FeRx Regains Commercialization Rights to MTC-DOX in the U.S. and Europe.
FeRx and Elan Corp. Mutually Agree to Terminate Joint Venture in Oncology
Thursday September 26, 8:04 am ET
SAN DIEGO--(BUSINESS WIRE)--Sept. 26, 2002--FeRx Inc., a targeted drug delivery company, today announced that it has recovered all commercialization rights for its lead product, MTC-DOX (doxorubicin), previously committed to a joint venture arrangement with Elan Corp., plc (NYSE:ELN - News).
The joint venture was established in October 2000. Elan will continue to maintain a shareholding position in FeRx following termination of the joint venture.
In June, Elan announced that it intended to focus management and resources on its fully integrated pharmaceutical operations and core therapeutic areas of neurology, pain management and autoimmune diseases and would divest non-strategic businesses and assets, including those in oncology.
"During the two years of the joint venture with Elan, we have made significant progress in the development of our lead product, including the initiation of our ongoing Phase II/III global study," said Dr. Jacqueline Johnson, Ph.D., FeRx's president and chief executive officer. "We appreciate the financial and scientific support provided by Elan during this period and regret that the company's changed therapeutic focus necessitates the termination of this agreement."
FeRx is conducting an international, multi-center Phase II/III clinical trial of MTC-DOX in patients with primary liver cancer (hepatocellular carcinoma -- HCC). MTC-DOX has received Orphan Drug and Fast Track designations from the U.S. Food and Drug Administration (FDA) and Orphan Medicinal Product designation from the European Agency for the Evaluation of Medicinal Products (EMEA).
"With the recovery of these commercialization rights, FeRx now holds worldwide rights to the MTC-DOX product and will seek partners for development and marketing in the U.S., Europe and Asia," commented Dr. Johnson. "We continue with our global Phase II/III study in HCC at sites in North America, Europe and Asia as well as our Phase II study at three sites in China, and our Phase I/II study in metastatic liver cancer in the U.S. and Europe."
FeRx Inc. is a privately held, product-oriented, targeted drug delivery company dedicated to the development and commercialization of its proprietary Magnetic Targeted Carrier (MTC) technology to improve patient care, reduce toxicity and increase efficacy of known drugs for the treatment of cancer. MTCs are microparticles composed of metallic iron and activated carbon that serve as delivery vehicles for the site specific targeting, retention, and release of a variety of pharmaceutical agents, including small molecules, biologics and genetic vectors.
The MTC technology uses a small, externally positioned magnet to create a localized magnetic field within the body. MTCs enable pharmaceutical agents to be magnetically targeted to specific sites in the body. The physical force created by the magnetic field draws the MTC-drug compound into the targeted disease area. This process results in localization and retention of the delivered pharmaceutical agents at the desired site following removal of the magnetic field.
Current clinical studies of MTCs being conducted by FeRx are designed to demonstrate the intra-arterial delivery of magnetically targeted pharmaceuticals to specific areas of the body while reducing systemic toxicity and increasing the local concentration of drug at the target site. These trials are focused on the delivery of FeRx's lead product, MTC-DOX (doxorubicin), to primary liver tumors (hepatocellular carcinoma -- HCC) and to tumors that have metastasized to the liver.
For additional company background, visit the FeRx Web site at: www.FeRx.com. |
