Wednesday January 9, 11:14 am Eastern Time
Press Release
SOURCE: Procyon Biopharma Inc.
Procyon enters into a license option agreement with
Chiron Corporation for its prostate cancer technology
MONTREAL, Jan. 9 /CNW/ - Procyon Biopharma Inc. (TSE:PBP - news) announced today that it has entered into an
agreement with Chiron Corporation (NASDAQ:CHIR - news) of Emeryville, California, for an evaluation of its Prostate
Secretory Protein (PSP94) technology being developed initially for the treatment of late stage prostate cancer. Terms of the
agreement include an exclusive period of six months for the evaluation of the program, which encompasses applications of the
recombinant PSP94 peptide as well as the synthetic peptide PCK3145.
Over this period, at any time Chiron may exercise its right to negotiate a worldwide license for the PSP94 technology on mutually
acceptable terms. Specific financial terms of the Option Agreement have not been disclosed.
Procyon's proprietary PSP94 technology deals with the therapeutic application of the recombinant or synthetic peptide analogue
forms of the naturally occurring protein for the treatment of prostate cancer. The Company has completed pre-clinical studies with
the synthetic peptide analogue PCK3145 and human clinical studies are expected to commence in Q1 2002. In pre- clinical nude
mice studies, the peptide has shown efficacy in reducing the growth of hormone resistant human prostate cancer xenografts by
over 50%.
"We are delighted in the interest shown by Chiron in our PSP94 technology and are looking forward to a fruitful relationship
between the two companies," said Hans Mader, President and CEO of Procyon. "Chiron has an impressive capability in the
development of recombinant protein based drugs as well as peptides, and we believe that this alliance will add significant value to
our platform technology," he said.
Procyon Biopharma Inc. is a publicly listed, Biopharmaceutical Company focused principally on advancing two powerful platform
technologies that have the potential to diagnose and treat cancer. Procyon's non-pathogenic Antinucleosome Autoantibodies
(ANAs) bind specifically to multiple cancer cell types strongly enhancing the immune response to cancer cells. Prostate Secretory
Protein (PSP94) is a naturally occurring human protein that has the potential to treat prostate cancer by inhibiting abnormal
prostate cell growth. In addition, the estimation of PSP94 levels in prostate cancer patients may have prognostic and diagnostic
applications. Procyon also has two late-stage products: FIBROSTAT(R), a topical cream for the management of newly formed
scars following surgery or burns and COLOPATH(R), a rapid, non-invasive screening test for colorectal cancer.
Procyon's shares trade on the Toronto Stock Exchange under the ticker symbol, PBP.
This release contains forward-looking statements that reflect the company's current expectation regarding future events. The
forward-looking statements involve risk and uncertainties. Actual events could differ materially from those projected herein and
depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from
time to time in the company's filings.
For further information
Hans J. Mader, President and CEO, Procyon Biopharma Inc., (514) 685-9283, www.procyonbiopharma.com,
ir@procyonbiopharma.com
John Boidman, Investor Relations, Renmark Financial Comm. Inc., (514) 939-3989, jboidman@renmarkfinancial.com
Nathalie Bourque, Public Relations, National Public Relations Inc., (514) 843-2309, nbourque@mtl.national.ca To
request a free copy of this organization's annual report, please go to newswire.ca and click on
reports@cnw. |
