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:5/25/2016)... (PRWEB) , ... May 25, 2016 , ... ... Institute (WCRI) compare outcomes of injured workers across 15 states. The outcomes ... work, earnings recovery, access to medical care, and satisfaction with medical care. , ...
(Date:5/25/2016)... Culver City, California (PRWEB) , ... May 25, ... ... a new interest group ADDMI - “Advancing Drug Development through Molecular Imaging.” The ... address some of the current drug discovery and development pipeline issues. Through ADDMI-IG ...
(Date:5/25/2016)... ... ... Afrimesure specializes in providing clients with ideal measurement and ... facilities. Their knowledgeable staff also takes care of the installation, IQ/OQ/PQ qualification protocols, ... variety of MadgeTech systems available for sterilization and temperature monitoring, including the software ...
(Date:5/25/2016)... ... 25, 2016 , ... The University of San Francisco (USF) has named Margaret ... a team of more than 100 full-time faculty and staff, and serve as a ... late August. , Baker comes to USF from the University of Washington in Seattle, ...
(Date:5/25/2016)... ... May 25, 2016 , ... "FCPX LUT Intense allows users to cycle through ... Austin - CEO of Pixel Film Studios. , With the FCPX LUT Intense ... color grades to their footage. A LUT is a Lookup Table that contains a ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)... Dutch surgeons have launched a ground-breaking medical app to help doctors ... a global scale. Medical professionals from Europe , ... the US have already signed up for the app, which combines ... environment. Education  "Imagine a doctor for Medicines ... at Harvard to treat a bomb victim via live streaming - ...
(Date:5/23/2016)... -- Global Paclitaxel Market 2016 Industry Research ... and the Paclitaxel analysis in this study is supported ... its players. This is the latest Paclitaxel ... current state of the industry while providing a basic ... industry chain structure. The Paclitaxel market analysis is provided ...
(Date:5/23/2016)... NEW YORK , May 23, 2016 /PRNewswire/ ... Mass Spectrometry Market Size, Share, Development, Growth and ... Platform (Hybrid, Single and Other), by Application (Drug ... Others), by End Users (Pharmaceuticals, Life Science and ... Published by P&S Market Research, the global ...
Breaking Medicine Technology: