Oasmia Pharmaceutical AB and Abbott Sign Global Collaboration Agreement for
Canine Oncology Therapies
Oasmia and Abbott have entered into an exclusive global collaboration
agreement with respect to Oasmia's two leading animal health product
candidates, Paccal® Vet and Doxophos® Vet. The agreement significantly expands
the nature and scope of the initial collaboration that was initially entered
into in 2009 between Oasmia and Abbott regarding these products.
UPPSALA, Sweden, Jan. 7, 2013 (GLOBE NEWSWIRE) --
Under the terms of the expanded agreement, Abbott Animal Health will obtain
exclusive license and distribution rights to the products for essentially the
entire world. In return, Oasmia will receive an upfront payment and is
eligible to receive additional milestone payments of up to $21.5M subject to
Oasmia meeting various product development and sales milestones. In addition,
in the event either or both of the products are commercialized, Oasmia shall
receive tiered royalties on net sales.Oasmia will continue to fund research,
development and manufacture of Paccal® Vet and Doxophos® Vet.
- I am very pleased that we have reached this expanded agreement between our
companies. We will now have one world-class partner for essentially the entire
global canine oncology market. In addition to the well-established markets in
the industrialized countries, we believe that there is great future market
potential in developing countries as medical innovation allows dedicated
owners to treat emerging health issues in their beloved companion animals,
said Julian Aleksov, chief executive officer, Oasmia Pharmaceutical.
The agreement does not include the rights to Paccal® Vet in Russia, Japan and
the Commonwealth of Independent States (CIS), or the rights to Doxophos® Vet
in Russia and the CIS.
Cancer is the leading cause of canine disease-related deaths, with up to 3
million new cases diagnosed annually worldwide.Cancer accounts for nearly 50
percent of all deaths in dogs 10 years of age or older.Cancer is seen more
often in some breeds, notably the Golden Retriever, Boxer, Greyhounds and
Bernese Mountain dogs.While environmental factors play a role, the incidence
of cancer seen in breeds such as these suggests a certain genetic
predisposition to certain types of cancers.Researchers are studying both
canine and human genomes to unlock the genetics of cancer.
About Paccal® Vet
Paccal® Vet is a novel nanoparticle formulation composed of Oasmia
Pharmaceutical's patented excipient XR-17 and the anti-cancer substance
paclitaxel. XR-17 can be used to improve the solubility of substances, such as
paclitaxel, one of the most frequently used chemotherapeutic substances in the
world. Many drugs based on paclitaxel are dissolved in lipid soluble
formulations, which are associated with a range of side-effects. These can
usually be controlled in humans with pre-medication, but the reaction can be
fatal in dogs despite pre-medication. Paccal® Vet data for a market
authorization are under review by the United States Food and Drug
About Doxophos® Vet
The active substance in Doxophos® Vet is doxorubicin, one of the most used
cytotoxic substances in the world. Permanent damage to the heart may occur due
to exposure to doxorubicin through intravenous administration. In Doxophos®
Vet, doxorubicin forms an insoluble salt with the novel excipient XR-17. When
reconstituted in a suitable aqueous solvent, the salt forms nanoparticle-sized
micelles. Doxophos® Vet is designed to reduce the risk of heart damage
allowing for a higher dose to be given. Doxophos® Vet has been granted Minor
Use Minor Species designation by the United States Food and Drug
Administration and is currently in clinical development.
About Oasmia Pharmaceutical AB
(Nasdaq:OASM) (General Standard of Frankfurt Stock Exchange: OMAX, ISIN
SE0000722365) Oasmia Pharmaceutical AB develops new generations of drugs
within human and veterinary oncology. The Company's product development aims
to create and manufacture novel nanoparticle formulations and drug-delivery
systems based on well-established cytostatics which, in comparison with
current alternatives, show improved properties, reduced side-effects, and
expanded applications. The Company's product development is based on its
proprietary in-house research and company patents. The Company's common stock
is listed on NASDAQ OMX Stockholm and the Frankfurt Stock Exchange.
About Abbott Animal Health
Abbott Animal Health is dedicated to providing a better future for animals,
pet owners and veterinary professionals. Abbott's continuing education
programs, comprehensive training tools, on-call expertise and technical
service set the standard in the industry. Abbott products are trusted at
thousands of veterinary hospitals and clinics every day.
Abbott is a global healthcare company devoted to improving life through the
development of products and technologies that span the breadth of healthcare.
With a portfolio of leading, science-based offerings in diagnostics, medical
devices, nutritionals and branded generic pharmaceuticals, Abbott serves
people in more than 150 countries and employs approximately 70,000 people.
Oasmia Pharmaceutical AB Forward Looking Statements
This announcement contains forward-looking statements. These statements are
based on expectations in light of the information that is currently available,
as well as assumptions that are subject to risks and uncertainties that could
cause actual results to differ materially from such statements. These risks
and uncertainties include, but are not limited to, domestic and international
economic conditions, industry and market conditions, and changes of interest
rate and currency exchange rate, in general, and completion and
discontinuation of clinical trials, obtaining regulatory approvals, claims and
concerns about product safety and efficacy, technological advances, domestic
and foreign healthcare reforms, and changes of laws and regulations, in
particular, with respect to each of Paccal® Vet and Doxophos® Vet. The company
disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise.
This announcement contains information on pharmaceuticals (including
pharmaceuticals under development) but is not intended to, and does not, make
any representations, warranties or claims regarding the efficacy or
effectiveness of these pharmaceuticals or provide medical advice of any kind.
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