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EDMONTON, Oct. 31 /CNW/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA)
announced today that it has acquired ProlX Pharmaceuticals Corporation, of
Tucson, Arizona, and Houston, Texas, a privately-held biopharmaceutical
company focused on the development of novel therapeutics for the treatment of
cancer. ProlX is developing small-molecule drugs that inhibit redox and
cell-survival signaling proteins.
The acquisition will give Biomira a broadly-based portfolio of oncology
products, including one product candidate expected to enter phase 3 by year
end (Stimuvax(R)), one product expected to enter phase 2 in the current
quarter (PX-12), and two products expected to begin clinical trials over the
next 6 to 12 months, as well as several additional pre-clinical candidates.
"The acquisition of ProlX is a transformative event for Biomira,
expanding and diversifying our pipeline of cancer therapies in development,"
said Robert L. Kirkman, M.D., President and CEO. "The combined programs will
give us products in several phases of clinical development directed against
multiple targets, diversifying risk while retaining our focus on the treatment
of solid tumors. This is a major step toward our goal of building a leading
oncology franchise."
Lynn Kirkpatrick, Ph.D., President and CEO of ProlX, who will join
Biomira as Chief Scientific Officer, noted, "ProlX has built a diversified
pipeline of novel drugs through structural design and targeted combinatorial
chemistry, based on our research on targets which regulate cancer cell growth
and cell death. I am delighted to be joining with Biomira and excited by the
opportunity this transaction creates to accelerate the development of our
drugs."
Promptly following closing Biomira will pay U.S. $3 million in cash and
approximately 17,878,000 shares of Biomira common stock (subject to certain
resale restrictions) in return for all of the outstanding stock of ProlX. In
addition, and subject to applicable regulatory requirements, there may be up
to three future payments based on the achievement of specified milestones. A
payment in Biomira common stock (with registration rights) of U.S. $5 million
is due upon the initiation of the first phase 3 trial of a ProlX product.
Another payment in Biomira common stock (with registration rights) of U.S.
$10 million is due upon regulatory approval of a ProlX product in a major
market. Finally, under certain circumstances, ProlX shareholders may also
receive a share of revenue from a potential collaboration agreement for a
ProlX product in a specified non-oncology indication.
ProlX Products in Development
PX-12 is an inhibitor of thioredoxin. Increased thioredoxin levels in
cancer cells have been linked to the aggressive proliferation of solid tumors,
including colon, lung, and gastric cancers. PX-12 is currently being evaluated
in a phase 1b trial in patients with advanced gastrointestinal cancers. A
randomized phase 2 trial comparing two dose levels of PX-12 in patients with
advanced pancreatic cancer who have progressed on gemcitabine or a gemcitabine
containing regimen is expected to start in the current quarter. An initial
phase 1 trial involving 38 patients with advanced metastatic cancer showed
that PX-12 was well tolerated and produced a decrease in plasma concentrations
of thioredoxin that was significantly correlated with increased patient
survival. Seven of the 38 patients achieved stable disease of up to 322 days.
PX-478 is an inhibitor of hypoxia inducible factor-1a (HIF-1a), a protein
responsible for initiating the process of tumor blood vessel growth, or
angiogenesis. PX-478 is the first direct inhibitor of this protein to be
described. PX-478 is effective when delivered orally, and has shown marked
tumor regressions and growth inhibition in model systems across a range of
cancers, including ovarian, renal, prostate, colon, pancreatic, and breast
cancer. PX-478 is in late stage pre-clinical development and is expected to
begin its first clinical trial in the first half of 2007.
PX-866 is an inhibitor of the phosphatidylinositol-3-kinase
(PI-3-kinase)/PTEN/Akt pathway, an important survival signaling pathway that
is activated in many types of human cancer. PI-3-kinase is over expressed in a
number of human cancers, especially ovarian, colon, head and neck, urinary
tract, and cervical cancers, where it leads to increased proliferation and
inhibition of apoptosis. The PI-3-kinase inhibitor PX-866 induces prolonged
inhibition of tumor PI-3-kinase signaling following both oral and intravenous
administration and has been shown to have good in vivo anti-tumor activity in
human ovarian and lung cancer, as well as intracranial glioblastoma, tumor
models. PX-866 is in late pre-clinical development.
PX-316 is the first in a new class of chemical inhibitors of Akt-mediated
survival signaling, has shown anti-tumor activity in animal models of colon
and breast cancer, and is undergoing more extensive pre-clinical development.
Stimuvax(R)
Formerly known as BLP25 Liposome Vaccine (L-BLP25), Stimuvax(R) is a
synthetic MUC1 peptide vaccine. Stimuvax(R) incorporates a 25-amino acid
sequence of the MUC1 cancer mucin, encapsulated in a liposomal delivery
system. The liposome enhances recognition of the cancer antigen by the immune
system and facilitates better delivery. Stimuvax(R) is designed to induce an
immune response to cancer cells. In a phase 2b trial conducted by Biomira in
patients with Stage IIIb and IV non-small cell lung cancer, the median
survival in the subset of patients with locoregional Stage IIIB disease was
30.6 months for patients receiving Stimuvax, compared with 13.3 months for
patients in the control arm. A phase 3 trial of Stimuvax in patients with
Stage III non-small cell lung cancer is expected to begin by year end. The
trial will be conducted by Merck KGaA of Darmstadt, Germany, under terms of a
licensing arrangement with Biomira.
About ProlX
ProlX Pharmaceuticals Corporation is a private biotechnology company
located in Tucson, AZ and Houston, TX, dedicated to the discovery of novel
therapies for the treatment of cancer. The Company's small molecule drug
pipeline and discovery efforts target redox and survival signaling pathways.
About Biomira
Biomira is a biotechnology company specializing in the development of
innovative therapeutic approaches to cancer management. Biomira's commitment
to the treatment of cancer currently focuses on the development of synthetic
vaccines and novel strategies for cancer immunotherapy.
Conference Call
Biomira will host a conference call to discuss the acquisition of ProlX
at 11:00 a.m. ET today, October 31, 2006. The conference call will be
broadcast live on the Internet on the Company's website, www.biomira.com and
at: http://phx.corporate-ir.net/playerlink.zhtml?c(equal sign)78683&s(equal sign)wm&e(equal sign)1407777. The
call will be archived through November 30, 2006.
This release may contain forward-looking statements, including the
anticipated benefits of the acquisition, expectations regarding the
development and timing of clinical trials in relation to acquired products,
development of our product pipeline and related diversification of risk,
building a leading oncology franchise, potential new employees resulting from
the acquisition and possible future payments related to the acquisition
agreement. Various factors could cause actual results to differ materially
from those projected in forward-looking statements, including those predicting
the timing, duration and results of clinical trials, the timing and results of
regulatory reviews, the safety and efficacy of the products, and the
possibility of future payments. Although the Company believes that the
forward-looking statements contained herein are reasonable, it can give no
assurance that the Company's expectations are correct or that the Company will
have sufficient resources to fund clinical trials. All forward-looking
statements are expressly qualified in their entirety by this cautionary
statement.
