Durham, NC– March 30, 2011 – Oncotide Pharmaceuticals, the first biopharmaceutical company dedicated to the discovery and development of novel drugs that modulate protein phosphatases that fundamentally disrupt cancer cells’ ability to proliferate and survive, announced its formation and launch.
Oncotide has exclusively licensed its initial product pipeline from Cognosci, Inc. The company has seed financing from Cognosci and plans to obtain venture financing, grants from NIH, and establish corporate partnerships. The tumor suppressor protein phosphatase 2A (PP2A) plays an important role in the deactivation of proteins that (1) stimulate uncontrolled growth of cancer cells and (2) that aid in evasion of regulated cell death.
Cancer cells, however, have developed mechanisms to inhibit PP2A activity so that cancerous growth continues without interruption. Oncotide’s founders have discovered compounds that block the action of these cancerous inhibitors and restore the ability of the PP2A-suppressor to stop the unregulated growth of cancer cells and induce their programmed cell death. These compounds have demonstrated inhibition of cancer growth in human cancer cells ex vivo, in cancer cell lines and in animal models of cancer.
Oncotide Pharmaceuticals is developing a pipeline of drug candidates that modulate the protein phosphatase activity of cancer cells. The company’s initial focus is inhibition of the SET oncoprotein, a potent inhibitor of PP2A that we have demonstrated is overexpressed in more than 50% of solid tumors and at greater rates in all hematological malignancies. As the lead SET antagonist, OP449 is expected to complete preclinical development and start Phase 1 clinical trials in 2012.
“In spite of the tremendous progress in the development of cancer treatments, challenges remain due to resistance development and the lack of broadly effective treatments” said Michael P. Vitek, Chief Executive Officer, Oncotide Pharmaceuticals.
“We are very excited to launch Oncotide and have this opportunity to make an impact by bringing new treatments to cancer patients.”
Oncotide is presenting a poster at the upcoming 102nd Annual Meeting of American Association for Cancer Research (AACR) to be held in Orlando, Florida, from April 2-6, 2011
Abstract Number: 615 Presentation Title: PP2A activation as a strategy for treatment of breast cancer Time: Sunday, Apr 03, 2011, 1:00 PM - 5:00 PM Location: Exhibit Hall A4-C, Poster Section 26, Board Number: 17 Session ID: Experimental and Molecular Therapeutics 2
About Oncotide Pharmaceuticals:
Oncotide Pharmaceuticals is the first biopharmaceutical company dedicated to the development of novel therapeutics in the emerging field of phosphatase modulators. Oncotide’s primary focus is in oncology, but the company’s platform is also applicable to other therapeutics areas including autoimmune, inflammatory and wound-healing diseases. Oncotide Pharmaceuticals is located in Research Triangle Park, Durham, North Carolina.
For more information, please visit the company’s website at www.Oncotide.com or contact:
Dr. Dale Christensen
1-919-801-2911
DChristensen@Oncotide.com
Dr. Anil Goya
1-919-593-6230
Goyal@Oncotide.com
