BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Strativa Pharmaceuticals, a Division of Par Pharmaceutical, Inc., Announces the Discontinuation of the Development Program for Pafuramidine


2/25/2008 9:14:58 AM

WOODCLIFF LAKE, N.J., Feb. 25 /PRNewswire-FirstCall/ -- Strativa Pharmaceuticals, the proprietary products division of a wholly owned subsidiary of Par Pharmaceutical Companies, Inc. today announced that its development partner, Immtech Pharmaceuticals, Inc. has chosen to discontinue the development program for pafuramidine maleate, an investigative therapy.

On February 22, 2008, Immtech announced that it had received additional reports of adverse events related to abnormal kidney function that resulted in hospitalization of several volunteers from the ongoing safety study. These events occurred more than 60 days after subjects received pafuramidine. Kidney biopsy results have been interpreted as being consistent with drug- induced hypersensitivity and inflammation. The affected safety study volunteers are receiving full follow-up monitoring and medical care.

After receiving recommendations from the Data Safety Monitoring Board, the Steering Committee for the pneumocystis pneumonia (PCP) study and others, and in consultation with the US Food and Drug Administration (FDA) and Immtech's licensing partners, including Strativa, Immtech has chosen to discontinue the development program for pafuramidine.

Previously, Strativa had acquired commercialization rights in the U.S. to the Phase III oral drug candidate for the treatment of PCP in AIDS patients for $3 million, which was incurred as Research & Development (R&D) expense in 2007. In light of Immtech's discontinuation of the pafuramidine development program, no further payments are due to Immtech from Strativa under the commercialization agreement.

About Strativa

Strativa Pharmaceuticals is the proprietary products division of Par Pharmaceutical, Inc. Supported by Par's financial and organizational capabilities including substantial cash resources, Strativa Pharmaceuticals is committed to developing and marketing novel prescription drugs. Its initial focus is on supportive care therapeutics in HIV and oncology. Drawing on the specialty products expertise of its staff, Strativa possesses the resources to prepare products for introduction and to help ensure their success after launch. For additional information, please visit www.strativapharma.com

About Par Pharmaceutical

Par Pharmaceutical, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit www.parpharm.com

About Immtech

Immtech Pharmaceuticals, Inc. is focused on developing and commercializing drugs to treat infectious diseases. Immtech has a well defined, expanding library of compounds targeting drug-resistant Gram-positive bacteria, fungal infections, Hepatitis C and other serious diseases. Immtech holds exclusive worldwide licenses to certain patents, patent applications and technology for products derived from a proprietary pharmaceutical platform. For additional information, visit http://www.immtechpharma.com

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward- looking and, as such, are subject to risks and uncertainties, including the extent and impact of litigation arising out of the accounting issues described in the Company's filings with the Securities and Exchange Commission (SEC), the difficulty of predicting FDA filings and approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, uncertainty of patent litigation filed against the Company, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks and uncertainties detailed from time to time in the company's filings with the SEC, such as the Company's reports on Form 10-K, Form 10-Q and Form 8-K, and amendments thereto. Any forward-looking statements included in this press release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.

CONTACT: Allison Wey, Senior Director, Investor Relations and Corporate
Affairs of Par Pharmaceutical Companies, Inc., +1-201-802-4000

Web site: http://www.parpharm.com/
http://www.strativapharma.com/
http://www.immtechpharma.com/



Read at BioSpace.com

   
HIV/AIDS

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES