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Photogen Technologies Forms Joint Venture with Elan Corporation to Advance Comprehensive, Non-Surgical Approach to Detection And Treatment of Cancer in the Lymph Nodes Photochemical Techniques May Offer Non-Invasive Alternative for Detection, Diagnosis and Treatment; Phase II Human Trials Set for Next Year
KNOXVILLE, Tenn., Nov. 2, 1999 -- Photogen Technologies Inc. (OTC BB: PHGN) today announced a joint venture with Elan Corporation, plc ("Elan") to develop and commercialize nanoparticulate diagnostic imaging agents for the detection and treatment of cancer that has spread to patients' lymph nodes.
The goal of the joint venture is to develop a treatment that would more than halve the number of lymph node surgeries by precisely locating the nodes where cancer has spread and at the same time, if necessary, treating the affected lymph nodes in one all-inclusive, non-invasive procedure.
Each company is contributing significant intellectual property and know-how to the venture. Photogen's contribution includes knowledge relatinged to lymphography accessed through recent acquisition and licensing agreements with Alliance Pharmaceuticals and Massachusetts General Hospital (see Photogen press release dated Oct. 26, 1999). Elan, through its drug delivery division Elan Pharmaceutical Technologies, is contributing its NanoCrystal(tm) stabilized nanoparticulate formulation technology to develop formulate the diagnostic imaging agents. Phase II human trials with the venture's lead candidate are expected to begin in 2000. Elan will provide Photogen with a credit facility to fund its share of the development costs of the joint venture. In addition, Elan has purchased $6 million of Photogen's common stock as part of the agreement.
"This corporate venture with Elan in the field of lymphography will enable us to redouble our efforts in bringing to market non-invasive methods for determining how much cancer a patient has and how far it has spread," said John Smolik, president and CEO of the Knoxville, Tenn.-based biotech firm.
"With our approach, we believe we can significantly reduce the number of lymph node surgeries used to determine the spread of cancers, including melanoma and cancers of the breast, prostate, lung, and head and neck."
Eugene Cooper, Executive Vice President Research and Development at Elan Pharmaceutical Technologies added, "Elan's NanoCrystal(tm) technology has significant application in the field of diagnostic imaging. We are delighted to have the opportunity to combine this technology with the know-how and expertise of Photogen, a leader in the emerging field of photodynamic therapy, to help advance the detection and treatment of diseases of the lymph node." |
