Oncothyreon announces prioritization plan for development programs

About this update from Cascade Copper Corp.

[{"type":"text","content":"\n\n\n\nSEATTLE, Sept. 2 /CNW/ - Oncothyreon Inc. (NASDAQ: ONTY) (TSX: ONY) (the\n"Company") today announced a prioritization plan to focus the Company's\nresources on the clinical development of PX-478 and PX-866 and on process\ndevelopment and manufacturing of Stimuvax(R). Oncothyreon will seek a partner\nfor further clinical development of PX-12 beyond the ongoing trials. The\nprioritization plan is intended to concentrate Oncothyreon's efforts and\navailable resources on those programs with the potential for the greatest\nnear-term value creation for the Company's stockholders.\n\n\n"This prioritization plan and the planned financing we also announced\ntoday are intended to make it possible for us to advance both PX-478 and\nPX-866 to the next stage of clinical development," said Robert L. Kirkman,\nM.D., President and Chief Executive Officer of Oncothyreon. "The ongoing dose\nescalation Phase 1 trial for PX-478, an inhibitor of hypoxia-inducible\nfactor 1 alpha, is enrolling steadily and has not yet reached a maximum dose.\nThe recently initiated Phase 1 trial for PX-866, an inhibitor of PI-3-kinase,\nis also enrolling well. We believe the high interest in the targets of these\ntwo compounds by both oncologists and potential partners will allow us to\ncreate value most effectively and quickly by concentrating our limited\nresources on these two programs. The next stage of development for PX-12 will\nrequire substantial resources and time, which would be more suitable in\npartnership with a larger pharmaceutical company."\n\n\n"We will also continue our manufacturing and process development\nactivities for Stimuvax," continued Dr. Kirkman. "The Phase 3 START trial of\nStimuvax in non-small cell lung cancer is actively moving forward, and we\nexpect an additional large Phase 3 trial in a new indication to be initiated\nlater this year. To support these trials, we continue to manufacture\nsignificant quantities of Stimuvax for our partner, Merck KGaA of Darmstadt,\nGermany. Under our agreements with Merck KGaA, supplies of Stimuvax for\nclinical trials are purchased exclusively from Oncothyreon. Merck KGaA is also\nfinancially responsible for the further clinical development of Stimuvax."\n\n\n"As the Stimuvax program is largely supported by Merck KGaA, we intend to\nuse t...

More updates from Cascade Copper Corp.