Tanox to Acquire Antibodies From Sunol Molecular Corp. For Potential Treatment of Inflammatory Disease, Cancer
Posted on: Monday, 28 March 2005, 09:00 CST
HOUSTON, March 28 /PRNewswire-FirstCall/ -- Tanox, Inc. has executed an agreement with Sunol Molecular Corporation to acquire Sunol's tissue factor antagonist program for the potential treatment of inflammatory disease and cancer.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050207/TNOXLOGO )
Under terms of the agreement, Tanox will receive all tissue factor antagonist assets from Sunol, including anti-tissue factor monoclonal antibodies and related technologies and intellectual properties, as well as non-exclusive rights to certain technologies and related intellectual property for protein and antibody expression.
In consideration for the acquired assets, Tanox will issue 800,000 shares of Tanox common stock and pay $6 million to Sunol -- a private, Florida-based biopharmaceutical company. The transaction is expected to close on or about March 31, 2005.
The lead drug candidate in the acquisition is Sunol's tissue-factor antagonist cH36 -- an anti-tissue factor monoclonal antibody in development for acute lung injury (ALI) and acute respiratory distress syndrome (ARDS). The antibody, which will be renamed TNX-832, is currently in a Phase 1/2 clinical trial for the treatment of ALI/ARDS. Tanox will assume oversight of the clinical trial upon the closing of the transaction.
"The integration of Sunol's tissue factor antagonist program into Tanox will enhance our product portfolio with an additional clinical-stage product," said Nancy T. Chang, Ph.D., president and chief executive officer of Tanox. "In addition to the acute lung and respiratory disorders, these antibodies have the potential to treat other diseases that result from over-expression of tissue factor and related coagulation, including cancer."
Tissue factor's pivotal role as an initiator of the blood coagulation cascade has been well documented in the scientific literature. Tissue-factor antagonist TNX-832 blocks initiation of the coagulation cascade, potentially minimizing consequential coagulation-induced inflammation and tissue injury in patients with ALI/ARDS -- a serious disease for which current treatment is extremely limited. ALI/ARDS affects more than 200,000 patients each year in the United States. In addition, tissue factor plays an important role in tumor progression in many types of cancers.
"This acquisition is consistent with our strategy of developing therapies for significant unmet medical needs in the areas of inflammatory disease and oncology," Chang said. "We believe the tissue factor antagonist program has the potential to be a platform program that can be a future value driver for the company."
About Acute Lung Injury/Acute Respiratory Distress Syndrome
Acute lung injury and acute respiratory distress syndrome are forms of respiratory failure characterized by diffuse pulmonary infiltrates, pulmonary hypertension, refractory hypoxemia, and loss of pulmonary function. ALI/ARDS commonly occurs in patients with acute catastrophic events, such as sepsis, trauma and severe pulmonary infections. The incidence of this inflammatory disorder is estimated at approximately 212,000 cases annually in the United States. The mortality rate for ALI/ARDS is estimated to be between 32 and 45 percent.
About Tanox, Inc.
Tanox is a biotechnology company specializing in the discovery and development of biotherapeutics based on monoclonal antibody technology. The company develops innovative therapeutic agents for the treatment of immune- mediated diseases, inflammation, infectious disease and cancer. Tanox's lead investigational therapy, TNX-355, is a humanized, anti-CD4 monoclonal antibody to treat HIV and AIDS. TNX-355 received Fast Track Status from the U.S. Food and Drug Administration in 2003 and is currently in Phase 2 clinical testing. Tanox's first-approved drug, Xolair(R) (omalizumab), is the first anti- immunoglobulin E (anti-IgE) antibody to be brought to market. Xolair was developed in collaboration with Genentech, Inc. and Novartis Pharma A.G. and was approved for marketing in the United States in 2003 for adult and adolescent patients with moderate-to-severe, confirmed allergic asthma. Tanox is based in Houston, Texas and maintains a manufacturing facility in San Diego, California. Additional corporate information is available at http://www.tanox.com/.
This news release contains forward-looking statements about the consummation of the pending acquisition of the anti-tissue factor program and the potential benefits of the anti-tissue factor antibodies as therapeutic agents. These statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Such risks and uncertainties include, among others, the possibility that the conditions to closing will not be satisfied and the acquisition will not be consummated. Additionally, the therapeutic potential of TNX-832 as a treatment for ALI/ARDS or any other disease is subject to the risks inherent in drug development. Drug development involves a high degree of risk. Drugs may not show therapeutic effect or an acceptable safety profile. Success in early stage clinical trials does not ensure that later stage or larger scale clinical trials will be successful. The results achieved in later stage trials may not be sufficient to meet applicable regulatory standards. Problems or delays may arise during clinical trials or in the course of developing, testing or manufacturing drugs. For more detailed information on the risks and uncertainties associated with Tanox's drug development and other activities, see the Company's Form 10-K and other Securities and Exchange Commission (SEC) filings, including the sections titled Business: Forward- looking Statements and Business: Factors That May Affect Our Future Results; and Management's Discussion and Analysis of Financial Condition and Results of Operations, when evaluating an investment in the shares of Tanox Common Stock. The Tanox logo is a registered trademark with the U.S. Patent and Trademark Office.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050207/TNOXLOGOPRN Photo Desk, photodesk@prnewswire.com
Tanox, Inc.
CONTACT: Steve Sievert of Tanox, Inc., +1-713-578-4211,ssievert@tanox.com
Web site: http://www.tanox.com/
Source: PRNewswire-FirstCall
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