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Biomira Announces Acquisition of ProlX Pharmaceuticals
Biomira Announces Acquisition of ProlX Pharmaceuticals.
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[{"type":"text","content":"\n\n\n\n\n>\n\nEDMONTON, Oct. 31 /CNW/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA)\nannounced today that it has acquired ProlX Pharmaceuticals Corporation, of\nTucson, Arizona, and Houston, Texas, a privately-held biopharmaceutical\ncompany focused on the development of novel therapeutics for the treatment of\ncancer. ProlX is developing small-molecule drugs that inhibit redox and\ncell-survival signaling proteins.\nThe acquisition will give Biomira a broadly-based portfolio of oncology\nproducts, including one product candidate expected to enter phase 3 by year\nend (Stimuvax(R)), one product expected to enter phase 2 in the current\nquarter (PX-12), and two products expected to begin clinical trials over the\nnext 6 to 12 months, as well as several additional pre-clinical candidates.\n\"The acquisition of ProlX is a transformative event for Biomira,\nexpanding and diversifying our pipeline of cancer therapies in development,\"\nsaid Robert L. Kirkman, M.D., President and CEO. \"The combined programs will\ngive us products in several phases of clinical development directed against\nmultiple targets, diversifying risk while retaining our focus on the treatment\nof solid tumors. This is a major step toward our goal of building a leading\noncology franchise.\"\nLynn Kirkpatrick, Ph.D., President and CEO of ProlX, who will join\nBiomira as Chief Scientific Officer, noted, \"ProlX has built a diversified\npipeline of novel drugs through structural design and targeted combinatorial\nchemistry, based on our research on targets which regulate cancer cell growth\nand cell death. I am delighted to be joining with Biomira and excited by the\nopportunity this transaction creates to accelerate the development of our\ndrugs.\"\nPromptly following closing Biomira will pay U.S. $3 million in cash and\napproximately 17,878,000 shares of Biomira common stock (subject to certain\nresale restrictions) in return for all of the outstanding stock of ProlX. In\naddition, and subject to applicable regulatory requirements, there may be up\nto three future payments based on the achievement of specified milestones. A\npayment in Biomira common stock (with registration rights) of U.S. $5 million\nis due upon the initiation of the first phase 3 trial of a ProlX product.\nAnother payment in Biomira common stock (with registration rights) of U.S.\n$10 million is...