DURHAM, N.C., Feb. 2 /PRNewswire/ -- Cancer Advances, Inc. (Cancer Advances), a Cato BioVentures portfolio company, announced today that it has completed its acquisition of all the technology and intellectual property for a suite of products that enhance the immune system for application in three gastrointestinal cancers. Cancer Advances was created as a wholly owned subsidiary of Cato BioVentures to acquire products developed to inhibit the hormone, gastrin, for an undisclosed purchase price. This broad intellectual property portfolio includes composition and use-protection for a lead compound, Polyclonal Antibody Stimulator (PAS), that has been clinically studied in gastric, pancreatic, and colorectal cancers. Cato Research Ltd. (Cato Research) will be responsible for Cancer Advances' strategic drug development and regulatory activities.
"We are excited about continuing the development of PAS in pancreatic and gastric cancers," said Lynda Sutton, COO of Cato Research and President of Cancer Advances. "The flexible, broad-based strategic relationship between Cancer Advances, Cato BioVentures, and Cato Research position us well to execute our innovative drug development model where we are able to fully leverage our contract research and development resources while remaining capital efficient."
The purchase agreement includes multiple patents as well as clinical and safety data for the more than 1,100 patients who have been treated with PAS to date for gastric, pancreatic, and colorectal cancers. Cancer Advances will be seeking additional funding for the company as well as potential development partners.
PAS is an active immunotherapeutic that induces antibodies against the hormone, gastrin 17 (G17), and its precursor, (gly)G17, of which there is extensive published evidence for a central role of both of these endogenous compounds in the development and progression of gastrointestinal tumors. Prior to the acquisition of this technology by Cancer Advances, more than $230 million was spent on the development of PAS. PAS has been tested in multiple clinical trials including gastric, pancreatic, and colorectal cancer and is cleared for development in 17 North American and European countries, thereby collectively targeting a $1 billion market. In the US, gastrointestinal cancer has the second highest incidence, surpassed by only lung cancer.
About Cancer Advances
Headquartered near Research Triangle Park, privately held Cancer Advances will work with Cato Research and Cato BioVentures to develop PAS as a novel, cancer vaccine for the treatment of gastric and pancreatic cancers. Cancer Advances will announce a $50 million Series A financing opportunity at the beginning of February 2009.
About Cato Research Ltd.
Founded in 1988 by Allen Cato, M.D., Ph.D., and Lynda Sutton and headquartered near Research Triangle Park, Cato Research is a global, full-service contract research and development organization providing strategic and tactical support for clients in the pharmaceutical, biotechnology, medical device, and medical diagnostic industries. With a staff of more than 300 employees located in the United States, Europe, Canada, Israel, India, and South Africa, Cato Research's services range from design and management of preclinical and clinical studies to submission of regulatory documents required for marketing approval. For more information visit www.cato.com
About Cato BioVentures
Cato BioVentures is the venture capital affiliate of Cato Research. For nearly 20 years, Cato BioVentures has assisted entrepreneurs and established management teams in building successful life science companies. Through strategic Contract Research Organization (CRO) service agreements with Cato Research, Cato BioVentures invests its in-kind CRO Service Capital in innovative therapeutics, medical devices, diagnostics, and platform tools and technologies for improved drug discovery and development, offering promising life science companies immediate access to a broad range of essential CRO services on a noncash basis. Access to these timecritical CRO services enables management to achieve key value-added development and regulatory milestones with less reliance on other sources of capital. Cato BioVentures has offices in Boston's Bay Colony, Research Triangle Park, and Silicon Valley. For more information, visit www.catobioventures.com
|SOURCE Cancer Advances, Inc.|
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