Hemosol (NASDAQ:HMSL)
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Hemosol to Produce Iron-Binding Drugs for use in U.S. Clinical
Studies
- Iron-binding drug will be evaluated in type 1 diabetes intervention program -
TORONTO, April 4 /PRNewswire-FirstCall/ -- Hemosol Corp. (NASDAQ:HMSLNASDAQ:
TSX:NASDAQ:HML) today announced that it has negotiated an agreement with
Biomedical Frontiers Incorporated (BMF), a private biopharmaceutical company
located in Minneapolis, Minnesota, under which Hemosol will produce two
separate iron-binding drugs (40SD02 and 25SD04). These injectable drug
formulations will be used for pre-clinical and clinical studies for treatment
of iron poisoning, iron overload and diabetic complications.
Production is scheduled to begin in the second quarter of 2005. Revenue from
the agreement governing the BMF relationship is expected to contribute to
modestly reducing Hemosol's burn rate in 2005.
"The key benefit to Hemosol from this agreement is demonstrating the ongoing
achievements related to our strategy to leverage the Meadowpine facility to
provide high value bio-manufacturing services," said Lee Hartwell, President &
CEO of Hemosol. "While the offset to our cash burn from this agreement is
minimal, we are excited about the future potential of our relationship with BMF
and the U.S. National Institutes of Health (NIH). We look forward to continued
success meeting our new customers' needs and those of similar organizations."
BMF's proprietary iron-binding drugs are produced by chemical attachment of
deferoxamine to polymers. Deferoxamine is the only FDA-approved drug for
treatment of iron poisoning and iron overload disorders. 25SD02 has been
selected for inclusion in the Type 1 Diabetes - Rapid Access to Intervention
Development (T1D-RAID) Program of the National Institute of Diabetes and
Digestive and Kidney Diseases (NIDDK), a component of the NIH. In collaboration
with academic investigators, BMF has demonstrated that a prototype formulation
of 25SD02 reverses abnormalities in nerve function occurring in diabetic
animals. Under the T1D-RAID program the drug will undergo pre-clinical testing
required before human clinical trials.
The T1D-RAID is a cooperative program of the NIDDK designed to facilitate
translation to the clinic of novel, scientifically meritorious therapeutic
interventions. The goal of the program is to support pre-clinical work needed
for the clinical "proof-of-principle", the study that determines if a new
molecule or novel approach is a viable candidate for expanded clinical
evaluation for the conditions of type 1 diabetes and its complications.
"Execution of the Manufacturing and Supply Agreement with Hemosol for our
patented iron-binding drugs represents a very significant step for our Company.
It allows us to continue our clinical program in thalassemia and sickle cell
disease with our lead drug and begin our pre-clinical studies targeting
diabetic complications in collaboration with the National Institutes of
Health," stated Bo Hedlund, President and CEO of Biomedical Frontiers. "We hope
that this agreement will lead to expanded collaboration between BMF and
Hemosol, a Company with considerable know-how and a state-of-the-art
manufacturing facility for manufacturing of protein and polymer based drugs and
biologics."
About Biomedical Frontiers
Biomedical Frontiers is a privately held biopharmaceutical company developing a
family of novel and proprietary iron-binding drugs for the treatment of a
number of medical indications, including iron overload disorders, iron
poisoning and diabetic neuropathy. BMF has been granted Orphan Drug
Designations for its 40SD02 drug for treatment of iron poisoning and for
treatment of iron overload, resulting from chronic transfusion therapy in
diseases such as thalassemia and sickle cell anemia.
About Hemosol
Hemosol is a biopharmaceutical company focused on the development and
manufacturing of biologics, particularly blood-related proteins. Hemosol has a
broad range of novel therapeutic products in development, including oxygen
therapeutics and protein-based therapeutics to treat certain infectious
diseases, cancers and anemia.
For more information visit Hemosol's website at http://www.hemosol.com/.
Hemosol's common shares are listed on the NASDAQ Stock Market under the trading
symbol "HMSL" and on the Toronto Stock Exchange under the trading symbol "HML".
Certain statements concerning Hemosol's future prospects are "forward- looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and other applicable securities legislation.
There can be no assurances that future results will be achieved, and actual
results could differ materially from forecasts and estimates. Important factors
that could cause actual results to differ materially from forecasts and
estimates include, but are not limited to: Hemosol's ability to successfully
implement the Cascade technology and commercialize products derived there from;
Hemosol's ability to obtain additional financing; Hemosol's ability to obtain
regulatory approvals for its products; Hemosol's ability to successfully
complete clinical trials for its products; Hemosol's ability to enter into
satisfactory arrangements for the supply of materials used in its manufacturing
operations and the sale of resulting products to customers; technical,
manufacturing or distribution issues; the competitive environment for Hemosol's
products and services; the degree of market penetration of Hemosol's products;
Hemosol's ability to attract and retain clients for its bio-manufacturing
services; and other factors set forth in filings with Canadian securities
regulatory authorities and the U.S. Securities and Exchange Commission. These
risks and uncertainties, as well as others, are discussed in greater detail in
the filings of Hemosol with Canadian securities regulatory authorities and the
U.S. Securities and Exchange Commission. Hemosol makes no commitment to revise
or update any forward-looking statements in order to reflect events or
circumstances after the date any such statement is made.
DATASOURCE: Hemosol Corp.
CONTACT: Jason Hogan, Investor & Media Relations, Tel: (416) 361-1331,
Tel: (800) 789-3419, Fax: (416) 815-0080, , http://www.hemosol.com/;
Contact at Biomedical Frontiers: Bo E. Hedlund, Ph.D., President & CEO, Tel:
(612) 378-0228, Fax: (612) 378-3601, ; Contact at NIDDK:
Myrlene Staten, M.D., Senior Advisor, Diabetes Research Translation, Tel:
(301) 402-7886, Fax: (301) 480-3503, ;
Archived images on this organization are searchable through CNW Photo Archive
website at http://photos.newswire.ca/. Images are free to accredited members of
the media.
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw.