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Sonus Pharmaceuticals announced today that it has signed an exclusive in-licensing agreement with Bayer HealthCare LLC for development of a family of compounds known as caspase activators presently in preclinical research
BOTHELL, WA, USA | August 7, 2008 | Sonus Pharmaceuticals, Inc. (Nasdaq:SNUS) announced today that it has signed an exclusive in-licensing agreement with Bayer HealthCare LLC for development of a family of compounds known as caspase activators presently in preclinical research. Caspase activators consist of small molecules that have been identified in preclinical research as activators of programmed cell death. Unlike normal cells, many tumor cell types have lost the ability to undergo the normal process of programmed cell death, known as apoptosis. By activating the caspase pathway, tumor cells can be triggered to undergo apoptosis resulting in cell death. As the caspase family of proteases play essential roles in apoptosis, the caspase activators offer the potential for the development of therapies in the treatment of various cancers.
The lead compound has demonstrated anti-tumor activity in a range of preclinical animal tumor models, including taxane-resistant tumors, following both intravenous and oral administration. "We are very excited to add this class of small molecule oncology compounds to our existing portfolio with SN2310, and we believe it will be very complementary to the existing oncology programs at OncoGenex as well", stated Mike Martino, President & CEO of Sonus. "Based on the current plans and resources, we would expect to move this compound into Phase 1 clinical development within 12-18 months," continued Mr. Martino.
Under terms of the agreement, Sonus was granted exclusive rights to develop two core compounds for all prophylactic and therapeutic uses in humans. Additionally, Sonus was granted rights to all other non-core compounds covered under the patents for use in oncology. Bayer retained rights to develop biological conjugates of the molecules (excluding the two core compounds), and agreed not to develop the non-core compounds as small molecules or pro-drugs for use in oncology. "We believe that this agreement is a clear reflection of the quality of our prior relationship with Bayer and illustrates Bayer's confidence in our company," stated Mr. Martino.
Under the terms of the agreement, Bayer will receive an upfront license fee of $450,000, milestone payments, and royalties on sales of any compounds successfully commercialized upon FDA approval. Specific financial terms on milestone payments and royalties were not disclosed. The upfront license fee and anticipated costs for advancing the compound to Phase 1 clinical development were included in prior financial forecasts provided by Sonus.
Definitive Agreement to Merge
On May 28, 2008, Sonus Pharmaceuticals, Inc. (Nasdaq:SNUS) and OncoGenex Technologies Inc. jointly announced the signing of a definitive agreement to merge the two companies. The combined company will operate as OncoGenex Pharmaceuticals, Inc. The proposed transaction received unanimous approval from the Boards of Directors of Sonus and OncoGenex, and is expected to be completed in the third quarter of 2008, subject to the approval of Sonus' and OncoGenex' shareholders.
About Sonus Pharmaceuticals, Inc.
Headquartered near Seattle, Washington, Sonus Pharmaceuticals, Inc. is focused on the development of cancer drugs that are designed to provide better efficacy, safety and tolerability, and ease of use. Sonus moved an oncology product candidate, SN2310, into a Phase 1 clinical trial in September 2006. For additional information on Sonus, including past news releases, please visit www.sonuspharma.com.
SOURCE: Sonus Pharmaceuticals, Inc. |
