Hana Bioscience to license three targeted cancer drug candidates from Inex Pharmaceuticals

21-Mar-2006

Hana Biosciences signed a letter of intent to license the worldwide rights to develop and commercialize three novel targeted chemotherapy drug candidates for the treatment of solid and hematological cancers from Inex Pharmaceuticals Corporation. The three candidates are known as MarqiboTM (sphingosomal vincristine), sphingosomal vinorelbine, and sphingosomal topotecan.

MarqiboTM (sphingosomal vincristine) has demonstrated promising activity in patients with non-Hodgkin's lymphoma (NHL) and acute lymphoblastic leukemia (ALL) in completed and ongoing studies. The novel targeted formulation of these approved chemotherapeutic agents is designed to significantly increase drug delivery to the tumor and prolong drug exposure for cell-cycle specific agents, thus increasing dose intensity. Based on completed and ongoing studies in hematological cancers, these products may deliver higher drug doses into the tumor, with concomitant increases in clinical activity.

Under the terms of the transaction, Hana will pay INEX a total of $11.5 million upon closing, consisting of cash and shares of Hana common stock. In addition, Hana will pay INEX up to $30.5 million in shares of Hana common stock, contingent upon achievement of specific clinical and regulatory milestones, and royalties on net sales. The completion of the transaction is subject to the execution of definitive agreements, as well as other customary closing conditions, which are expected to be completed in the second quarter of 2006. Canaccord Adams is acting as the exclusive financial advisor to Hana in the transaction.

https://www.bionity.com/en/news/53251/hana-bioscience-to-license-three-targeted-cancer-drug-candidates-from-inex-pharmaceuticals.html