SALT LAKE CITY, May 1, 2013 /PRNewswire-iReach/ -- Tolero Pharmaceuticals, Inc., a biopharmaceutical company focused on the discovery and development of novel therapeutics to treat cancer and other serious human diseases, today announced that it has entered into a license agreement with Sanofi in which it received exclusive worldwide rights to develop and commercialize alvocidib (flavopiridol). Alvocidib is a small molecule inhibitor of the cyclin-dependent kinases that has demonstrated activity in clinical trials in several malignancies, including chronic lymphocytic leukemia (CLL) and acute myeloid leukemia (AML).
Under the terms of the agreement, Tolero Pharmaceuticals will pay Sanofi an undisclosed upfront payment, and future payments on the successful achievement of milestones related to the commercialization of alvocidib. Sanofi will also receive tiered royalties on sales of alvocidib and maintains certain negotiation rights with respect to manufacturing the pharmaceutical product for Tolero and becoming a commercialization partner.
"We are tremendously excited about this new opportunity and feel fortunate to partner with Sanofi on this highly promising asset with near-term commercialization potential," said Dallin Anderson , Chairman and President of Tolero.
Dr. David Bearss , Tolero's Chief Executive Officer, added, "Alvocidib has been evaluated in more than forty Phase I and Phase II clinical trials and has demonstrated remarkable activity in multiple studies of acute and chronic leukemia as both a single agent and in combination with chemotherapy." Tolero continues to advance various preclinical assets targeting areas of unmet need and strong commercial opportunity in the treatment of various cancers.
About Tolero Pharmaceuticals
Tolero is a biopharmaceutical company dedicated to the discovery and development of novel therapeutics to treat and cure cancer and other life-threatening diseases. Tolero has utilized its innovative drug development platform to create a diverse portfolio of candidate agents targeting multiple cancer-associated cellular pathways. Tolero Pharmaceuticals is a privately held company headquartered in Salt Lake City, Utah. For additional information, please visit the company's website at www.toleropharma.com.
Media Contact: Dallin Anderson Tolero Pharmaceuticals, Inc., 801-285-7570, email@example.com
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|SOURCE Tolero Pharmaceuticals, Inc.|
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