Business
Microbix Provides Update on Urokinase Project Financing
Microbix Provides Update on Urokinase Project Financing.
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, March 28 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) announced\ntoday that several parties have expressed strong interest in financing the\ncontinuing development of the Company's Urokinase product for use in\ndissolving blood clots and cancer therapies.\n\n\nMicrobix expects financing to be in place in 2007. The funds will be used\nto conduct clinical trials and proceed to commercialization.\n\n\n"This interest in Urokinase reflects its value as a platform for a number\nof indications we are pursuing," said Company Chairman and CEO William J.\nGastle.\n\n\nAs a thrombolytic, or 'clot-busting' drug, Urokinase has benefited more\nthan five million patients and has had an excellent safety and\npatient-tolerance record. Today, Microbix is the only commercial-scale\nmanufacturer of this drug.\n\n\n"The market potential for a new specific Urokinase-based thrombolytic\ndrug is in excess of $100 million annually. At the same time, the development\nrisk is relatively low as other similar products have been on the market for\nmany years," said Mr. Gastle.\n\n\nMicrobix is collaborating with Angiogen LLC in the development of the\noncology therapy that combines Urokinase with a second small molecule drug.\nAngiogen holds U.S. patents for the use of Urokinase in oncology.\n\n\nThis combination drug therapy works by cutting off the blood supply to\nsolid tumours and thereby destroying them. The therapy has already shown\npositive results in patients, including some clinical efficacy data. Because\nboth drugs in the anti-cancer combination are well known and have been\nFDA-approved for other indications, and therefore are known to be safe, the\npartners expect that this program will be able to move relatively quickly to\nmarket.\n\n\nThe potential market for Urokinase as an oncology drug is over $1 billion\nannually. The therapy shows promise for treating colon, prostate and other\nsolid human cancers.\n\n\nMicrobix' business strategy has been to develop its large-market\nproducts, such as Urokinase, through profits generated in its platform\nvirology business until external funds are available. "This strategy has\nplayed a large part in positioning Microbix in the Urokinase business," said\nMr. Gastle. "Once financing is completed, we will return to positive cash flow\nas the platform busin...