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Inex Pharmaceuticals (TSE:IEX)
Inex Pharmaceuticals Forms Joint Venture with Elan Corporation to Develop and Commercialize Onco TCS
For immediate release: Apr 30, 2001
VANCOUVER - Inex Pharmaceuticals Corporation ("INEX"; TSE: IEX) announced today it has formed a joint venture with Elan Corporation, plc ("Elan"; NYSE: ELN) for the development and commercialization of INEX's lead product, Onco TCS, now being evaluated in human clinical trials as a treatment for a number of cancers. INEX and Elan have both contributed assets to the joint venture including worldwide rights to Onco TCS and complementary intellectual property.
David Main, INEX's President and CEO, said INEX could receive up to Cdn$60 million (US$39 million) in funding related to the joint venture and, completed today, an upfront Cdn$7.5 million purchase of INEX common shares. INEX and Elan will share profits from the product's commercialization.
"This agreement meets our objectives for a partnership for Onco TCS," Main said. "It brings considerable funds to complete and expand the development of Onco TCS and INEX retains a profit sharing arrangement with an international pharmaceutical company committed to oncology."
"During our partnering process, Elan emerged as the preferred partner as they provide the added benefits of access to complementary intellectual property and expertise in the development, manufacturing and marketing of liposomal and other drug delivery products."
Dr. Ivan Lieberburg, Chief Medical and Scientific Officer of Elan Corporation plc, said "We are pleased to join with INEX in this joint venture as they have demonstrated that their advances with TCS delivery technology provides a strong competitive advantage for Onco TCS. Onco TCS has the potential to become an important therapy for a number of cancers and complements other cancer drugs in our product portfolio including MyocetTM and AbelcetTM."
MyocetTM and AbelcetTM are approved liposomal formulations of drugs for the treatment and management of cancer patients.
About Onco TCS
INEX's lead product, Onco TCS, is a proprietary drug composed of the widely used off-patent cancer drug vincristine encapsulated in the company's TCS (liposomal) drug delivery technology. The TCS technology provides prolonged blood circulation, tumor accumulation and extended drug release at the cancer site. These characteristics are designed to increase the effectiveness and reduce the side effects of the encapsulated drug.
Onco TCS is in a pivotal Phase II/III clinical trial as a treatment for relapsed aggressive non-Hodgkin's lymphoma. The trial is expected to provide sufficient data to seek marketing approval, with a regulatory filing in late 2002 or early 2003. Onco TCS is also in Phase II clinical trials as a treatment for small cell lung cancer, relapsed solid tumours and leukemia in children and adolescents and first-line treatment of non-Hodgkin's lymphoma.
In 2000, Elan acquired The Liposome Company ("TLC"), of Princeton, NJ, a biotechnology company dedicated to the development and commercialization of proprietary lipid and liposome-based pharmaceuticals. The contribution by Elan to the joint venture of certain TLC intellectual property will strengthen the overall intellectual property position of Onco TCS and will eliminate the need to pay certain third-party royalties INEX had previously anticipated. |
