Navigation Links
Abbott to Acquire Novel Investigational Biologic to Treat Chronic Pain
Date:11/12/2009

ABBOTT PARK, Ill., Nov. 12 /PRNewswire-FirstCall/ -- Abbott (NYSE: ABT) announced today a definitive agreement to acquire the global rights to PanGenetics BV's PG110 fully humanized antibody to Nerve Growth Factor (NGF), expanding the company's pain care portfolio and leveraging its expertise in biologics. PG110 is a novel biologic in Phase I clinical trial development that targets NGF for the treatment of chronic pain. NGF is released at sites of tissue damage and inflammation, and plays a significant role in the transmission of pain signals by the central nervous system.

"The goal for treatment of chronic pain continues to be potent, long-lasting analgesia that is tolerable for patients without the potential for dependence and abuse," said John Leonard, M.D., senior vice president, global research and development, Abbott. "NGF blockers have demonstrated the potential to address all of these needs, making them a promising treatment for chronic pain patients."

Pain is the number one reason people go to see a doctor. There are an estimated 72 million diagnosed chronic pain patients in the U.S. and EU, and up to 30 percent of chronic pain patients get inadequate relief. Current treatments consist of NSAIDs, selective Cox-2 inhibitors, opioids and other analgesics that are dosed daily and have various tolerability and safety issues, including the potential for abuse and addiction.

PG110 is currently being studied in a Phase I clinical trial in patients with osteoarthritis. If the Phase I trial is successful, Abbott anticipates evaluating the compound in a number of other pain states, including chronic lower back pain, cancer pain and diabetic neuropathic pain.

This new NGF inhibitor complements Abbott's robust early-stage pipeline of candidates in development for chronic pain, which spans multiple mechanisms, including vanilloid cellular receptors (TRPV1), cannabinoid receptors (CB2), Histamine H3 receptors and preclinical work on a number of promising ion channel targets.

The agreement includes an upfront payment of $170 million plus additional milestone payments, for a total of up to $190 million. This transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2009. Abbott would expect to incur one-time specified items upon the closing of the acquisition, primarily related to in-process research and development. This transaction does not impact Abbott's previously issued ongoing earnings-per-share guidance for 2009.

About Abbott

Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 72,000 people and markets its products in more than 130 countries.

Abbott's news releases and other information are available on the company's Web site at www.abbott.com.

SOURCE Abbott


'/>"/>
SOURCE Abbott
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Abbott to Present at Bear Stearns Healthcare Conference
2. The National Center for Missing & Exploited Children, Wal-Mart, and Abbott Host Child Safety Events
3. Dow Jones Sustainability Index Again Recognizes Abbott for Continued Leadership in Business, Environmental and Social Performance
4. Abbott Declares 335th Consecutive Quarterly Dividend
5. Abbott Again Honored as Top Company for Working Moms
6. Abbotts HUMIRA(R) (adalimumab) Honored With Prestigious Galen Prize for Innovation in Patient Care
7. Abbott Hosts Conference Call for Third-Quarter Earnings
8. Abbott Broadens Use of i-STAT Handheld Blood Analyzer with CLIA Waiver Granted by FDA for CHEM8+ Test Cartridge
9. Abbott Named One of the Best Companies for Hispanics by Hispanic Business Magazine
10. Abbott Again Honored as a Leader in Diversity
11. Abbott Researchers Target Neuronal Nicotinic Receptors for Treatment of Pain and Cognition
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... 2016 , ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his ... David Geffen School of Medicine at UCLA. He trained in Internal Medicine at Scripps ... in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to ...
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article published June ... with. The article goes on to state that individuals are now more comfortable seeking ... common operations such as calf and cheek reduction. The Los Angeles area medical group, ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary Hypertension Association ... it will receive two significant new grants to support its work to advance ... 25th anniversary by recognizing patients, medical professionals and scientists for their work in ...
(Date:6/24/2016)... ... 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin and MyPainAway Pain Relief Products, join ... wage raise to $12 an hour by 2020 and then adjusting it yearly to increase ... of the minimum wage, assure the wage floor does not erode again, and make future ...
(Date:6/24/2016)... Vegas, Nevada (PRWEB) , ... June 24, 2016 ... ... Las Vegas client, The Grove Investment Group (TGIG), has initiated cultivation and processing ... Grove, in Las Vegas and Pahrump, Nevada. , Puradigm is the manufacturer of ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Research and ... News Issue 52" report to their offering. ... influenza treatment creates a favourable commercial environment for MedImmune to ... patient base that will serve to drive considerable growth for ... would serve to cap sales considerably, but development is still ...
(Date:6/23/2016)... , June 23, 2016  Astellas today announced the establishment of Astellas Farma Colombia (AFC), a new affiliate ... in Latin America . ... ... ... ...
(Date:6/23/2016)... June 23, 2016 Research and ... Procedure Volumes: Global Analysis (United States, China, Japan, Brazil, ... report to their offering. ... for healthcare business planners, provides surgical procedure volume data ... trends with an in-depth analysis of growth drivers and ...
Breaking Medicine Technology: