Antisoma plc reports Q2 results
LONDON, UK, 22 Feb. (PRNewswire) -
Antisoma plc (LSE:ASM, NASD-E:ASOM) the biopharmaceutical company
specialising in the development of products for the treatment of
cancer, today announces its interim results for the period ended 31
December 2001.
Highlights
? 4 for 3 fully underwritten Rights Issue of up to 118.5 million
New Ordinary Shares at 20p per New Ordinary Share to raise
approximately £22 million net of expenses announced today (see
separate announcement)
? Vascular targeting agent DMXAA in-licensed; positive results
shown in combination with chemotherapy and enhancement of radiation
therapy
? Pemtumomab licensing agreement with Abbott Laboratories amended
? US patent received for Therex
? Lloyd Kelland appointed as Head of Laboratory
Glyn Edwards, Chief Executive Officer of Antisoma, commented:
"These results demonstrate once again Antisoma's success in
advancing and broadening its product portfolio and in-licensing
promising new products and technologies. Today we have announced
plans to raise further funds to ensure the continued development of
our product pipeline and to take Antisoma to the next stage of
growth."
A presentation for analysts will be held at the offices of
Financial Dynamics today at 9.30 a.m. UK time. Participants can also
join a conference call at the same time. For further details, please
call Claire Rowell on +44 (0)20 7269 7285.
For further information please visit the Company's web site at
www.antisoma.com or contact:
Enquiries:
Antisoma plc Tel: +44 (0)20 8799 8200
Glyn Edwards, Chief Executive Officer Raymond Spencer, Chief
Financial Officer
Financial Dynamics Tel: +44 (0)20 7831 3113 Jonathan Birt/ Ben
Atwell
Except for the historical information presented, certain matters
discussed in this statement are forward looking statements that are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from results, performance or
achievements expressed or implied by such statements. These risks and
uncertainties may be associated with product discovery and
development, including statements regarding the company's clinical
development programmes, the expected timing of clinical trials and
regulatory filings. Such statements are based on management's current
expectations, but actual results may differ materially.
Chairman's report
Rights Issue
Antisoma today announced proposals to raise approximately £22
million net of expenses through a 4 for 3 Rights Issue. Details of
the issue, which is fully underwritten by SG Cowen and ING Barings,
will be sent to shareholders today together with Notice of an
Extraordinary General Meeting of Shareholders to be held on 18 March
2002 at which shareholders will be asked to approve the offer.
Clinical products
Pemtumomab (Theragyn)
The Company's lead product candidate pemtumomab is currently in
Phase III trials for ovarian cancer and Phase II trials for gastric
cancer. In January 2002 an amendment to the licensing deal with
Abbott Laboratories, "Abbott", for pemtumomab was announced. Under
the new agreement, Antisoma will receive enhanced royalties on all
future sales of pemtumomab following any marketing approval. Under
the previous agreement, signed in October 1999, royalties were fixed
on an escalating basis. The new agreement also includes a milestone
payment in addition to the previously announced payments linked to
approvals and sales targets, and allows Antisoma, under certain
conditions, to regain marketing rights to the product. In return for
the higher royalties and additional milestone payment, Antisoma will
assume Abbott's share of development costs spread over the next three
years.
Recruitment into the pemtumomab pilot Phase II gastric cancer
trial is due to be completed in the second quarter of this year.
Therex
Therex, a naked humanised version of the antibody used in
pemtumomab, has been shown to be effective at inducing
antibody-mediated cell-dependent cytotoxicity (ADCC) in the
laboratory using human white blood cells as a test system. This is an
early indication that the antibody may be able to stimulate patients'
immune systems, in particular by inducing "natural killer" white
blood cells to attack tumours.
In December 2001, Antisoma announced that the Company had
received notification of the granting of a US patent for Therex. The
patent covers antibodies that contain specified amino acid sequences
and that recognise MUC1. The US patent will provide protection to
Therex until at least 2018.
DMXAA
DMXAA is a small molecule that targets established tumour blood
vessels. In November 2001, research published in the journal
Radiation Research showed that DMXAA is able to enhance the impact of
radiotherapy on tumours in animal models. The researchers also showed
that the therapy is effective against tumours when given on its own.
In January 2002, positive in vivo results were announced for
DMXAA in combination with chemotherapy. The studies were undertaken
by the University of Auckland, New Zealand, to examine the effect of
combining a single dose of DMXAA with single doses of nine
widely-used chemotherapy agents in solid tumour in vivo models.
Neither DMXAA nor the chemotherapy drugs alone provided prolonged
delays in tumour growth or cures. However, co-administration with
DMXAA produced a significant delay in tumour growth for eight of the
nine chemotherapy drugs. The greatest effect was seen with the
chemotherapy agents paclitaxel and docetaxel. In a combination of
DMXAA with paclitaxel, a median tumour growth delay of 29.5 days was
observed and four out of eleven mice treated were cured. The dose of
paclitaxel used, which was less than the maximum tolerated dose, by
itself had no significant activity on the tumour with a median tumour
growth delay of 0.3 days and no cures. In the group treated with
DMXAA alone, a median growth delay of 10 days was seen and one of the
seven mice treated was cured.
TheraFab
TheraFab, a fragment of the HMFG1 antibody linked to Yttrium-90,
is designed for intravenous administration to treat common epithelial
cancers in combination with external-beam radiotherapy. The Phase I
study initiated during 2001 in Australia, Sweden and the UK is
designed to check that the drug targets tumours as expected and does
not accumulate to unacceptably high levels in healthy tissues.
Head of Laboratory appointed
Dr Kelland has joined Antisoma from the UK's Cancer Research
Campaign (CRC) Centre for Cancer Therapeutics, Institute of Cancer
Research, London, where he was Reader/Associate Professor and head of
drug evaluation. Dr Kelland is an internationally recognised
authority in the fields of platinum and other small molecule
anti-cancer agents. In his new role he will oversee academic and
other collaborations linked to Antisoma's pre-clinical pipeline.
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