Camurus Receives Option-exercise Milestone for Octreotide FluidCrystal(R) Product CAM2029
Camurus Receives Option-exercise Milestone for Octreotide FluidCrystal(R) Product CAM2029
AsiaNet 54163
LUND, Sweden, Sept. 10, 2013 /PRN=KYODO JBN/ --
Camurus announced today that Novartis has exercised its option to acquire
an exclusive license for the further development and worldwide
commercialization of CAM2029 for treatment of patients with acromegaly and
neuroendocrine tumors (NETs). The license also covers additional future
products based on the Camurus' FluidCrystal(R) Injection depot technology.
(Logo: http://photos.prnewswire.com/prnh/20130910/638211 )
The option exercise is the next stage in the collaboration, option and
license agreement between Novartis and Camurus executed in December 2011. It
triggers an undisclosed milestone payment to Camurus from eligible potential
payments of up to US$ 700 million, subject to achievement of predefined
development, regulatory and commercial milestones for the products included in
the agreement. In addition, Camurus is entitled to royalties on global product
sales.
CAM2029 is a novel, long-acting octreotide product that has been developed
by Camurus with the goal of easy subcutaneous administration in the treatment
of patients with acromegaly and NETs. CAM2029 has received orphan drug
designation by EMA for the treatment of acromegaly and has been studied in
three clinical Phase I trials, assessing pharmacokinetics, pharmacodynamics and
safety after single and repeat dosing. Following the option exercise, Novartis
will assume responsibility for further clinical development of CAM2029,
including any Phase III studies, product registration and worldwide
commercialization.
"We are very proud of the successful development of our collaboration and
look forward to continue assisting Novartis in the clinical development and
registration efforts for CAM2029," says Fredrik Tiberg, President and CEO of
Camurus. "Novartis' decision to acquire full commercialization rights to
CAM2029 and related products is a key milestone for Camurus that further
validates our advanced delivery technologies and clinical product development
capacity. Novartis' continued investment in this program strengthens our
strategic relationship and enables Camurus to expand its proprietary pipeline
of new and innovative therapies for serious diseases."
Since the transaction triggers relevant value thresholds, Novartis' binding
commitment to complete the exercise of the option is subject to the US's
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (15 U.S.C. Section18a)
(HSR).
About CAM2029 CAM2029 is a novel, ready-to-use, long-acting octreotide
product for treatment of acromegaly and neuroendocrine tumors (NETs) based on
Camurus' proprietary FluidCrystal(R) delivery system. Octreotide chloride, the
active ingredient of CAM2029 is a synthetic, cyclic octapeptide, an eight amino
acid analogue of the peptide hormone somatostatin. The CAM2029 product is
designed for easy and patient-friendly drug administration. While traditional
depot therapeutics frequently comprise complex microsphere technology for
intramuscular injection, Camurus' FluidCrystal(R) depot allows for subcutaneous
injection of a small volume liquid that transforms into a biodegradable liquid
crystal gel at the site of injection. Thereby the drug compound is effectively
encapsulated, providing rapid onset and long-acting octreotide release.
About Camurus Camurus is a research-based pharmaceutical company dedicated
to developing innovative therapeutics for diseases with high unmet medical
needs. The company's current pipeline includes products for treatment of pain,
opiate addiction, cancer and for use in endocrinology. Based on its advanced
nanoscale drug-delivery technology platform, FluidCrystal(R), Camurus is also
active in a number of development partnerships and research collaborations with
international pharmaceutical and biotech companies.
For further information, please contact:
Fredrik Tiberg, President & CEO
Tel: +46(0)46-286-4692
fredrik.tiberg@camurus.com
SOURCE: Camurus
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