THE PRESS RELEASE FROM SEPT. 30/99
SYNSORB Biotech Inc. Announces Canadian Marketing and Distribution
Agreement for SYNSORB Cd(R) With Paladin Labs Inc.
CALGARY, ALBERTA--SYNSORB Biotech Inc. ("SYNSORB") (TSE: SYB,
Nasdaq: SYBB) today announced that it has signed its first
exclusive licensing agreement for the marketing and distribution
rights for SYNSORB Cd(R) in Canada with Montreal-based Paladin
Labs Inc. ("Paladin") (VSE:PLB).
SYNSORB Cd(R) is SYNSORB's second product entering Phase III
clinical trials, after SYNSORB Pk(R). The product is designed to
treat the recurrent form of Clostridium difficile-associated
diarrhea (CDAD), a common hospital borne infection that is
associated with extended antibiotic therapy. A Phase II clinical
trial for SYNSORB Cd(R) recently reached an accelerated conclusion
after an interim analysis of the data showed statistically
compelling evidence of efficacy at the high dose.
The rate of recurrence for the patients receiving the high dose of
SYNSORB Cd(R) was 13%, compared to 63.6% for patients receiving
placebo. The trial was halted and planning for Phase III testing
began immediately.
"SYNSORB is very excited to be announcing this partnership for
SYNSORB Cd(R)," said Dr. David Cox, President and CEO of SYNSORB.
"Not only did we recently announce better than expected results
from our Phase II study, we have also already concluded our first
partnership for the product. We are delighted to be working with
Paladin for the marketing and distribution in Canada of both
SYNSORB Pk(R) and SYNSORB Cd(R)."
Under the terms of the agreement, SYNSORB and Paladin will share
equally in future revenues from Canadian sales of SYNSORB Cd(R).
Paladin has made an initial up-front payment to SYNSORB on
signing, with additional milestone payments to be triggered by the
approval of a Canadian New Drug Submission (NDS), and the
achievement of certain sales levels. SYNSORB will continue the
development of SYNSORB Cd(R) and will manufacture and supply the
product to Paladin as part of the Agreement. Paladin will be
responsible for all aspects of the marketing and sale of SYNSORB
Cd(R) in Canada.
Paladin is a Canadian pharmaceutical company with proven expertise
in the marketing and distribution of niche products in Canada.
Paladin also has the rights to market and distribute SYNSORB Pk(R)
in Canada. "We are thrilled to expand our relationship with
SYNSORB to include another of SYNSORB's promising innovative
products in our pipeline," stated Jonathan Goodman, President of
Paladin. "Based on our market research, we know that SYNSORB
Cd(R) is designed to treat a significant unaddressed medical need
and are confident that the product will be well received by
Canadian physicians."
SYNSORB's first product, SYNSORB Pk(R), is undergoing Phase III
testing for the prevention of Hemolytic Uremic Syndrome (HUS)
associated with E. coli infections. This trial continues to
enroll patients at sites across North and South America.
Paladin, headquartered in Montreal, Quebec is a Canadian
developer, marketer and distributor of innovative pharmaceuticals
currently offering products in urology, dermatology, rheumatology
and other specialty markets. For more information about Paladin,
please visit the Paladin Web Site at www.paladin-labs.com or send
e-mail to ir@paladin-labs.com.
Paladin is a public company whose shares trade on the Vancouver
Stock Exchange under the symbol "PLB".
SYNSORB is a Canadian-based pharmaceutical company dedicated to
drug development and manufacturing. The Company has two
late-stage products, both of which are based on SYNSORB's
proprietary carbohydrate chemistry platform technology. SYNSORB
Pk(R) is in Phase III clinical trials, and is designed to prevent
the progression to Hemolytic Uremic Syndrome (HUS) in children who
have contracted verotoxigenic E. coli (VTEC) infections, including
E. coli O157:H7. SYNSORB Cd(R) will commence Phase III trials in
the first part of next year, and is designed to treat recurrent
antibiotic-associated diarrhea (CDAD), a common hospital acquired
infection. SYNSORB has built a cGMP-compliant manufacturing
facility that has the capacity to meet or exceed the expected
global demand for the Company's products. A pipeline of future
products is accessible through subsidiary companies and SYNSORB's
carbohybrid program.
This release contains certain forward-looking statements which
involve known and unknown risks, delays, uncertainties and other
factors not under the Company's control which may cause actual
results, performance or achievements of the Company to be
materially different from the results, performance or expectations
implied by these forward-looking statements. These factors include
results of current or pending clinical trials, actions by the
FDA/HPB and those factors detailed in the Company's registration
statement on Form 20 F filed with the Securities and Exchange
Commission.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: |
