HELSINKI, Finland, July 31, 2013 /PRNewswire/ --
Oncos Therapeutics Ltd, a private, clinical-stage biotechnology company focused on the development and commercialization of targeted oncolytic immunotherapies for solid tumors, announced today that the United States Food and Drug Administration (FDA) and European Medicines Agency (EMA) have granted orphan drug designation for CGTG-102, a granulocyte-macrophage colony stimulating factor-coding oncolytic adenovirus (Ad5/3-D24-GMCSF) for the treatment of soft tissue sarcoma.
"We are pleased to receive orphan drug designations for CGTG-102 from the two leading regulatory agencies in the world. These designations confirm the need for developing novel therapies for rare cancers and are an important step in the development of CGTG-102" ,said Frans Wuite, M.D., President and Chief Executive Officer of Oncos.
Orphan Drug Designation applies to drugs that seek to treat rare diseases or conditions for which there may be few adequate therapies. In USA, the designation will provide Oncos with the opportunity of seven years of marketing exclusivity, grant funding to defray costs of clinical trial expenses, tax credits for clinical research expenses and potential waiver of the FDA's application user fee. Similarly, incentives are provided for Europe by EMA, which include fee reductions on future activities and the potential for 10 years market exclusivity.
About Soft Tissue Sarcoma
Soft tissue sarcoma is estimated to affect 3-4 in 10,000 people in the EU and US. About 50% of soft tissue sarcomas are found in the early stage and advanced stage patients have an average overall survival of 13 months with today's standard of care. Several efforts to develop additional chemotherapeutics for STS have failed, including two produ
|SOURCE Oncos Therapeutics Ltd|
Copyright©2012 PR Newswire.
All rights reserved