Wednesday January 08 2003, 8:05 AM Eastern Time
Panacea Pharmaceuticals, Inc. Announces Extension of Collaboration with Rhode Island Hospital/Brown University for HAAH Oncology Program
GAITHERSBURG, Md., Jan. 8 /PRNewswire/ -- Panacea Pharmaceuticals, Inc. announced today the extension of its Collaborative Research Agreement with Rhode Island Hospital/Brown University to develop technology based on the enzyme Human Aspartyl (Asparaginyl) Beta-Hydroxylase or HAAH. The Company will continue to fund research activities at RIH/Brown University for an additional three years. The agreement grants the Company exclusive worldwide commercialization rights to findings resulting from the collaboration.
The extension builds on the Collaborative Research Agreement and License Agreement signed in October of 1999. These agreements granted the Company exclusive, worldwide rights to develop therapeutic agents and diagnostic tests based on HAAH.
The group of researchers at RIH/Brown University is led by Jack R. Wands, MD. Dr. Wands is currently Chief of the Division of Gastroenterology at Lifespan Rhode Island Academic Medical Center, Director of the Liver Research Center, Professor of Medicine at Brown University School of Medicine, and Head of the Gastroenterology Section at Brown University.
"We are delighted to continue to collaborate with Dr. Wands and his team," stated Hossein A. Ghanbari, PhD, President and CEO of the Company. "The progress we've achieved together during the last three years was remarkable, establishing the incredible potential HAAH has as both a drug target and diagnostic marker for multiple cancers."
Background on HAAH Oncology ProgramHAAH over-expression has been detected in primary tumor tissue of all eighteen tumor types tested to date, including cancers of the pancreas, breast, ovary, liver, colon, prostate, lung, brain, and bile duct. HAAH over-expression has been detected in 99% of tumor specimens (greater than 1000) tested to date and has not been detected in normal or adjacent non-affected tissue. Recent findings in preclinical studies have indicated that over-expression of HAAH is sufficient to induce cellular transformation, to increase cell motility and invasiveness, and to establish tumor formation in animals.
Even partial inhibition of HAAH expression has been shown to have a beneficial effect on tumor cells, causing them to revert to a more normal phenotype as measured by the inhibition of growth, motility, and invasiveness. HAAH is over-expressed on the surface of cancer cells, potentially facilitating detection, drug delivery, and enzyme inhibition.
Panacea signed a Collaboration and License Agreement with MedImmune, Inc. in early 2002 to discover, develop, and commercialize therapeutic agents for the prevention or treatment of human disease based on Panacea's HAAH technology or its pathways. Panacea has retained all rights to the development of diagnostic products based on HAAH.
About Panacea Pharmaceuticals
Panacea Pharmaceuticals, Inc. is an emerging biopharmaceutical company focused on utilizing functional genomics and proteomics to develop therapeutics and diagnostics for diseases with substantial unmet clinical need. The Company's product development focus is on novel proteins and biochemical pathways related to cellular regulation and cell cycle abnormalities in oncology as well as neurodegenerative diseases, particularly Alzheimer's disease and Parkinson's disease.
More information is available at http://www.PanaceaPharma.com
Except for historical information presented in this press release, matters discussed herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the opinions and estimates of management only as of the date of this release and are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such statements. Factors that might cause such a difference include, but are not limited to, uncertainties related to our access to capital, the progress, costs, and results of any clinical trials undertaken by us, progress of our research and development projects, and uncertainties related to whether our product candidates would ultimately achieve commercial success. We do not undertake any obligation to update publicly any forward-looking statement, whether as a result of new information, future events, or otherwise unless required by law. Contact: Panacea Pharmaceuticals, Inc. Kasra Ghanbari, Chief Operating Officer Phone 240-240-8000; FAX 240-465-0450 Kasra@PanaceaPharma.com
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