Aphton (NASDAQ:APHT)
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Dissolution Allows for New Partnership Opportunities and Further
Development of Insegia in Gastric Cancer
Aphton Corporation (NASDAQ:APHT) announced today that it has
entered into a mutual decision and agreement to terminate the
co-promotion and licensing agreement with sanofi pasteur related to
Aphton's lead immunotherapy compound, Insegia(TM) (G17DT immunogen).
The agreements related to the co-promotion, licensing and supply of
Insegia will be terminated effective immediately.
The original agreements, signed in 1997, were related to the
development, manufacturing and co-promotion rights for all human
cancer applications of Insegia, including stomach, esophageal,
colorectal, and pancreatic cancers. Under the terms of the agreement,
Aphton was to be responsible for product development, clinical trials
and regulatory filings, and sanofi pasteur was to be responsible for
the promotion, advertising, marketing, distribution and sales of
Aphton's anti-gastrin vaccine in North America and Europe. In
addition, Aphton and sanofi pasteur had entered into agreements
providing for the supply of diphtheria toxoid, a key component of
Insegia.
"By dissolving these agreements and regaining essentially
unencumbered worldwide rights to Insegia we are in a better position
to find a new corporate partner with the goal of furthering the
development of Insegia, specifically as a therapeutic option for
patients with gastric cancer. Up until this point any discussions we
have had with potential partners have been limited," commented Patrick
Mooney, MD, Chairman and Chief Executive Officer of Aphton. "We
continue to be encouraged by the survival data seen in patients who
did achieve an antibody response in our clinical trials with Insegia.
We believe that this data combined with a much broader licensing
opportunity will draw significant interest from potential partners."
Additional details related to the dissolution of the co-promotion
and licensing agreement will be contained in Aphton's Form 8-K, filed
with the Securities and Exchange Commission.
The Company will be holding a conference call on Thursday,
November 10, 2005 at 9:00 a.m. ET to discuss the mutual dissolution of
the co-promotion and licensing agreement as well as other items
related to the Company.
A live audio webcast of the conference call can be accessed either
by telephone at:
Toll Free in the US/Canada at 1-800-322-0079; Code Aphton
Corporation Outside the U.S. at 1-973-409-9258; Code Aphton
Corporation
Or via the internet at http://viavid.net/dce.aspx?sid=00002AC7.
A replay of the presentation will be available via the website and
will begin approximately 2 hours after the conference call has
concluded and will be available for 14 days.
About Aphton
Aphton Corporation, headquartered in Philadelphia, Pennsylvania,
is a clinical stage biopharmaceutical company focused on developing
targeted immunotherapies for cancer. Aphton's products seek to empower
the body's own immune system to fight disease. Through the acquisition
of Igeneon AG in March 2005, Aphton acquired late-stage products,
IGN101, a cancer vaccine designed to induce an immune response against
EpCAM-positive tumor cells, and IGN311, a fully humanized antibody
against the Lewis Y antigen. Aphton has strategic alliances with Xoma
for treating gastrointestinal and other gastrin-sensitive cancers
using anti-gastrin monoclonal and other antibodies; and with Daiichi
Pure Chemicals for the development, manufacturing and
commercialization of gastrin-related diagnostic kits. Aphton's most
advanced product, Insegia(TM), targets the hormone, gastrin 17, in an
attempt to treat gastrointestinal cancers. For more information about
Aphton or its programs please visit Aphton's website at
www.aphton.com.
Safe Harbor
This press release includes forward-looking statements, including
statements about: (1) the Company's belief that as a result of the
dissolution of its strategic alliance with sanofi pasteur, it is in a
better position to find a new corporate partner with the goal of
further developing Insegia, particularly in gastric cancer patients;
(2) the Company's belief that the dissolution of Insegia will result
in a broader licensing opportunity; (3) the Company's belief that the
activity demonstrated by Insegia, together with the broader licensing
opportunity, will enhance the Company's ability to find a partner as
enthusiastic as the Company to financially support the further
development of Insegia; (4) the Company's belief in gastrin as a
viable target in treating cancer; and (5) the Company's expectation
regarding the purpose and effectiveness of fully-humanized monoclonal
antibodies, IGN101 and IGN311, and its cancer immunotherapy, Insegia.
These forward-looking statements may be affected by the risks and
uncertainties inherent in the drug development process and in Aphton's
business. This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in Aphton's Securities
and Exchange Commission filings, including Aphton's report on Form
10-K filed with the Commission on March 16, 2005. Aphton wishes to
caution readers that certain important factors may have affected and
could in the future affect Aphton's beliefs and expectations and could
cause the actual results to differ materially from those expressed in
any forward-looking statement made by or on behalf of Aphton. These
risk factors include, but are not limited to: (1) Aphton's ability to
find a corporate partner who is as enthusiastic about Insegia as the
Company and who is capable of financially supporting the further
development of Insegia, particularly in gastric cancer patients; (2)
Aphton's ability to fund the further development of its research and
development program; (3) Aphton's ability to successfully identify and
consummate opportunities to broaden and progress its research and
development pipeline; (4) scientific developments regarding
immunotherapy; (5) Aphton's ability to successfully integrate
Igeneon's operations and product portfolio with Aphton's operations
and product portfolio; and (6) the actual design, results and timing
of preclinical and clinical studies for both companies' products and
product candidates.