procyonbiopharma.com
pressID=66PROCYON BIOPHARMA LICENSES COLORECTAL CANCER SCREENING TECHNOLOGY TO IMI
MONTREAL, March 20, 2001 - Procyon BioPharma Inc. (TSE:PBP) announced today that it has entered into a licensing agreement with IMI International Medical Innovations Inc. (TSE: IMI) granting IMI the worldwide exclusive license to develop, market and distribute its colorectal cancer screening technology COLOPATH(R). The terms of the agreement include upfront and milestone payments as well as royalty on sales of any rectal mucus based screen test for colorectal cancer.
Procyon’s COLOPATH(R)technology was originally licensed and subsequently purchased from the University of Toronto Innovations Foundation. In clinical evaluations the test has shown a sensitivity of 92% for colorectal cancer and 89% for large polyps. The ability to detect and remove these polyps in a timely fashion is expected to contribute to a decrease in rates of colorectal cancers. The COLOPATH(R) test is amenable to both a laboratory version as well as a Point-of-Care format. It involves the detection of a biological marker in rectal mucus, which is subjected to a chemical staining procedure. The test is minimally invasive, rapid and economical. It has been registered as a Class II medical device with the Canadian regulatory agency Therapeutics Products Program (TPP).
IMI’s ColorectAlert(TM), also developed as a rectal mucus-based screening test for colorectal cancer, is believed to detect a different marker than COLOPATH(R). IMI completed a major clinical trial last year showing that ColorectAlert(TM) outperformed the standard screening test for colorectal cancer called Fecal Occult Blood Test (FOBT).
“We believe this agreement will accelerate the time to market for a rectal mucus–based test for colorectal cancer screening. Results suggest that such a test would identify colorectal pathology at a very early stage, thereby allowing for a higher probability of curative intervention,” said Hans J. Mader, President & CEO of Procyon BioPharma Inc. “ Through this agreement with IMI, we’ll be bundling the rectal mucus based cancer screening technologies and consequently increase the market potential for the technology”, he added.
“This agreement brings all of the relevant technologies and patents under one roof and allows us to move forward with a product that we know is promising as a first-line detector for colorectal cancer,” said Dr. Brent Norton, President and CEO of IMI. “By integrating some of the beneficial features of COLOPATH(R) with ColorectAlert(TM), we expect the result may be a product that offers even more improvements over existing screening tests.”
Colorectal cancer is the third most common cancer in North America, affecting more than 150,000 new people every year. Medical experts around the world are calling for broad-based screening programs for colorectal cancer because with aggressive screening it can be detected early, and if detected early enough it is curable more than 90 per cent of the time. When detected in latter stages, it is almost always fatal.
Procyon BioPharma Inc. is a publicly listed, biopharmaceutical Company focused principally on advancing two powerful platform technologies that have the potential to diagnose and treat cancer. Procyon’s non-pathogenic Antinuclear Autoantibodies (ANAs) bind specifically to multiple cancer cell types strongly enhancing the immune response to cancer cells. Prostate Secretory Protein (PSP94) is a naturally occurring human protein that has the potential to treat prostate cancer by inhibiting abnormal prostate cell growth. In addition, the estimation of PSP94 levels in prostate cancer patients may have prognostic and diagnostic applications. Procyon also has two late-stage products: FIBROSTAT(R), a topical cream for the management of newly formed scars following surgery or burns and COLOPATH(R), a rapid, non-invasive screening test for colorectal cancer.
Procyon’s shares trade on the Toronto Stock Exchange under the ticker symbol, PBP.
IMI is a world leader in predictive medicine. The Company is dedicated to developing rapid and non-invasive products for the early detection and monitoring of life-threatening diseases, particularly cardiovascular disease and cancer. IMI’s head office is in Toronto, and its product development activities are based at McMaster University in Hamilton, Ontario. Common shares trade on The Toronto Stock Exchange (symbol IMI).
This release contains forward-looking statements that reflect the company’s current expectation regarding future events. The forward-looking statements involve risk and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company’s filings.
For more information contact:
Hans Mader
Procyon BioPharma Inc.
(514) 685-9283
hmader@procyonbiopharma.com
www.procyonbiopharma.com
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