Phase III Business Development Expert Joins Endovasc
MONTGOMERY, Texas--(BUSINESS WIRE)--Nov. 1, 2002--Endovasc Ltd. Inc. (OTCBB:ENVC) -- a biotechnology company with two cardiovascular drugs approved for final FDA Phase III human trials - announced today that Greg Creekmore has joined the company as its new vice president for business development.
Creekmore has a proven track record in the international biotech business development arena. He recently completed a similar project for a privately held biotechnology research, development and distribution company, Stratus Research Labs. Under Creekmore's direction, the company successfully closed several distribution agreements and raised $10 million of additional capital from international investors.
Mr. Creekmore will be instrumental in negotiating future joint ventures, licensing, royalty and distribution agreements with major pharmaceutical companies both domestically and internationally, as well as raising additional capital for the company's Phase III trials.
"What most people don't know that is that as soon as you move to Phase III, biotech companies can actually start making money on a limited basis. When the first positive results from Phase III trials start to come in, major pharmaceutical companies start to contact biotech companies to buy the rights to the product through sub-licensing agreements. The upfront fees can be significant -- from millions to literally tens of millions of dollars. For example, Schering recently spent over $200 million to acquire Collateral Therapeutics, even though Collateral's angiogenic gene therapy actually failed in its Phase II trials. Large pharmaceutical companies typically also offer to take products through the regulatory process and pay the costs associated with Phase III human clinical trials. In addition to potentially large upfront fees, the biotech company typically receives royalty payments ranging from 7% to 20% of the drug sales revenues during the patent's lifespan," explains Dr. David P. Summers, Chairman and CEO of Endovasc.
"This is where Mr. Creekmore will add tremendous value. Our goal is to generate as much cash flow while still in Phase III. Creekmore should be instrumental in helping us secure additional funding and negotiate licensing, royalty and distribution agreements with major pharmaceutical companies," says Summers.
According to Creekmore, "Endovasc's Angiogenix drug is definitely one of the most promising drugs I have ever seen, both in terms of its effectiveness and market potential. In recent University animal tests, 100% of four different animal species demonstrated signs of new vascular growth. The study proved that Angiogenix is safe and works much better than anything else on the horizon for angiogenesis - 'with the potential of a biological heart by-pass.' The market size is staggering. Cardiovascular and metabolic markets represent more than $60 billion in sales volume per year. I am looking forward to making Endovasc a huge success," says Creekmore.
Endovasc's business model is based on taking on promising drug candidates at the end of the discovery phase and then conducting a fast-track program for the technical and early clinical development covering Phases I & II of the compound. Since two of the company's cardiovascular drugs have been approved for Phase III human trials, we are getting close to bringing our drugs to the market.
About Endovasc
Endovasc's products include Angiogenix(TM), the revolutionary new treatment that has shown to recruit the body's own stem cells that help grow new heart vessels predicted to relieve chest pain and improve heart function; Liprostin(TM), a liposomal prostaglandin-based treatment that studies suggest will prevent restenosis (re-blockage of arteries), increase circulation, and reduce leg pain due to poor blood flow; biodegradable stents; drug-delivery stents; and newly discovered nutraceutical applications that may accelerate therapeutic development of muscle mass. Prostaglandins are grouped as body's master hormones, and percussor prostaglandin balancers as a dietary supplement for obesity in overweight diabetic women is in development. Endovasc believes that its nutraceutical stem-cell recruiters combined with high protein complexes and its prostaglandin precursors for conversion of PGE-1 in the body could become blockbuster nonprescription products, producing positive cash flow even sooner than its later stage drugs because they are not subject to the FDA approval process.
Endovasc Ltd. Inc., established in 1996, is a biotechnology company focused in the area of cardiovascular disease, pioneering drug delivery technology designed to deliver and release drugs to their intended targets in an efficient and controlled manner. The company's pipeline of products and processes include: Liprostin(TM), ANGIOGENIX(TM), PROStent(TM) stent-coating technology, and a biodegradable stent prosthesis.
The foregoing statements are made under the "Safe Harbor" Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements that involve risks and uncertainties that may not be evident at the time of this release. For more information about Endovasc, please visit www.endovasc.com (Investor questions and requests for materials can be submitted at InvestorRelations@endovasc.com.)
CONTACT:
Endovasc Ltd. Inc., Montgomery
Lana Copeland, 936/448-2222
Fax: 936/582-2250
InvestorRelations@endovasc.com
endovasc.com
SOURCE: Endovasc Ltd. Inc.
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11/01/2002 07:15 EASTERN |
