RPI and Elan Corporation Conclude Ribozyme-Based Oncology Joint Venture
Friday April 11, 9:00 am ET
BOULDER, Colo., April 11 /PRNewswire-FirstCall/ -- Ribozyme Pharmaceuticals, Inc. (RPI) (Nasdaq: RZYM - News) today announced that it has concluded its collaboration with Elan Corporation, plc ("Elan") relating to the Medizyme Pharmaceuticals Ltd., joint venture. Under the terms of this agreement RPI retains full rights to HERZYME(TM), a ribozyme-based product, and Elan will transfer its 19.9% interest in Medizyme to RPI in exchange for a portion of any future license fee, development revenues and royalties on commercial sale of HERZYME.
"Our joint venture with Elan has been both very productive and collaborative," said Howard W. Robin, President and Chief Executive Officer of RPI. "We have combined our respective technologies in a clinical development program that has culminated in a recently completed Phase I clinical trial in metastatic breast cancer. RPI does not intend to further pursue independent development of HERZYME and is seeking a development partner."
Medizyme Pharmaceuticals Ltd. was established for the development and commercialization of HERZYME that specifically targets and reduces gene expression of the epidermal growth factor receptor, HER2. It is estimated that 20% to 30% of breast cancer tumors over-express the HER2 gene implying HERZYME could provide an effective means for treatment of breast cancer. As part of this strategic business initiative, RPI licensed HERZYME and Elan licensed its MEDIPAD® drug delivery technology to Medizyme. A Phase I clinical trial to evaluate HERZYME in patients with metastatic breast cancer whose tumors over express HER2 has been completed and the data are currently being analyzed. The results of the safety and tolerability data from this trial are due to be presented at the upcoming American Association for Cancer Research conference. |
