Pharminox signs second exclusive agreement with Cancer Research Technology
Oxford, 12 August 2004 - Pharminox Limited, ("Pharminox" or "the Company") the private UK oncology company has signed a second agreement with Cancer Research Technology Limited (CRT), the technology transfer company of the charity Cancer Research UK.
The agreement gives Pharminox an exclusive 12-month option to license the worldwide rights for development and commercialisation to Phortress, the lead compound in a class of novel anti-tumour agents, and related compounds.
Phortress, whose mechanism of action is distinct from all other classes of cancer chemotherapeutic agents currently available, was discovered by Professor Malcolm Stevens and his group based at the University of Nottingham. Preclinical research studies have shown that Phortress is active in vivo against human breast, ovarian and colon cancer xenografts. A Cancer Research UK sponsored Phase I trial to determine the maximum tolerated dose and initial clinical profile of Phortress has been initiated, under the direction of Professor Hilary Calvert at the Northern Centre for Cancer Treatment in Newcastle.
In December 2003 Pharminox signed its first licensing agreement with CRT, which gave the Company the worldwide development and commercialisation rights to a novel series of anti-tumour compounds known as quinols which are currently in preclinical development.
Commenting on the announcement, Sue Barrowcliffe, CEO of Pharminox, said: “The latest agreement with CRT provides access to a clinical stage compound and therefore represents a major step forward in the process of building Pharminox into an exciting oncology discovery and development company.”
Professor Malcolm Stevens OBE, Cancer Research UK Professor of Experimental Cancer Chemotherapy and Chief Scientific Officer of Pharminox Limited, stated: “I am delighted that this small but dynamic UK company is to be given the opportunity to develop these very exciting novel anti-tumour agents. I am particularly pleased that this agreement will allow close co-operation with the group which discovered these compounds through the critical early stages of development.”
Harpal Kumar, CRT's CEO, added: “I am pleased that CRT has had the opportunity to facilitate the continued development of this novel cancer chemotherapeutic under the auspices of Professor Stevens and in so doing strengthening our relationship with Pharminox.”