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NewBiotics, Elan Corp. Form Joint Venture To Develop Colon Cancer Treatment
SAN DIEGO, February 6, 2001 - NewBiotics Inc. and Elan Corp., plc (NYSE:ELN), today announced they have formed a joint venture to develop and commercialize NewBiotics' lead compound, NB1011, to treat cancer in the United States, Canada and Europe. The initial focus of NB1011 will be on treating patients with colorectal cancer who have not responded well to standard chemotherapy.
As part of the agreement, Elan has made an equity investment in NewBiotics and gained the opportunity to negotiate commercialization rights to NB1011 for cancer treatment in the United States, Canada and Europe. In addition, the joint venture will receive certain rights to utilize Elan's NanoCrystal™ technology.
"We are enthusiastic about our collaboration with Elan aimed at beginning human clinical trials for NB1011 and future commercialization of this product," said Roger L. Headrick, chief executive officer of NewBiotics. "The technical and financial resources furnished by Elan will greatly expedite the development of our unique and proprietary ECTA technology," added H. Michael Shepard, Ph.D., president and chief scientific officer of NewBiotics.
"This agreement not only reflects our enthusiasm about the potential of NB1011 to become an important part of colon cancer treatment, but also our belief in NewBiotics' approach to target identification and drug discovery," said Ivan M. Lieberburg, M.D., Ph.D., executive vice president, and chief scientific and medical officer at Elan's South San Francisco facility. |
