Isotechnika and Atrium Medical announce licensing agreement for use of TAFA93 and ISA247 with medical devices
Friday September 30, 7:00 am ET
Trades on Toronto Stock Exchange - (TSX:ISA)
www.isotechnika.com
EDMONTON, Sept. 30 /CNW/ - Isotechnika Inc. ("Isotechnika") and Atrium Medical Corporation ("Atrium") jointly announced today the signing of an exclusive worldwide licensing agreement for the use of TAFA93 and ISA247 specifically with drug eluting devices for the non-systemic treatment of vascular, cardiovascular disorders, target vessel and tissue disorders.
A summary of the terms of the agreement is as follows:
- Atrium will pay an upfront licensing fee of US$3,000,000.
- Atrium will pay milestone and royalty payments to Isotechnika upon
approval of a medical device product which incorporates TAFA93,
ISA247 or the combination of both drugs.
- Isotechnika is required to complete a Phase Ib trial for TAFA93.
- Atrium will conduct and be financially responsible for all
development costs of the medical device product program.
- Isotechnika will manufacture and supply both drugs for use in
clinical trials and post commercialization on a cost plus basis.
- Atrium will be solely responsible for marketing the Products which
incorporate the TAFA93 and ISA247 compounds.
- The license provided is for the use of TAFA93 and ISA247 in
conjunction with medical devices only. No rights are granted for the
oral or topical administration of either TAFA93 or ISA247 in any
indication.
"The goal for Isotechnika is to develop immunosuppressive drugs which are multi-faceted in their use. As a result of this agreement, we can expand the commercialization opportunities for both TAFA93 and ISA247 beyond purely an oral or systemic administration thereby allowing these therapies to treat as many potential patients as possible," stated Dr. Robert Foster, Chairman and CEO of Isotechnika Inc. "Through this exciting relationship with Atrium, Isotechnika is able to achieve this goal with a committed and experienced partner in the medical device field."
According to Atrium's founder and CEO, Steve Herweck, "Atrium continues to invest in those leading edge technologies like its exclusively licensed TAFA93 (a prodrug of rapamycin) and ISA247 (a cyclosporine derivative) compounds for local medical device delivery, that best satisfy our long term financial goals and contribute to important advancements in patient care. Combining automation with global manufacturing resources, together with extraordinary innovations in biomaterial and pharma science, our diversified portfolio of healthcare products are leading the way to brighter, more clinical effective solutions in cardiovascular disease and critical care management."
"When we developed TAFA93 and ISA247, we wanted to maximize their unique potential in multiple fields. The physical and chemical properties of our drugs are compatible with the proprietary carrier technology incorporated in the medical devices developed by Atrium," stated Randall Yatscoff, President and COO of Isotechnika Inc. "As a result of this synergy, we believe that both TAFA93 and ISA247 have the potential to be used in numerous products which will benefit patients who require such devices."
The management team will provide an overview of the agreement to the investment community this morning commencing at 9:00 a.m. ET/ 7:00 a.m. MT. All Interested parties can access the live web cast (listen only mode) by entering newswire.ca sign)1252680 in their web browser. Alternatively, you may access the web cast through our corporate Web site at www.isotechnika.com. The web cast will be archived for a 90-day period on our corporate Web site or through the web cast archives at www.newswire.ca. |
