Friday April 5, 2:47 pm Eastern Time
Icos Corp Sepsis Drug JV May Take On Partner For Europe
WASHINGTON -(Dow Jones)- Icos Corp.'s (ICOS) joint venture with Suntory Ltd. ( J.SNT) of Japan may take on a third partner to help with the cost of developing its Pafase treatment for sepsis, or severe blood infections, a company spokeswoman said.
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According to financial statements included in Icos' annual report filed with the Securities and Exchange Commission on March 29 , the joint venture, known as Suncos, had enough cash to fund operations "into the first quarter of 2002."
Auditor KPMG said it had doubts the venture could continue as a going concern. The filing went on to say Icos and Suntory were discussing additional funding for Suncos, but it wasn't clear if more money was available.
On Friday, Icos spokeswoman Lacy Fitzpatrick told Dow Jones Newswires that Suncos definitely would receive further funding because it is in the midst of a 150-site Phase III trial of Pafase that's being paid for by Suncos. Fitzpatrick said Icos and Suntory may take on another partner to fund Suncos in exchange for a license to sell Pafase in Europe. She said Icos talks with other companies " all the time" regarding such marketing agreements.
Icos has rights to the drug in the U.S. and Suntory to it in Japan , while rights in other countries are shared, the filing said.
Suncos will also be responsible for commercialization of Pafase, Fitzpatrick said. Both Icos and Suntory will pay a royalties to Suncos on their sales of the product, should it be approved.
Icos' share of Suncos' 2001 loss was $15.2 million, up from $7.8 million in 2000, the filing said. Suncos was initially funded in 1997 with $30 million from Suntory and a Pafase license from Icos. Since the initial funds have been spent, Icos and Suntory have equally split Suncos costs.
Icos, based in Bothell, Wash. , is developing drugs for sexual dysfunction, hypertension, sepsis and other conditions. |
