IGT Pharma progressing with Anhydrovinblastine
IGT Pharma Inc IGT
Shares issued 8,819,820 Jul 7 close $0.54
Tue 13 Jul 99 News Release
Mr. Bruce Schmidt reports
The company's most recent fiscal year ended June 30, 1999, brought
significant development milestones in core drug development programs for
the treatment of cancer and diseases of the central nervous system (CNS).
Additionally, Precision Biochemicals Inc., a wholly owned subsidiary, was
restructured as a custom biochemicals and contract chemistry supplier.
Cancer chemotherapy -- U.S. clinical trials
Since February of 1999, IGT has been involved in a U.S. FDA clinical trial
using the new drug, Anhydrovinblastine, for the treatment of advanced solid
tumours with a primary use on lung cancer. The study is being conducted at
the Roswell Park Cancer institute in Buffalo, N.Y. The primary objective of
the study will be to determine the optimum therapeutic dose for the drug.
To date, no adverse effects or dose limiting toxicities have been observed
in the treatment of the clinical trials patients.
In co-operation with the B.C. Cancer Agency, IGT Pharma is in an advanced
preclinical stage of development relating to another cancer drug (IGT 13)
for the treatment of multidrug resistance, a condition for which adequate
treatment is not currently available. Preliminary animal studies have shown
that IGT 13 is active on a broad range of tumours including some which are
otherwise resistant to other forms of chemotherapy.
Central nervous system (CNS) therapeutics
A patented platform of novel CNS therapeutics is under development based on
the rhetabotropic glutamate receptors of the brain. The key advantage to
this technology compared with existing approaches is precise targeting of
sites and mechanisms, thus potentially increasing effectiveness and
reducing many of the unwanted side effects associated with current CNS
drugs.
The $20-billion CNS drug market is currently being serviced by
multinational pharmaceutical companies which require additional products to
meet the growth and diversity of the CNS markets. IGT Pharma is focused on
the key area of neuroprotection which will lead to drugs for the treatment
of stroke and epilepsy, areas currently under served by existing therapies.
Another area of development is centered on the control of anxiety, a common
condition in society which, along with mood disorders, represents one of
the fastest growing areas of demand.
Precision Biochemicals
In response to the burgeoning Canadian biotechnology sector and the related
demand for contract chemistry and research biochemicals, IGT Pharma has
restructured Precision Biochemicals as an independently managed, operated
and financed subsidiary which will service both domestic and international
markets from its Vancouver base. In contrast to the traditional investment
spending associated with drug development, Precision Biochemicals is in a
position to be profitable at a very early stage thus allowing IGT to better
allocate and manage its financial resources.
Corporate development
Currently, IGT Pharma is engaged in the execution of a plan to seek
corporate partnerships and collaborations from the pharmaceutical industry.
The objective of the plan is to match IGT's development areas with
appropriate multinational pharmaceutical companies requiring product growth
and market development.
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glad to see the company developing nicely...wish they would pay a bit of attention to shareholder value.... |
