Cytokinetics Announces Milestone Payment On Selection of Oncology Development Candidate by GlaxoSmithKline
SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--Sept. 21, 2001--Cytokinetics, Inc. announced today that GlaxoSmithKline has selected one of Cytokinetics' lead oncology compounds, SB-715992 (CK0238273), as a candidate for development, thereby triggering a $2 million milestone payment to Cytokinetics. The compound is a novel mitotic kinesin inhibitor and is the first compound selected for development under a collaboration established in June, 2001 between the two companies to discover, develop and commercialize novel small-molecule therapeutics for the treatment of cancer and other diseases.
Mitotic kinesins are a newly characterized family of cytoskeletal enzymes that are essential to mitotic spindle formation and function during cell division. Inhibition of mitotic kinesin function disrupts the cell cycle and leads to cell death. Existing anti-mitotic drugs generate over $2 billion in annual worldwide sales and serve as a mainstay of current cancer chemotherapy. Cytokinetics initiated drug discovery activities in the mitotic kinesin program area approximately three years ago and rapidly established the leading position to develop next-generation anti-mitotics that, through this novel mechanism of action, have the potential to exhibit an improved therapeutic profile over existing anti-mitotic drugs. Cytokinetics had initiated pre-clinical development activities earlier this year with the selected compound and demonstrated anti-tumor activity in a broad array of in vivo solid tumor models.
Under the terms of the collaboration, GSK has committed approximately $50 million of funding, which included a $14 million upfront cash payment and a $14 million purchase of Cytokinetics preferred stock. Milestone payments to Cytokinetics ranging from $30-50 million could also be made as a result of the development of products directed to each of over 10 mitotic kinesins that are the subject of collaborative activities. GSK is responsible for worldwide development and commercialization of SB-715992, as well as other products arising under the collaboration, and Cytokinetics retains an option to co-fund certain development activities. Cytokinetics will receive royalties from the sale of any resulting products. In addition, Cytokinetics retains a product-by-product option to co-fund certain development activities, thereby increasing its royalty and affording co-promotion rights in North America. During the collaboration, targets may revert to Cytokinetics for independent research and development, with GSK retaining an option to resume joint activities.
``We are pleased to have reached this first milestone in our strategic alliance,'' stated Dr. James Sabry, Cytokinetics' President and Chief Executive Officer. ``Cytokinetics' expertise in mitotic kinesin pharmacology has generated a strong compound for clinical development and we look forward to the initiation of human clinical trials with GlaxoSmithKline. Achieving this important milestone so rapidly provides further validation for our cell biology-based drug discovery platform and our ability to discover important new anti-cancer compounds against novel cytoskeletal targets.''
``The selection of SB-715992 represents an important step forward for the development of inhibitors of mitotic kinesins as powerful anti-cancer therapeutics,'' said Dr. Allen Oliff, GSK's Senior Vice President, Center of Excellence for Drug Discovery -- Oncology, Cardiovascular & Genitourinary. ``With the impending filing of an IND, the novel mechanism of action of this exciting new class of potential anti-mitotic drugs can be tested for the first time in humans.''
The collaboration between Cytokinetics and GSK was initiated to explore the therapeutic and commercial opportunities of mitotic kinesins in the treatment of cancer and other diseases. Cytokinetics' expertise in the biology and pharmacology of mitotic kinesins is combined with GSK's drug discovery, development and commercialization capabilities. The research utilizes focused genomics, high throughput screening (including Cytokinetics' PUMA(TM) HTS technologies), automated cell-based secondary characterization technologies (including Cytokinetics' Cytometrix(TM) cellular phenotyping technologies), structural biology and medicinal chemistry to identify, characterize and optimize small molecule inhibitors of mitotic kinesin targets. In addition to the initial development candidate, the companies will continue to seek to discover, optimize and develop other mitotic kinesin inhibitors either previously identified by Cytokinetics or through joint research activities under the collaboration.
About Cytokinetics
Founded in 1998 and privately-held, Cytokinetics is dedicated to the discovery, development and commercialization of a novel class of therapeutics resulting from its leadership position in the emerging field of cytoskeletal pharmacology. The cytoskeleton is a complex, dynamic framework that impacts all aspects of cell function including cell division, cell motility, intracellular transport, muscle contractility and regulation of cellular organization. Cytokinetics' R&D efforts incorporate proprietary Cytometrix(TM) automated cellular phenotyping technologies and are focused on serving pharmaceutical needs in cancer, cardiovascular and infectious diseases |
