Consolidates the Global Rights for the Product TopoTarget Successfully Buys Back Full Control of Belinostat, Consolidating
the Global Rights for the Product
TopoTarget Acquires US & RoW Rights From CuraGen Corporation
COPENHAGEN, April 22 /PRNewswire/ --
- Deal Covers a Payment of USD 26 million (DKK 122.8 million), a Total of 5 Million TopoTarget Shares and a Commercial Milestone Payment
- Webcast Conference Call to be Held 2pm CET
TopoTarget A/S (OMX: TOPO) today announced that the company has successfully gained full control of belinostat so that global rights are now wholly owned by the company. Belinostat is TopoTarget's lead product in clinical development and is due to enter registration trial in the second half of this year.
Belinostat is a potential blockbuster product, has shown positive results when tested in patients including proof of concept in Cutaneous and Peripheral T-Cell Lymphoma (CTCL and PTCL) and very promising effect in treating ovarian cancer in combination with standard chemotherapy drugs. The product has been developed for multiple cancer indications jointly by TopoTarget and CuraGen Corporation since 2004. TopoTarget, which has already one product approved in the EU and US, plans to develop belinostat to the market in initial indications and will seek a large pharma partner in order to fully optimise the product's blockbuster potential.
"CuraGen has been a good partner and helped us over a high risk period," said Dr. Peter Buhl Jensen, CEO of TopoTarget. "More than 500 patients have been treated with belinostat, and we are very enthusiastic about its efficacy and safety. I believe that this drug is broadly applicable and unique in its flexible dosing, and its lack of toxicity."
CuraGen has accepted to sell their rights back to TopoTarget and under
the agreement will receive USD 26 million (approximately DKK 122.8
million), 5 million new Topo
|SOURCE TopoTarget A/S|
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