(Applies to: AVII LORFF)
AVI BioPharma and Lorus Therapeutics Form Dynamic Antisense Research
Collaboration
PORTLAND, Ore., Jul 11, 2000 (BW HealthWire) --
Companies team up to develop novel drug treatments for cancer and
infectious diseases.
AVI BioPharma, Inc. (Nasdaq:AVII)(Nasdaq:AVIIW)(Nasdaq:AVIIZ) announced today
that it has entered into a five-year agreement with Lorus Therapeutics Inc.
(TSE:LOR)(OTCBB:LORFF) of Toronto, Canada, to evaluate and co-develop antisense
drug therapies for cancer and infectious diseases.
Under the terms of the agreement, each company will retain an ownership interest
in any jointly developed compound, and drugs discovered together may also be
developed independently with royalty payments to the other party.
The scientific collaboration will capitalize on the companies' complementary
technologies and allows AVI and Lorus to identify new drug candidates to treat
cancer and infectious diseases through the sharing of intellectual property,
patented technologies and expertise.
AVI will contribute its NEUGENE(R)-based antisense backbone, noted for enhanced
potency, specificity, stability and low toxicity characteristics. For its part,
Lorus will make available a series of its proprietary cancer and infectious
disease targets and will spearhead the collaborative research program by
performing molecular, cell and animal biology experiments.
"We are enthusiastic about this joint initiative as both AVI and Lorus are
recognized leaders in the area of antisense technology," said Denis Burger
Ph.D., Chairman and Chief Executive Officer of AVI. "This research collaboration
is exciting because it combines the unique expertise within AVI and Lorus to
provide new opportunities for developing novel drug therapies."
"This alliance between Lorus and AVI combines leading antisense platforms to
generate numerous drug candidates. The collaboration emphasizes Lorus' ongoing
commitment to secure opportunities that strengthen its product pipeline and
create additional value for the shareholders," said Philippe G. Lacaille,
Chairman and Chief Executive Officer of Lorus.
AVI entered into this agreement through Lorus' wholly owned subsidiary,
GeneSense Technologies Inc., whose lead antisense compounds include GTI-2040 and
GTI-2501. AVI's lead antisense drugs are Oncomyc-NG(TM) and Resten-NG(TM).
Oncomyc-NG, GTI-2040, and GTI-2501 have demonstrated significant anti-tumor
activity with different cancers in pre-clinical or early clinical testing.
Resten-NG has recently entered Phase II clinical trials for cardiovascular
restenosis.
AVI BioPharma develops therapeutic products for the treatment of
life-threatening diseases using two technology platforms: cancer immunotherapy
and gene-targeted drugs. Its lead clinical agent, AVICINE(TM), is in a Phase II
trial in pancreatic cancer and will soon enter a Phase III pivotal trial in
colorectal cancer and a Phase II trial in prostate cancer. AVI has begun
clinical trials of Resten-NG in cardiovascular restenosis, the first application
of its novel third-generation NEUGENE antisense technology. Resten-NG is
designed to treat cancer, cardiovascular restenosis and other cell proliferation
disorders by inhibiting the production of a cellular transcription factor, the
oncogene c-myc. More information about AVI is available on the Company's website
at avibio.com.
Lorus is a biopharmaceutical company focused on the research and development of
cancer therapies. Lorus' goal is to capitalize on its research, pre-clinical,
clinical and regulatory expertise by developing new drug candidates that can be
used, either alone, or in combination, to successfully manage cancer. Through
its own discovery efforts and an active acquisition and in-licensing program,
Lorus is building a portfolio of promising anti-cancer drugs. Late-stage
clinical developments and marketing will be done in cooperation with strategic
pharmaceutical partners. Founded in 1986, Lorus Therapeutics Inc. is a public
company listed on the Toronto Stock Exchange under the symbol LOR, and on the
NASDAQ OTC BB exchange under the symbol LORFF. Lorus Therapeutics Inc.'s press
releases are available on the Company's website at lorusthera.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995. The statements that are not historical facts contained in this release are
forward-looking statements that involve risks and uncertainties including, but
not limited to, the results of research and development efforts, the results of
pre-clinical and clinical testing, the effect of regulation by the FDA and other
agencies, the impact of competitive products, product development,
commercialization and technological difficulties, and other risks detailed in
the Company's Securities and Exchange Commission filings.
CONTACT: AVI BioPharma, Inc.
Denis R. Burger or Alan P. Timmins, 503/227-0554
or
Young & Roehr Group
Ellen Berg, 503/222-0626 Ext. 504
eberg@young-roehr.com
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