: ABII) and Cenomed, Inc., is a pharmaceutical company focused on the development of innovative new drug therapies for the treatment of nervous system disorders such as schizophrenia, PTSD, cognition and attention deficits, ADHD, chemo-induced emesis and pain, as well as new treatments for use in chemical defense. Cenomed BioSciences is a majority-owned subsidiary of Abraxis Bioscience, Inc. More information on Cenomed BioSciences is available at www.cenomedbiosciences.com.
About Abraxis BioScience, Inc.
Abraxis BioScience, Inc. is a fully integrated global biotechnology company dedicated to the discovery, development and delivery of next-generation therapeutics and core technologies that offer patients safer and more effective treatments for cancer and other critical illnesses. The Company's portfolio includes the world's first and only protein-bound chemotherapeutic compound (ABRAXANE(R)), which is based on the Company's proprietary tumor targeting technology known as the nab(TM) platform. The first FDA approved product to use this nab(TM) platform, ABRAXANE(R), was launched in 2005 for the treatment of metastatic breast cancer. Abraxis trades on the NASDAQ Global Market under the symbol ABII. For more information about the Company and its products, please visit www.abraxisbio.com.
About TorreyPines Therapeutics, Inc.
TorreyPines Therapeutics, Inc. is a biopharmaceutical company committed to providing patients with better alternatives to existing therapies through the research, development and commercialization of small molecule compounds. The company’s goal is to develop versatile product candidates each capable of treating a number of acute and chronic diseases and disorders such as migraine, chronic pain, muscle spasticity, xerostomia and cognitive disorders. The company is currently developing three product candidates: two ionotropic glutamate receptor antagonists and one muscarinic receptor agonist. Further information is available at www.torreypinestherapeutics.com.
Cenomed BioSciences, LLC Contact:
Patricia A. Leftwich, 949-838-0360
TorreyPines Therapeutics, Inc. Contact:
Paul Schneider, 858-623-5665 x125
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