Algeta and IFE agree to collaborate for the manufacture and supply of Alpharadin for future commercial use and clinical trials
Oslo, Norway - Algeta ASA (OSE: ALGETA), the cancer therapeutics company, and the Institute for Energy Technology (IFE), the international research institute for energy and nuclear technology based in Oslo, have agreed to collaborate for the manufacture and supply of Alpharadin for future commercial use and clinical trials. No financial terms are disclosed.
Alpharadin is a first-in-class, highly targeted alpha-pharmaceutical under clinical evaluation to improve survival in patients with bone metastases from advanced prostate cancer. Its localised action helps preserve the surrounding healthy tissue thereby limiting side-effects. Bone metastases represent a major unmet medical need, occurring in up to 90% of certain late-stage cancers, e.g. prostate, breast and lung.
The decision constitutes the first part of Algeta’s manufacturing strategy to produce and supply Alpharadin to meet expected needs of Algeta’s ongoing ALSYMPCA phase III study and planned clinical trials in other cancer indications. In addition it is planned that this expanded capacity will supply the expected commercial demand around the world following its approval and worldwide launch in collaboration with Bayer Schering Pharma AG. Under the terms of this agreement Algeta has responsibility for the manufacturing and supply of Alpharadin for commercial use.
Andrew Kay, Algeta’s President and CEO said: “IFE has been an excellent manufacturer and supply partner of Alpharadin for all our clinical trials to date. We are very pleased to be able to extend this agreement to secure the future clinical and commercial supply of Alpharadin. This product has the potential to be one of the world’s leading oncology products”
Eva Dugstad, Executive Vice President at the IFE, added, “”We are very pleased that Algeta has chosen IFE as a producer of its new alpha-pharmaceutical, Alpharadin. The Isotope Laboratories at IFE are a national center of expertise for radiopharmaceuticals. The cooperation with Algeta has been inspiring to IFE. We are excited to participate in creating new business which at the same time gives hope to cancer patients with bone metastases. As a result of this collaboration, we expect to expand the activities at the IFE Isotope Laboratories with 10 - 20 new employees that will benefit the whole of the Norwegian cluster within nuclear medicine"
Algeta ASA is a cancer therapeutics company built on world-leading, proprietary technology. Algeta is developing a new generation of targeted cancer therapeutics (alpha-pharmaceuticals) that harness the unique characteristics of alpha particle emitters and are potent, well-tolerated and convenient to use.
Algeta’s lead alpha-pharmaceutical candidate, Alpharadin (based on radium-223), has blockbuster potential for treating bone metastases arising from multiple major cancer types, owing to its bone-targeting nature, potent efficacy (therapeutic and palliative) and benign safety profile. Development of Alpharadin is most advanced targeting bone metastases resulting from hormone-refractory prostate cancer (HRPC), and it entered an international phase III clinical trial (ALSYMPCA) in mid-2008 based on compelling clinical results from a comprehensive phase II program. This trial is currently open for recruitment.
In September 2009, Algeta entered into a global agreement with Bayer Healthcare AG for the development and commercialization of Alpharadin. As part of the agreement, Algeta retains an option to co-promote Alpharadin in the United States and to share profits from future sales.
Algeta is also developing other technologies for delivering alpha-pharmaceuticals. These include methods to enhance the potency of therapeutic antibodies and other tumor-targeting molecules by linking them to the alpha particle emitter thorium-227. The Company is headquartered in Oslo, Norway, and was founded in 1997. Algeta listed on the Oslo Stock Exchange in March 2007 (Ticker: ALGETA).
Alpharadin and Algeta are trademarks of Algeta ASA.
About IFE (Institute for Energy Technology)
IFE is an international research institute for energy and nuclear technology. IFE’s mandate is to undertake research and development, on an ideal basis and for the benefit of society, within the energy and petroleum sector, and to carry out assignments in the field of nuclear technology for the nation. The Isotope Laboratories at IFE are a national centre of expertise for radiopharmaceuticals. The Institute was founded in 1948, and is today an independent foundation. The annual turnover is approximately NOK 650 M, and IFE has approximately 600 employees.
This news release contains forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on results of operations and the financial condition of Algeta. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Theses factors include, among other things, risks associated with technological development, the risk that research & development will not yield new products that achieve commercial success, the impact of competition, the ability to close viable and profitable business deals, the risk of non-approval of patents not yet granted and difficulties of obtaining relevant governmental approvals for new products.
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