MONTREAL, April 26 /PRNewswire-FirstCall/ -- Celmed BioSciences, a subsidiary of Theratechnologies (TSX:TH), targeting niche applications in oncology, today announced the sale of Celmed USA, a private company, and its neurology assets and technology platform, to Dr. Michel Levesque. The terms of the agreement include payments of royalties on sales upon the eventual commercialization of this technology.
This transaction, which has the effect of increasing Theratechnologie's ownership from 58.5% to 59.7%, is in line with Celmed's new business plan to focus on and intensify its oncology program, ultimately leading to a stronger competitive position in its field of activity.
"This transaction allows Celmed to fully concentrate its strengths and resources in oncology, while building a critical mass in this field", said Dr. Andre de Villers, President and Chief Executive Officer of Celmed BioSciences. "In addition, we continue to seek opportunities to expand our portfolio of products because we believe that focusing on the oncology market where Celmed has already had great success will help us achieve our growth objective more rapidly", he added.
Dr. Levesque, who developed a promising treatment for neurodegenerative diseases, has been active in the field of academic neurosurgery and neurosciences research since 1986. He will continue to head the Functional neurosurgery clinical program and research in central nervous system regeneration at the Cedars Sinai Hospital in Los Angeles. "I initiated this project several years ago with a good dose of faith and passion", said Dr. Michel Levesque, "and I believe that this transaction will help bring the autologous neural stem cells transplantation program for Parkinson's disease to new heights and see it through important milestones with new financial partners", he concluded.
About Celmed BioSciences
Celmed BioSciences is a private Canadian biopharmaceutical company in the field of oncology. Spun off by Theratechnologies in 2001, the Company develops photodynamic-based therapies using its proprietary technology Theralux (TM). Celmed has reached several key milestones of its accelerated clinical and preclinical program for Theralux (TM) which is currently being evaluated in three therapeutic areas: the prevention of graft-versus-host disease, the purge of cancerous cells in non-Hodgkin's lymphoma and the treatment of autoimmune diseases and chronic GvHD by extracorporal photochemotherapy (ECP).
Theratechnologies (TSX:TH) is a Canadian biotechnology company engaged in the discovery and development of therapeutic products in the field of endocrinology and metabolism. The Company has and is developing a portfolio of peptides at various stages of development for the treatment of catabolic (loss of the body's synthesis and regeneration capacity) and metabolic disorders, as well as osteoporosis and type II diabetes. In addition, Theratechnologies is expanding its peptide portfolio through proven, proprietary technologies.
This press release contains forward-looking statements, which reflect Celmed's current expectations regarding future development of the Theralux (TM) platform. Such statements inherently involve numerous risks and uncertainties, including the availability of funds and resources to pursue preclinical and clinical projects, the successful and timely completion of clinical studies, and the granting of the necessary approvals by the regulatory authorities. Actual future results may differ materially from the anticipated results expressed in the forward-looking statements contained in this press release. Investors are cautioned against placing undue importance on this forward-looking information and should consult Theratechnologies' 2003 Annual Report, which contains a more exhaustive analysis of risks and uncertainties.
CELMED BIOSCIENCES INC.
CONTACT: Andre de Villers, M.D., President and Chief Executive Officer,Celmed BioSciences, (514) 336-4886, ext. 600; Michel F. Levesque, M.D., CelmedUSA, (310) 659-6633; Contact: Diane Girard, Communications Director, CelmedBioSciences,(514) 336-4886, ext. 611, Cell: (514) 912-0904