Transition collaborates on AZD-103 commercialization
Transition Therapeutics Inc (C:TTH)
Shares Issued 157,459,239
Last Close 9/26/2006 $0.69
Wednesday September 27 2006 - News Release
Mr. Emer Reynolds reports
ELAN AND TRANSITION THERAPEUTICS INC. ANNOUNCE GLOBAL COLLABORATION TO DEVELOP AND COMMERCIALIZE ALZHEIMER'S DISEASE DRUG AZD-103
Transition Therapeutics Inc. and Elan Corporation PLC have signed an exclusive, worldwide collaboration agreement for the joint development and commercialization of a novel therapeutic agent, AZD-103, for the treatment of Alzheimer's disease. AZD-103 is a small molecule compound in phase I clinical development that acts by breaking down and preventing the assembly of beta amlyoid fibrils, a hallmark pathology of Alzheimer's disease.
Under the terms of the agreement, Transition will receive upfront payments of $15-million (U.S.): $7.5-million (U.S.) in 2006 and the remaining $7.5-million (U.S.) in 2007. In addition, dependant upon the successful development, regulatory approval and commercialization of AZD-103, Transition will be eligible to receive milestone payments of up to $185-million (U.S.). Elan and Transition will share the costs and operating profits of AZD-103 if successfully developed and commercialized. Each party's cost share and ownership interest may vary throughout the term of the agreement dependant on certain elections that may be made during the development of AZD-103.
"We are delighted to have this opportunity to work closely with Dr. Cruz and his team at Transition. The opportunity to advance this program to provide much needed therapeutic choice in the treatment of Alzheimer's will be a strategic priority and focus for all of us here at Elan. By joining forces, we increase our probability of success. The AZD-103 program represents a significant addition to our scientific portfolio and continues to reinforce our commitment and leadership in bringing more therapeutic choice to patients and their caregivers suffering from Alzheimer's around the world," said Kelly Martin, chief executive officer and president of Elan.
"We are extremely pleased to have Elan as our collaborator in developing AZD-103. Elan shares our vision and commitment to develop an effective Alzheimer's disease therapy. We are confident this collaboration will allow us to fully achieve the potential of the disease-modifying compound AZD-103 and help make a difference in the lives of-millions of Alzheimer's disease patients and their loved ones," said Dr. Tony Cruz, chairman and chief executive officer of Transition.
Conference call
Transition will hold a conference call at 11am Eastern time on Wednesday, Sept. 27, 2006, to discuss today's news in more detail. This call is open to the public and can be accessed live either over the Internet from the company's website www.or by dialling 1-888-633-8341 or 416-620-5690.
About the AZD-103 drug
AZD-103 is a novel therapeutic agent in phase 1 clinical development for the treatment of Alzheimer's disease that has the potential to both reduce disease progression and improve symptoms such as cognitive function. As reported recently in a Nature Medicine publication, oral treatment with AZD-103 reduced accumulation of amyloid beta and amyloid beta plaques in the brain, and reduced or eliminated learning deficits in a leading transgenic mouse model of Alzheimer's disease. In addition, AZD-103 is well positioned as a potential Alzheimer's therapy as it is a small molecule, crosses the blood brain barrier and has exhibited a favourable safety profile.
© 2006 Canjex Publishing Ltd. |
