Posted by Sandy Donchess on June 02, 1999 at 10:53:30:
Coulter Pharmaceutical Acquires Rights to Therapeutic Antibody From Pharma Pacific
June 2, 1999
HealthWire)--June 1, 1999 via NewsEdge Corporation -- Coulter Pharmaceutical Inc. (Nasdaq:CLTR) and Pharma Pacific Pty. Ltd. (an Australian company) today announced that they have entered into an agreement granting Coulter worldwide rights to Pharma Pacific's 64G12, a therapeutic monoclonal antibody specific for the Type I interferon receptor which may represent a new approach to the treatment of autoimmune diseases and transplant rejection.
Type I interferons (interferons alpha, beta & omega) play a critical role in immune response systems. Abnormal production of Type I interferons is associated with a number of autoimmune diseases such as rheumatoid arthritis, systemic lupus erythematosus, Crohn's disease, insulin dependent diabetes and transplant rejection. Preclinical in vivo data suggest that the 64G12 antibody provides selective and prolonged neutralization of Type I interferons which may have important implications for the treatment of autoimmune diseases and transplantation.
Under the terms of the agreement, Coulter will receive exclusive worldwide rights for all human therapeutic and prophylactic uses for 64G12 and related intellectual property, as well as other antibodies recognizing the Type I interferon receptor. Coulter will be responsible for worldwide clinical development, manufacturing and commercialization. In return for worldwide rights, Coulter will pay Pharma Pacific an upfront payment of $1.5 million and potential licensee fees and milestone payments of up to $10.25 million. Pharma Pacific also will receive royalties on future product sales.
"We are delighted with the addition of this new product to our therapeutic antibody pipeline," said Michael F. Bigham, president and chief executive officer at Coulter. "We believe that the 64G12 antibody approach has significant potential in the treatment of a variety of autoimmune diseases, an area of increasing focus within our company arising from our expertise in immunology."
"We are impressed with Coulter's knowledge of antibody-based therapies as well as their demonstrated capability in clinical development," said Robert Reis, general manager of Pharma Pacific. "We appreciate being able to work with Coulter on the commercial applications of our 64G12 antibody technology."
Autoimmune diseases are disabling, chronic diseases which affect between five to seven percent of the population. These diseases are characterized by an abnormal immune response against host tissue, including the overproduction of Type I interferons. By blocking the activity of these interferons, the 64G12 antibody represents a potentially novel therapeutic approach to the treatment of such diseases.
Pharma Pacific is an Australian-based company engaged in the development of therapeutic applications and modifications of interferons and cytokines. It is a wholly owned subsidiary of Fernz Corporation, an international manufacturer and supplier of agricultural and industrial chemicals listed on both the Australian and New Zealand stock markets.
Coulter Pharmaceutical Inc. is engaged in the development of novel drugs and therapies for the treatment of people with cancer. The company currently is developing a family of cancer therapeutics based upon two drug discovery programs: therapeutic antibodies and targeted oncologics. The company's most advanced investigational product candidate is Bexxar(TM), a monoclonal antibody conjugated to a radioisotope for the treatment of non-Hodgkin's lymphoma. Initial efforts in the targeted oncologics program are focused on the development of a tumor-activated peptide pro-drug version of doxorubicin to potentially treat certain solid tumor cancers. For more information, please visit the Coulter Pharmaceutical web site at www.coulterpharm.com.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including uncertainties related to product development, uncertainties related to the need for regulatory and other government approvals, dependence on proprietary technology, uncertainty of market acceptance of Bexxar(TM) or the company's other product candidates and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC). In particular, see "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 1998.
< CONTACT: Coulter Pharmaceutical Inc., South San Francisco | Ina Cu-Unjieng, 650/553-2000 | or | Pharma Pacific Pty. Ltd., Sydney | Robert Reis, (61-2) 9597-6199