2012-11-07 23:07:18 -
TORONTO, ONTARIO -- (Marketwire) -- 11/07/12 -- Stem Cell Therapeutics Corp. (TSX VENTURE:SSS), a life sciences company developing stem cell-related technologies, today announced the signing of an agreement with University Health Network ("UHN"), through its commercialization agent MaRS Innovation ("MI"), both of Toronto. The agreement provides Stem Cell Therapeutics ("SCT") with an option to an exclusive world-wide license to an innovative cancer stem cell program.
Based on Dr. Aaron Schimmer's award-winning research, the technology has provided compelling evidence that tigecycline, an FDA-approved antibiotic, is able to selectively target leukemia cells and leukemic stem cells by shutting down their energy supply through the inhibition of mitochondrial protein synthesis.
Dr. Schimmer, Associate Professor in the University of Toronto's Department of Medical Biophysics and a clinician-scientist in the Princess Margaret Cancer Centre/Ontario Cancer Institute at University Health Network, published his findings in 2011 in the journal Cancer Cell. Based on this discovery, Dr. Schimmer received the 2012 Till & McCulloch Award presented each year by the Stem Cell Network to recognize the year's most influential peer-reviewed article by a researcher in Canada.
"In recent years Dr. Schimmer has had a widely-recognized rise to become one of Canada's premier clinician-scientists," commented David Allan, Executive Chairman of SCT. "He is following in the steps and traditions of other world-renowned Canadian stem cell researchers such as Drs. Ernest McCulloch, James Till and John Dick. We are fortunate to be the commercial partner on what we believe will be an exciting journey to new cancer stem cell-specific products. Repositioning a safe and well-tolerated antibiotic as a cancer therapeutic is an attractive business proposition for SCT, particularly when it is backed by strong science, sufficient differentiation from the original product, and strong intellectual property protecting the new utility, as we find in this opportunity."
A Phase I multicenter dose-escalation tigecycline trial in patients with relapsed or refractory Acute Myeloid Leukemia ("AML") is currently ongoing at Princess Margret Cancer Centre (UHN), University of California, Los Angeles and the University of Kansas. In addition to addressing safety and tolerability, this trial will also provide important human proof-of-concept data. Biomarkers indicative of on-target effects and inhibition of mitochondrial translation are being assessed at each dose level. Enrolment is proceeding well in this open label, 28-patient trial. Dosing is estimated to be completed in the first half of 2013. SCT projects that a Phase Ib/IIa combination trial can commence in early 2014 provided the necessary funding is secured.
"This opportunity, emerging from Dr. Schimmer's research, targets an unmet medical need in leukemia therapy and is a compelling example of MaRS Innovation's critical role in bridging the technology gap for promising early-stage assets from our members through translational funding and strategic guidance," said Dr. Raphael Hofstein, president and CEO of MaRS Innovation. "We are pleased to have collaborated with UHN and partner with Stem Cell Therapeutics on this exciting project."
SCT has been granted an option by UHN under which, and prior to April 30, 2013, SCT may conclude the exclusive license provided SCT has secured additional financing sufficient to support its product development operations. The worldwide, exclusive license agreement will contain customary provisions regarding an initial license consideration, milestones, royalties on sales and sublicensing terms.
In parallel with its clinical program, SCT plans to devote additional resources to amplify the preclinical R&D program to unlock the potential of tigecycline and its derivatives. The mitochondrial-targeting mechanism-of-action (MOA) could provide an opportunity for synergy with other cancer therapies, thereby expanding tigecycline's use from AML into other types of malignancies.
Dr. Christopher Paige, Vice President, Research at UHN, stated "We are very pleased to have created this partnership with the emerging Canadian biotechnology company, Stem Cell Therapeutics Corp. This is an excellent example of how research hospitals such as the UHN can work with MaRS Innovation and receptor companies to translate cutting-edge Canadian research discoveries into the prospect for important benefits to patients."
About Stem Cell Therapeutics
Stem Cell Therapeutics Corp. (TSX VENTURE:SSS) is a Canadian commercialization receptor company in the business of developing stem cell-based therapeutics through partnerships with research institutions or technology transfer organizations. The Company's corporate objectives include the analysis and acquisition of additional stem cell-related development opportunities and securing capital for the advancement of the licensed or acquired products. In October 2012 SCT became a member of the 20-member Centre for Commercialization of Regenerative Medicine ("CCRM") consortium. SCT has extensive expertise and experience in the stem cell biotechnology sector based on the intellectual property of Dr. Samuel Weiss in stem cell research. SCT proposes to build upon the foundational technologies by acquiring additional early-stage clinical or late-stage preclinical candidates. SCT's Traumatic Brain Injury product, NTx®-428, is currently in a Phase II clinical trial. For more information, visit: www.stemcellthera.com.
About University Health Network
Toronto General and Toronto Western Hospitals, the Princess Margaret Cancer Centre, and Toronto Rehabilitation Institute are the members of University Health Network (UHN). The scope of research and complexity of cases at UHN has made it a national and international source for discovery, education and patient care. It has the largest hospital-based research program in Canada, with major research in cardiology, transplantation, neurosciences, oncology, surgical innovation, infectious diseases, genomic medicine and rehabilitation medicine. University Health Network is a research hospital affiliated with the University of Toronto. For more information -- www.uhn.ca
About MaRS Innovation
MaRS Innovation (MI) is the commercialization agent for Ontario's exceptional discovery pipeline from 16 leading academic institutions. As a single-entry point to member-based activity of $1 billion in annual research and development, MI is a gateway for investors and licensees to access technology assets. Supported by the Government of Canada through the Networks of Centres of Excellence by the Government of Ontario through the Ontario Centres of Excellence, and by its 16 member institutions, MI is a transformational partnership that turns research strengths into commercial opportunities. MI's portfolio includes the most promising assets and advances commercialization into global markets through industry partnerships, licensing and company creation. For more information, visit: www.marsinnovation.com.
Caution Regarding Forward-Looking Information:
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, the "forward-looking statements"). These forward-looking statements relate to, among other things, SCT's objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, and can, in some cases, be identified by the use of words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: uncertainties and risks related to, the availability of capital, changes in capital markets, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, unproven markets for technologies in development, the cost and supply of raw materials, management of growth, effects of payers' willingness to pay for products, risks related to regulatory matters and risks related to intellectual property matters. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in the body of this news release, as well as under the heading "Risk Factors" contained in SCT's 2011 annual information form. SCT cautions that the foregoing list of important factors that may affect future results is not exhaustive.
When relying on SCT's forward-looking statements to make decisions with respect to SCT, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Such forward-looking statements are based on a number of estimates and assumptions which may prove to be incorrect, including, but not limited to, assumptions regarding the availability of financing for research and development companies in addition to general business and economic conditions. These risks and uncertainties should be considered carefully and investors and others should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, SCT cannot provide assurance that actual results will be consistent with these forward-looking statements. SCT undertakes no obligation to update or revise any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Stem Cell Therapeutics Corp
+1 647 258 4325 DAllan@StemCellThera.com
Marketing and Communications Manager
+1 647 260 7850 firstname.lastname@example.org