11/2/99 PR Newswire 09:55:00
PR Newswire
Copyright (c) 1999, PR Newswire
Tuesday, November 2, 1999
Photogen Technologies Forms Joint Venture With Elan to Advance Comprehensive,
Non-Surgical Approach to Detection and Treatment of Cancer in the Lymph Nodes
Photochemical Techniques May Offer Non-Invasive Alternative for Detection,
Diagnosis and Treatment; Phase II Human Trials Set for Next Year
KNOXVILLE, Tenn., Nov. 2 /PRNewswire/ -- Photogen Technologies, Inc. (OTC
Bulletin Board: PHGN) today announced a joint venture with Elan Corporation,
plc (NYSE: ELN) to develop and commercialize nanoparticulate diagnostic imaging
agents for the detection and treatment of cancer that has spread to patients'
lymph nodes.
The goal of the joint venture is to develop a treatment that would more than
halve the number of lymph node surgeries by precisely locating the nodes where
cancer has spread and at the same time, if necessary, treating the affected
lymph nodes in one all-inclusive, non-invasive procedure.
Each company is contributing significant intellectual property and know-how
to the venture. Photogen's contribution includes knowledge relating to
lymphography accessed through recent acquisition and licensing agreements with
Alliance Pharmaceuticals and Massachusetts General Hospital (see Photogen press
release dated Oct. 26, 1999). Elan, through its drug delivery division Elan
Pharmaceutical Technologies, is contributing its NanoCrystal(TM) stabilized
nanoparticulate formulation technology to develop the diagnostic imaging
agents. Phase II human trials with the venture's lead candidate are expected
to begin in 2000. Elan will provide Photogen with a credit facility to fund
its share of the development costs of the joint venture. In addition, Elan has
purchased $6 million of Photogen's common stock as part of the agreement.
"This corporate venture with Elan in the field of lymphography will enable us
to redouble our efforts in bringing to market non-invasive methods for
determining how much cancer a patient has and how far it has spread," said John
Smolik, president and CEO of the Knoxville, Tenn.-based biotech firm. "With our
approach, we believe we can significantly reduce the number of lymph node surgeries used to determine the spread of cancers, including melanoma and
cancers of the breast, prostate, lung, and head and neck."
Eugene Cooper, executive vice president research and development at Elan
Pharmaceutical Technologies added, "Elan's NanoCrystal(TM) technology has
significant application in the field of diagnostic imaging. We are delighted
to have the opportunity to combine this technology with the know-how and
expertise of Photogen, a leader in the emerging field of photodynamic therapy,
to help advance the detection and treatment of diseases of the lymph node."
Background on Lymphography
Lymphography is a procedure following the diagnosis of cancer that is used to
determine if a patient's cancer has spread to the lymph nodes. The presence or
absence of cancer in the sentinel lymph node, is an indication of the
seriousness of a cancer and the ability to cure it. Under current treatment
programs, a malignant node or a node that is suspected of containing cancerous
cells must be surgically removed.
Early lymphography methods required injecting relatively unsafe oily contrast
agents into surgically isolated lymphatic vessels. More recent technologies
involve injecting blue dye and radioactive particles near the tumor and
tracking the materials to the general area of the sentinel node, which can then
be biopsied for evaluation and if needed, surgically removed.
Using the venture's technology, sentinel nodes will be precisely and safely
located by injecting a small amount of nanoparticulate contrast material. Due
to the particular physicochemical properties of these materials, they
concentrate within the lymph nodes, and reveal affected areas where cancer has
spread using computed tomography (CT) or magnetic resonance imaging (MRI). In
most cases, the image may provide enough information to determine the
advancement of the cancer and in the future, may also be used to monitor the
results of cancer treatment and detect recurrence.
The venture expects to take its technology one step further by combining the
contrast materials with a safe radiosensitizer that dramatically reduces tumor
cells when exposed to low-level radiation. Combining the two non-invasive
activities may provide an "all inclusive" treatment that would locate, diagnose
and treat the lymph nodes in one simple procedure -- including those nodes that
contain only a few cancerous cells that might otherwise escape detection.
Photogen Technologies, Inc. is a development-stage company focused on creating photodynamic-related healthcare products based on its proprietary
multi-photon excitation and other related technologies. The company has
discovered new methods for using light energy from lasers and X-rays to
activate photoactive agents within deep tissue sufficient to produce a range of
beneficial therapeutic and diagnostic outcomes. These technologies involve
methods, materials and devices that may be used to produce light and
photoactive agents that will destroy diseased cells, remove tissue or identify
and diagnose disease. Photogen's proprietary technology is covered under
existing U.S. patents and additional pending applications in the U.S. and
worldwide. The company has no products or operating revenues at this time.
Statements in this release that are not strictly historical are "forward-
looking" statements that are made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
involve known and unknown risks, which may cause the company's actual results
in the future to differ materially from expected results. These risks and
uncertainties include: the ability of the company to develop a product and
obtain regulatory approval for its use; the ability of the company to
successfully market and sell any products and equipment; the company's ability
to manufacture products in sufficient quantities; the company's ability to
maintain intellectual property protection for its proprietary products, to
defend its existing intellectual property rights from challenges by third
parties, and to avoid infringing intellectual property rights of third parties;
unforeseen operating risks; the company's ability to secure collaborative
agreements with third parties for various research, development, manufacturing,
marketing and other functions; competition; risks associated with the
dependence on manufacturers of the company's proposed products; the
availability of capital to finance planned activities; and the extent to which
the clinicians performing the procedures are able to obtain third-party
reimbursement. These risks are qualified in their entirety by cautionary
language and risk factors set forth in the company's filings with the
Securities and Exchange Commission.
Media Contacts: Hilary Kaye or Joan Murray at Hilary Kaye Associates (714)
426-0444 (PST)
/CONTACT: Hilary Kaye or Joan Murray of Hilary Kaye Associates, 714-426-0444,
for Photogen Technologies, Inc./ 09:40 EST
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COMPANY (TICKER): Elan Corp. PLC; Photogen Technologies Inc.; U.ELN (ELN PHGN |
