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Alliance Pharmaceutical Corp. and Nycomed Announce a Collaboration Agreement for Oxygent(TM) Development in Europe

SAN DIEGO, April 5 /PRNewswire-FirstCall/ -- Alliance Pharmaceutical Corp.(NASDAQ-OTCBB:ALLP) (OTC Bulletin Board: ALLP), through its wholly owned subsidiary PFC Therapeutics, LLC, and Nycomed today announced the signing of a collaboration agreement between PFC Therapeutics and Nycomed, a leading European pharmaceutical company, for Nycomed to develop and commercialize Oxygent(TM) in Europe. Oxygent (perflubron emulsion) is a patent-protected synthetic oxygen carrier that Alliance has evaluated in late-stage clinical studies for avoidance of red blood cell transfusions during surgery.

Under terms of the agreement, Nycomed will be responsible for the remaining clinical and regulatory development, and future marketing of Oxygent within a broad European territory. The agreement also includes an option for Nycomed to acquire Oxygent rights for China. PFC Therapeutics will be initially responsible for commercial supply of Oxygent to Nycomed and will receive a royalty on Oxygent sales following commercialization. PFC Therapeutics retains exclusive rights to Oxygent in the U.S. and for the rest of the world.

"We are extremely pleased to have Nycomed as our partner for Oxygent development and commercialization," commented Duane J. Roth, Chairman and CEO of Alliance. "The team we will be working with has outstanding credentials and a proven track record in clinical development, registration and marketing in Europe, making them an ideal fit for Alliance and for Oxygent development."

"Nycomed recognizes the importance of offering surgical clinics a possible alternative to reduce the dependency on allogeneic (donor) blood transfusion for many patients undergoing elective surgery," said Kerstin Valinder, Senior Vice President, International Marketing and Business Development at Nycomed. "If proven in the planned clinical trial, we believe Oxygent could represent a valuable alternative to transfusion of blood, and may also allow blood banks to better manage their limited inventory."

Burrill & Company has served as Alliance`s advisor for securing the partnership with Nycomed. G. Steven Burrill, CEO of Burrill, stated, "We are pleased to see this strategic collaboration further the development of Oxygent, an important new therapeutic agent capable of extending the supply of donated blood at a time when the demand for transfusions is outpacing blood donations. It`s an excellent example of international strategic partnering bringing two superb companies together to work for the benefit of patients."

Alliance, through its wholly owned subsidiary, PFC Therapeutics, is developing a synthetic therapeutic oxygen carrier, Oxygent, as a temporary red blood cell substitute, based on its proprietary perfluorochemical and surfactant technologies. The goal of the clinical development program will be to seek marketing authorization for an indication to use Oxygent during surgery when tissues are in acute need of additional oxygen supply, and thereby decrease or avoid the need for transfusion of donor blood. Alliance will continue to pursue development and commercialization of Oxygent in the U.S. and will continue working with Burrill to secure agreements for selected other countries.

Nycomed is a pharmaceutical company differentiating itself by its European focus. The company`s capabilities include product sourcing, late-stage clinical trials, registration, pricing, reimbursement negotiation and product life-cycle management. Dedicated sales teams target general practitioners, hospital specialists and pharmacists.

With 2,800 people, mostly in marketing & sales, Nycomed covers 19 European markets (including Russia/CIS) and also China. Products are also exported to other countries including Japan and the U.S. Nycomed is a privately owned company with 2003 revenues of euro 635.5 million.

Except for historical information, the matters set forth in this release are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth herein, including the availability of funding for development, the uncertainties associated with the conduct of preclinical or clinical studies and the timing or ability to investigate scientific data. Alliance refers you to cautionary information contained in documents the Company files with the Securities and Exchange Commission from time to time, including the last Form 10-K and Form 10-Q, and those risk factors set forth in the most recent registration statement on Form S-3 (File No. 333-72844) and Form S-4 (File No. 333-49676). Alliance is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

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