Inex Pharmaceuticals Closes Hana Biosciences Licensing Agreement

10-May-2006

Inex Pharmaceuticals Corporation announced that it has closed the previously announced transaction to license three products from its Targeted Chemotherapy pipeline to Hana Biosciences, Inc. INEX has granted Hana a worldwide license to develop and commercialize Marqibo(TM) (sphingosomal vincristine), INX-0125 (sphingosomal vinorelbine) and INX-0076 (sphingosomal topotecan).

Under the terms of the transaction, upon closing, Hana will pay INEX US$11.5 million in an upfront payment, consisting of cash and Hana shares. The upfront payment consists of US$1.5 million in cash and 1,118,568 Hana common shares priced at US$8.94, a 20 day volume weighted average price prior to signing the Letter of Intent on March 17, 2006. INEX will receive an additional US$30.5 million if development and regulatory milestones are achieved and will also receive royalties on product sales. Hana will be responsible for all future development of the three products including all future expenses. INEX will continue to support Hana to transfer knowledge and expertise and to ensure the products can be advanced as quickly as possible and will also be reimbursed for this support.

Marqibo (sphingosomal vincristine), INX-0125 (sphingosomal vinorelbine) and INX-0076 (sphingosomal topotecan) are proprietary drugs using INEX's proprietary sphingosomal drug delivery technology. This technology is designed to provide prolonged blood circulation, tumor accumulation and extended drug release at the cancer site. These characteristics are intended to increase the effectiveness while reducing the side effects of the encapsulated drug.

Marqibo has completed phase 2 clinical trials and is ready to enter phase 3 clinical trials in first-line aggressive non-Hodgkin's lymphoma and acute lymphoblastic leukemia. An Investigational New Drug (IND) application has been approved for the commencement of phase 1 clinical trials for INX-0125 in both the US and Canada and preclinical development is being completed for INX-0076.

https://www.bionity.com/en/news/54628/inex-pharmaceuticals-closes-hana-biosciences-licensing-agreement.html