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Biotech / Medical : Vion (formerly Oncorx) interesting play on Gene Therapy -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (232)	3/20/2001 1:06:20 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 370

Vion Pharm: AstraZeneca Won't Exercise Second Option Dow Jones Newswires NEW HAVEN, Conn. -- AstraZeneca PLC (AZN) decided not to exercise its second option that would finance the further development of Vion Pharmaceuticals Inc. (VION) and Epttco Ltd.'s armed TAPET therapy, which uses a bacteria known to seek out solid tumors as a delivery device for an anticancer agent. In a press release Monday, Vion said AstraZeneca won't exercise the option at this time because the antitumor activity demonstrated in animal models was less than expected for the very high level of enzyme, or CPG2, that was delivered to the tumor by TAPET. Further improvement in antitumor activity to produce major regression and/or cures was considered critical for AstraZeneca to proceed with the second option agreement. AstraZeneca also cited the need for Vion to complete its ongoing Phase I trials of the unarmed base TAPET vector, and to demonstrate in those trials optimal colonization of tumors by the TAPET vectors in a high proportion of patients at a well tolerated dose. Vion said AstraZeneca's decision won't affect the further development of TAPET. (CORRECTED 09:00 PM) Vion said it and Epttco had demonstrated that intravenous administration of TAPET-CPG2 could consistently deliver very high levels of CPG2 enzyme to implanted subcutaneous tumors in mice. The companies also showed that the combination of TAPET-CPG2 and specific alkylating agent prodrugs showed tumor growth inhibition in mouse melanoma and colon cancer tumor models. Vion said it will continue its partnership with Epptco on the TAPET-CPG2 therapy in combination with specific alkylating agent prodrugs, and will consider giving a second package data to AstraZeneca after completion of preclinical experiments and the ongoing Phase I human clinical trials of the unarmed base TAPET vectors. The companies will also pursue other partnerships. The TAPET technology consists of Salmonella bacteria that have been modified for safe intravenous and intratumoral administration, and have the potential to deliver anticancer agents to tumors at high concentrations, while minimizing toxic effects on normal tissues. The company had entered into collaboration with Epttco to develop specific TAPET vectors armed with the prodrug converting enzyme GPG2. The initial option agreement between AstraZeneca and the Vion-Epttco collaboration called for the delivery of TAPET-CPG2 with specific prodrugs of alkylating agents, which damage DNA and kill tumor cells. Shares of Vion recently traded at $3.78, up 31 cents, or 9%, on Nasdaq SmallCap Market volume of 131,200 shares. Average daily volume is 205,616 shares.