RESEARCH TRIANGLE PARK, NORTH CAROLINA--(MARKET WIRE)--Oct 11, 2006 -- Adherex Technologies Inc. (TSX:AHX.TO - News)(AMEX:ADH - News), a biopharmaceutical company with a broad portfolio of oncology products under development, today announced that the GlaxoSmithKline (GSK) one-time option to license ADH-1 has expired unexercised. As a result, Adherex has regained all rights relating to ADH-1 and will continue with the clinical development of the compound. The license agreement with GSK relating to eniluracil remains unchanged.
“We are pleased to regain full ADH-1 rights. Our clinical development for this drug has progressed well. It has been well tolerated, shown evidence of molecularly appropriate anti-tumor activity, and new preclinical data in combination with chemotherapy are very impressive. With our Phase II studies in progress and the recent initiation of clinical studies using ADH-1 in combination with chemotherapy, we believe that both the therapeutic value for patients and the commercial value of ADH-1 for our shareholders will be further enhanced,” said Dr. William Peters, Chairman and CEO of Adherex. “Indeed, as our programs have progressed, we have seen an increasing level of interest in our compounds from various potential collaborators.”
ADH-1 is a novel drug targeting N-cadherin, a molecule that is broadly expressed in advanced cancers and which plays a critical role in cancer progression, invasion and metastasis. ADH-1 was well tolerated in Phase I trials and now is advanced in single-agent Phase II trials. The Company has also recently launched a combination program of ADH-1 + chemotherapy based upon preclinical observations demonstrating significant synergy of the drug in combination.
Under the license agreement, Adherex maintains an exclusive license to eniluracil for all indications and GSK retains its options to buy back the compound at specific points in time during the drug’s development. If GSK exercises any of its options for eniluracil, Adherex would receive development and sales milestone payments of up to US$120 million plus up to double digit royalties.
Conference Call
Adherex will host a conference call at 10:00 a.m. ET on October 12, 2006 to provide a corporate update. This call will be webcast live via the Internet at www.adherex.com. The event will also be archived and available for telephone replay until midnight on October 17, 2006 and webcast replay through October 12, 2007.
Live Participant Dial-In (Toll Free, Canadian and US callers): 800- 289-0494 Live Participant Dial-In (International): 913-981-5520 Conference Passcode: 4728549 Replay Number (Toll Free): 888-203-1112 Replay Number (International): 719-457-0820 Replay Passcode: 4728549 About Adherex Technologies
Adherex Technologies Inc. is a biopharmaceutical company dedicated to the discovery and development of novel cancer therapeutics. We aim to be a leader in developing innovative treatments that address important unmet medical needs in cancer. We currently have multiple products in the clinical stage of development, including ADH-1 (Exherin(TM)), eniluracil and sodium thiosulfate (STS). ADH-1, our lead biotechnology compound, selectively targets N-cadherin, a protein present on certain tumor cells and established blood vessels that feed solid tumors. Eniluracil, an oral dihydropyrimidine dehydrogenase (DPD) inhibitor, was previously under development by GlaxoSmithKline for oncology indications. STS, a drug from our specialty pharmaceuticals pipeline, protects against the disabling hearing loss that can often result from treatment with platinum-based chemotherapy drugs. With a diversified portfolio of unique preclinical and clinical-stage cancer compounds and a management team with expertise in identifying, developing and commercializing novel cancer therapeutics, Adherex is emerging as a pioneering oncology company. For more information, please visit our website at www.adherex.com.
This press release contains forward-looking statements that involve significant risks and uncertainties. The actual results, performance or achievements of the Company might differ materially from the results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation, those regarding the partnering and development plans of the Company and the expected timing and results of such activities. We can provide no assurance that such partnering or development plans will proceed as currently anticipated or that the expected payments, timing or results of such plans will be realized. We are subject to various risks, including the uncertainties of clinical trials, drug development and regulatory review, our reliance on collaborative partners, our need for additional capital to fund our operations, the early stage of our product candidates, our history of losses, and other risks inherent in the biopharmaceutical industry. For a more detailed discussion of related risk factors, please refer to our public filings available at www.sedar.com and www.sec.gov.
Contact: Contacts: Adherex Technologies Inc. Melissa Matson Director, Corporate Communications 919-484-8484 matsonm@adherex.com
Source: Adherex Technologies Inc.
