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Integration of technical expertise with Precision Biochemicals
IGT Pharma Inc IGT
Shares issued 7,775,915 Oct 20 close $1.15
Mon 20 Oct 97 News Release
Mr Bruce Schmidt reports
Effective immediately, IGT Pharma and its affiliate, Precision
Biochemicals, have agreed to begin an integration of its technical
capabilities. Earlier this year, IGT announced the acquisition of 35% of
the outstanding shares of Precision.
The strategy underlying this move reflects IGT's growth from that of being
primarily focused on research to a clinical development organization also
involved in larger scale production. As such, broadened skill sets will be
used to meet the regulatory requirements relating to new drug manufacturing
and dose formulation. The arrangement, effective immediately, will involve
Dr Ken Curry, president of Precision Biochemicals, overseeing this
transition. Dr Curry, a medicinal chemist, will provide IGT with the
necessary technical insight to assist in the batch scaleup of the first
ever totally synthetic production of the existing anti-cancer drug,
Etoposide. Before forming Precision Biochemicals, Dr Curry was Assistant
Professor of Pharmaceutical Sciences at the University of BC. Dr Radka
Milanova, who has been integral in IGT's progress to date, will leave day
to day laboratory management and become a consultant to IGT. This new
direction in the technical organization will allow IGT to accelerate its
drug development programs and better capitalize on future opportunities.
IGT's continuing development strategy will involve the identification of
new drug candidates and the ultimate delivery of clinically proven
anti-cancer agents to partners within the pharmaceutical industry. In the
nearer term, IGT will concentrate on the clinical trials process for the
new drug, Anhydrovinblastine, a drug with unique activity on non-small cell
lung cancer, the form of cancer most often associated with smoking.
Additionally, with the National Research Council, IGT will continue its
investigation of new variations of the clinical anti-cancer drug,
Etoposide.
regards
Mike |
