EDMONTON, April 25 /PRNewswire-FirstCall/ - Isotechnika Inc. announced today that the Company has signed an option agreement with Cellgate Inc. of Redwood City, California. This agreement allows Isotechnika the option to obtain an exclusive license to develop and commercialize conjugates consisting of Cellgate's patented transporter technology for the topical delivery of ISA247 in patients suffering from mild to moderate psoriasis.
Under the terms of the agreement, Cellgate Inc. will perform studies to evaluate the feasibility of using their technology to topically deliver ISA247. These studies will commence over the next few months and are expected to be completed over a one year period. In exchange for this work, Isotechnika will pay Cellgate Inc. a total of $500,000USD with $200,000USD paid upfront and the remainder at predetermined time points. Upon successful completion of the studies, Isotechnika has the option to license the technology from Cellgate Inc. to further develop and commercialize conjugates for topical delivery of ISA247.
"We are excited to be working with a company whose drug is showing great promise in the systemic treatment of psoriasis," commented Dr. Linda Sonntag, Cellgate Inc.'s Chairman. "It is our hope and expectation that Cellgate's transporter technology will safely and efficaciously expand ISA247's use to the 65% of patients with mild psoriasis and supplement those with moderate to severe psoriasis via topical administration."
"The opportunity to collaborate with Cellgate is very worthwhile," stated Dr. Randall Yatscoff, Isotechnika's President and Chief Executive Officer. "If successful, this could allow us to expand our drug's use beyond the moderate and severe forms of psoriasis currently being tested with systemic ISA247 into the milder cases of psoriasis. The development of a topically administered ISA247 product would allow us to optimize the market potential for our drug by making ISA247 available for mild to severe cases of psoriasis."
About Isotechnika Inc.
Isotechnika Inc. is an international biopharmaceutical company headquartered in Edmonton, Alberta, Canada. Drawing upon its expertise in medicinal chemistry and immunology, the Company is focused on the discovery and development of novel immunosuppressive therapeutics that are safer than currently available treatments. Its entrepreneurial management and world-class team of scientists are building a pipeline of immunosuppressive drug candidates for treatment of autoimmune diseases and for use in the prevention of organ rejection in transplantation. Isotechnika looks to become the leader in development of immunosuppressant therapies.
Isotechnika's lead compound, ISA247 is an immunosuppressant currently in an extension protocol of a Canadian Phase III human clinical trial for the treatment of moderate to severe psoriasis. In addition, ISA247 has successfully completed a Phase IIa trial for kidney transplantation. The Company also has an additional immunosuppressive compound in its drug pipeline, TAFA93 which is in Phase I.
Isotechnika Inc. is a publicly traded company on the Toronto Stock Exchange under the symbol ISA. More information on Isotechnika can be found at www.isotechnika.com.
About Cellgate Inc.
Cellgate Inc. is a privately held clinical stage biopharmaceutical company headquartered in Redwood City, California. Cellgate Inc. leverages its expertise in molecular transporters and drug development to efficiently advance a broad portfolio of novel polyamine analog anti-proliferation therapeutics.
This press release may contain forward-looking statements. Forward- looking statements, including the Company's belief as to the potential of its products, the Company's expectations regarding the issuance of additional patents and the Company's ability to protect its intellectual property, involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward- looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the ability to economically manufacture its products, the potential of its products, the success and timely completion of clinical studies and trials, the Company's ability to successfully commercialize its products, the ability of the Company to defend its patents from infringement by third parties, and the risk that the Company's patents may be subsequently shown to be invalid or infringe the patents of others. Investors should consult the Company's quarterly and annual filings with the Canadian commissions for additional information on risks and uncertainties relating to the forward- looking statements. Investors are cautioned against placing undue reliance on forward-looking statements.
CONTACT: Dr. Randall Yatscoff, President & CEO, Isotechnika Inc., Phone:(780) 487-1600 ext. 246, Fax: (780) 484-4105, E-mail:firstname.lastname@example.org; Stephanie Gillis-Paulgaard, Director, CorporateCommunications, Isotechnika Inc., Phone: (780) 909-4661, Fax: (780)484-4105, E-mail: email@example.com; Archived images onthis organization are searchable through CNW Photo Archive website athttp://photos.newswire.ca. Images are free to accredited members of themedia. To request a free copy of this organization's annual report, pleasego to http://www.newswire.ca and click on Tools for Investors.