BASKING RIDGE, N.J., March 30 /PRNewswire-FirstCall/ -- VioQuest Pharmaceuticals , a New Jersey based biopharmaceutical Company focused on developing and commercializing targeted therapeutics, reported a loss from continuing operations of $5.3 million or $0.13 per share for the year ended December 31, 2006, compared to a loss from continuing operations of $10.4 million or $0.47 per share for the year ended December 31, 2005. The loss was attributed to ongoing expenses related to continued expansion of its clinical development programs, enhancements to its senior management team, and other operational activities.
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The following milestones have been accomplished in 2006 as the Company continued to execute its strategy to transition into drug development:
* Lead drug candidate, VQD-002, (triciribine-phosphate) TCN-P, a first in class novel inhibitor of Akt activation, is in Phase I/IIa clinical trials for refractory solid tumors (breast, ovarian, colorectal, pancreatic, melanoma) at the H. Lee Moffitt Cancer Center and for leukemia at MD Anderson and H. Lee Moffitt Cancer Center * Lenocta(TM), (sodium stibogluconate), SSG, a first in class, novel inhibitor of specific protein tyrosine phosphatases (SHP-1 and SHP-2), is in corporate-sponsored Phase I/IIa clinical trials for refractory solid tumors at MD Anderson, and at the Cleveland Clinic through an investigator initiated trial * Lenocta(TM) has been designated an Orphan Drug by the FDA for the treatment of cutaneous leishmaniasis, a tropical parasitic infection that threatens 350 million people who live in 88 countries around the world, and a growing medical problem in the U.S. as a result of increased travel to the endemic region. FDA trials were completed by the U.S. Army at the Walter Reed Army Medical Center. The Company anticipates filing the NDA in 2007. * Lawrence Akinsanmi, M.D, Ph.D. was appointed Vice President of Regulatory Affairs and Clinical Operations, joining from Daichii where he held a similar role * VioQuest Completed a financing in October of ~ $4.0M
Daniel Greenleaf, president and CEO of VioQuest, said, “2006 has been a year of transition and transformation. We have achieved many of our clinical and business goals in 2006, and are now looking forward to advancing our clinical trials and reporting data. We believe the decision to solely dedicate our expertise and resources to biopharmaceuticals will enable us to further accelerate our drug development programs in 2007.”
2007 GOALS * 1H07: Hired Edward C. Bradley, M.D. as Chief Scientific Officer, joining VioQuest from Berlex Laboratories where he held corporate roles including Chief Medical Officer * 1H07: In-licensed Xyfid(TM) (topical uracil), an adjunctive treatment for Hand and Foot Syndrome (HFS), which is in clinical stage development * 1H07: Identified oral analogs of VQD-002 * 1H07: Complete the transition into a drug development company through the sale of its subsidiary Chiral Quest * 1H07: Provide clinical trial updates for Lenocta(TM) and VQD-002 * 1H07: Complete enrollment for corporate sponsored Phase I trials of Lenocta(TM) and VQD-002 * 2H07: Initiate Phase II clinical trials for Lenocta(TM) and VQD-002 * 2H07: Initiate Phase II trial for Xyfid(TM) for the treatment of Hand and Foot Syndrome (HFS) * 2H07: Submit NDA for Lenocta(TM) for the treatment of leishmaniasis * 2H07: Submit clinical trial and enrollment updates to the joint EORTC- NCI-ASCO Annual Meeting on “Molecular Markers in Cancer” (European Organization for Research and Treatment of Cancer - National Cancer Institute - American Society of Hematology) for Lenocta(TM) and VQD-002 * 2H07: Submit clinical trial and enrollment updates to the American Society of Hematology (ASH) annual meeting for VQD-002 About VioQuest Pharmaceuticals
VioQuest Pharmaceuticals, Inc. www.vioquestpharm.com focuses on acquiring, developing, and commercializing targeted late preclinical and early clinical stage therapies with unique mechanisms of action for oncology, viral and autoimmune disorders. VioQuest has two targeted therapeutics in Phase I/IIa clinic trials: VQD-002 which inhibits phosphorylation of Akt that is seen at abnormally high levels in breast, ovarian, colorectal, pancreatic, and hematologic tumors; and Lenocta(TM), an inhibitor of specific protein tyrosine phosphatases, which has shown compelling preclinical activity in both renal and melanoma cancers. In addition, VioQuest and the U.S. Army are planning to submit an NDA to the FDA in 2007 for Lenocta(TM) for the treatment of leishmaniasis. VioQuest’s subsidiary Chiral Quest, Inc., a pioneer in asymmetric chemocatalysis and custom synthesis, offers its proprietary technology products to well-known pharmaceutical and fine chemical companies worldwide to improve their production efficiencies and, in some instances, to increase the overall safety and efficacy of the underlying drug. VioQuest is seeking strategic alternatives for Chiral Quest, which may include its sale.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties that could cause VioQuest’s actual results and experiences to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as anticipates, expects, plans, believes, intends, and similar words or phrases. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that the FDA will approve VioQuest’s planned NDA submission relating to Lenocta(TM) for the treatment of leishmaniasis, and even if approved, there is no assurance that VioQuest will be able to successfully commercialize Lenocta(TM) for the treatment of leishmaniasis or any other indication, or that VioQuest will receive any proceeds in connection with a sale or other disposition of its Chiral Quest division. Other risks and uncertainties include the possibility that the results of clinical trials will not support VioQuest’s claims, the possibility that VioQuest’s development efforts relating to its product candidates, including Lenocta(TM) and VQD-002, will not be successful, the inability to obtain regulatory approval of VioQuest’s product candidates, VioQuest’s reliance on third-party researchers to develop its product candidates, its lack of experience in developing and commercializing pharmaceutical products, and the possibility that its licenses to develop and commercialize its product candidates may be terminated. Additional risks are described in VioQuest’s Annual Report on Form 10-KSB for the year ended December 31, 2006. VioQuest assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Contact information: Daniel Greenleaf President and Chief Executive Officer 908-766-4400 ext. 115 dan.greenleaf@vioquestpharm.com Brian Lenz Chief Financial Officer 908-766-4400 ext. 117 brian.lenz@vioquestpharm.com
Photo: http://www.newscom.com/cgi-bin/prnh/20070117/NYW085LOGOVioQuest Pharmaceuticals
CONTACT: Daniel Greenleaf, President and Chief Executive Officer,+1-908-766-4400 ext. 115, dan.greenleaf@vioquestpharm.com; or Brian Lenz,Chief Financial Officer, +1-908-766-4400 ext. 117,brian.lenz@vioquestpharm.com
Web site: http://www.vioquestpharm.com//
