PROCYON BIOPHARMA INC ("PBP-T;PCYBF-0") -
Financial Results for the Third Quarter of 2001
Procyon BioPharma announced its financial results
for the third quarter of 2001.
The Company continued to make rapid progress
during the quarter in the development of its Prostate
Secretory Protein (PSP94) and Antinucleosomal
Autoantibodies (ANA) technologies. "The peptide
PCK3145, indicated for the treatment of prostate
cancer, has been extensively tested in animal models
and is on target to be tested in humans in early
January 2002", stated Mr. Hans Mader, President
and CEO of the Company. "We are on target to file
an IND (Investigational New Drug submission) before the end of the year, to conduct Phase I/II human
clinical trials in patients who have failed hormonal therapy for prostate cancer." The finalization of an
agreement with Multiple Peptide Systems of California for the manufacture of cGMP grade PCK3145 to be
used for the clinical trials was announced during the quarter.
"Together with our development partner Biovation Ltd (U.K.) and our research collaborators at
Northeastern University (Boston), we have made substantial progress in the development of our second
core technology platform ANA. The chimeric monoclonal antibody (c-2C5) as well as the de-immunized
version of the same antibody, prepared by Biovation, are currently undergoing extensive testing in our
laboratory, for safety and efficacy", added Mr. Mader. "Our manufacturing partner, Goodwin Biotechnology
Inc. (Florida), has made progress in the plans to produce cGMP grade monoclonal c-2C5 and has
completed the clone selection for large scale production."
Enrolment for the Canadian Phase II clinical studies for our lead product FIBROSTAT(R), for the treatment
and prevention of hypertrophic scarring, was completed on October 25, 2001, with 132 patients on active
treatment. We are on target to file the IND for clinical Phase III studies in Canada before the end of the
year, in partnership with our licensee for Canada, Biovail Corporation. We are currently in advanced
discussions for the licensing of FIBROSTAT(R) for the United States.
THIRD QUARTER RESULTS - ACCELERATION OF RESEARCH PROGRAMS CONTINUES |
