IGT PHARMA INC. ("IGT-V;IGTPF-L")- Corporate Update;
Cancer Chemotherapy - U.S. Clinical Trials
Bruce Schmidt, President, on behalf of the board of directors of IGT
Pharma Inc. announces:
CORPORATE UPDATE
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 tumors with a primary use on lung cancer. The study is being
conducted at the Roswell Park Cancer Institute in Buffalo, New York. 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 currently
in an advanced pre-clinical stage of development relating to another cancer
drug (IGT 13) for the treatment of multi-drug 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 tumors
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 metabotropic glutamate receptors of the brain. The key
advantage to this technology compared to 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 dollar CNS drug market is currently being serviced by
multi-national pharmaceutical companies who 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 funded 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 multi-national pharmaceutical companies requiring product
growth and market development.
TEL: (604) 822-3503 Bruce Schmidt
TEL: (800) 743-7444
E-mail: bschmidt@istar.ca |
