Oslo/New York, 18 September 2006
Clavis Pharma ASA, a public development stage pharmaceutical company focusing on cancer therapeutics, and Mount Sinai School of Medicine (MSSM) have entered into a collaborative development agreement on potential new cancer drugs.
The collaboration relates to the development and testing of new drugs based on Clavis' proprietary Lipid Vector Technology (LVT) for the treatment of cancer and haematological malignancies.
Clavis will be responsible for identifying and synthesizing new compounds and MSSM will be responsible for in vitro and in vivo experiments. Clavis has already synthesized the first drug covered by the agreement and studies by MSSM will start immediately. Under the terms of the agreement Clavis Pharma has been granted exclusive worldwide rights for all potential products being developed during the collaboration. MSSM will receive royalties on future sales
"This collaborative agreement with MSSM is a milestone for Clavis Pharma as the company now expands from developing our own proprietary drugs into a collaboration which combines our know how and IP with those of a third party" says Tom Pike, CEO of Clavis Pharma. "MSSM's expertise in cancer research, combined with their pioneering work in cancer clinical trial research makes them an excellent partner for us. The collaboration will strengthen Clavis Pharma's oncology pipeline, which currently includes ELACYTTM, in phase II and CP-4126, which has recently entered phase I."
"MSSM's scientists and physicians focus on investigations with clear and imminent practical application," notes Dennis Charney, MD, Dean for Academic and Scientific Affairs for Mount Sinai School of Medicine and Senior Vice President for Health Sciences of The Mount Sinai Medical Center. "The combination of MSSM's long- and widely-recognized accomplishments in translational research with Clavis's novel and promising drug platform will facilitate the development of our respective technologies into therapeutic products that will prolong and enhance the quality of life for those suffering from oncological diseases.
For more information, contact:
Clavis Pharma:
Tom Pike, CEO
(+ 47) 24 11 09 50
tom.pike@clavispharma.com
Mount Sinai School of Medicine (MSSM)
The Mount Sinai Press Office
212-241-9200
newsmedia@mssm.edu
About Clavis Pharma
Clavis Pharma ASA is a public oncology focused pharmaceutical company leveraging its proprietary Lipid Vector Technology (LVT) platform to
create New Chemical Entities (NCEs) by significantly improving well-established drug molecules. The improvement is achieved
by chemically binding specific unsaturated lipids to existing, and well understood, approved pharmaceuticals. The resulting
patentable NCEs offer improved efficacy and reduced side effects through enhanced pharmacokinetic properties, greater tissue
penetration and, in many cases, additional modes of action.
Clavis Pharma intends to develop its drug candidates until significant value has been created and proof of principle in man
has been shown. For further clinical development and commercialisation of the products, Clavis Pharma will enter strategic
partnerships with established pharmaceutical or biotech companies. The company's product portfolio includes three new cancer
drugs, of which the first ELACYTTM
, is in clinical phase II, the second, CP-4126, is in clinical phase I, and the third is in the pre-clinical phase. Results
indicate that ELACYTTM has a promising potential for several cancer indications within solid tumours and leukaemia.
Clavis Pharma ASA is listed on the Oslo Stock Exchange (ticker: CLAVIS). Additional information on Clavis Pharma can be found
at:
www.clavispharma.com
About Mount Sinai School of Medicine
Located in Manhattan, Mount Sinai School of Medicine is internationally recognized for ground-breaking clinical and basic-science
research, and innovative approaches to medical education. Through the Mount Sinai Graduate School of Biological Sciences,
Mount Sinai trains biomedical researchers with an emphasis on the rapid translation of discoveries of basic research into
new techniques for fighting disease. One indication of Mount Sinai's leadership in scientific investigation is its receipt
during fiscal year 2004 of $153.2 million. Mount Sinai now ranks 25th among the nation's medical schools in receipt of research
support from NIH. Mount Sinai School of Medicine also is known for unique educational programs such as the Humanities in Medicine
program, which creates opportunities for liberal arts students to pursue medical school, and instructional innovations like
The Morchand Center, the nation's largest program teaching students and physicians with "standardized patients" to become
not only highly skilled, but compassionate caregivers. Long dedicated to improving its community, the School extends its boundaries
to work with East Harlem and surrounding communities to provide access to health care and educational programs to at risk
populations.
Additional information about Mount Sinai School of Medicine can be found on www.mssm.edu
Disclaimer
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This news release contains forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on results of operations and the financial condition of Clavis Pharma. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Theses factors include, among other things, risks associated with technological development, the risk that research & development will not yield new products that achieve commercial success, the impact of competition, the ability to close viable and profitable business deals, the risk of non-approval of patents not yet granted and difficulties of obtaining relevant governmental approvals for new products.
No expressed or implied representations or warranties are given concerning Clavis Pharma or the accuracy or completeness of the information or projections provided herein, and no claims shall be made by the recipient hereof by virtue of this Information Memorandum or the information or projections contained herein. Any representations or warranties made to an investor in Clavis Pharma will be subject to separate sale and purchase agreements to be negotiated between the parties.
Clavis Pharma and ELACYT are registered trademarks of Clavis Pharma ASA.