Algeta celebrates the official opening of its commercial production facility for Xofigo(R) (radium Ra 223 dichloride) injection
Algeta celebrates the official opening of its commercial production facility for Xofigo(R) (radium Ra 223 dichloride) injection at the Institute for Energy Technology (IFE) in Norway
OSLO, NORWAY -- (Marketwired) -- 06/20/13 -- Intended for US media only
Algeta ASA (OSE: ALGETA), a company focused on the development of cancer therapeutics, today celebrates the official opening of its commercial production facility for Xofigo(R) (radium Ra 223 dichloride) injection at the Institute for Energy Technology (IFE) in Kjeller, Norway.
Andrew Kay, Algeta's President & CEO, and senior management colleagues will be joined by Trond Giske, the Norwegian Minister for Trade and Industry, Eva S. Dugstad, President of IFE and Andreas Fibig, President & Chairman of the Board of Management, Bayer HealthCare Pharmaceuticals, and other distinguished guests for an official ribbon cutting ceremony this afternoon.
Xofigo was approved by the US Food and Drug Administration (FDA) on 15 May for the treatment of patients with castration-resistant prostate cancer (CRPC), symptomatic bone metastases and no known visceral metastatic disease. It is the first alpha particle-emitting radioactive therapeutic agent approved by the FDA. In September 2009, Algeta signed an agreement with Bayer for the development and commercialization of Xofigo. Under the terms of the agreement, Bayer will develop, apply for health authority approvals worldwide and commercialize Xofigo globally. Algeta US, LLC and Bayer Healthcare are co-promoting the product in the US. Xofigo has been launched in the US, triggering a EUR 50 million milestone payment to Algeta from Bayer. Bayer Healthcare has licensed the full rights to Xofigo outside of the US.
Radium Ra 223 dichloride (radium 223) is currently not approved by the European Medicines Agency (EMA) or other authorities outside the US. Bayer submitted a Marketing Authorisation Application to the EMA for radium 223 in December 2012.
Andrew Kay, Algeta's President & CEO, said: "The recent approval and launch of Xofigo in the US are momentous achievements for Algeta and put us firmly on the path to deliver on our vision of becoming a world-class oncology company bringing medicines to cancer patients through our leadership in alpha particle-emitting pharmaceuticals. IFE has been an important partner to Algeta throughout the clinical development of radium 223, and it has been instrumental in helping us build a commercial production facility for the global supply of Xofigo. We are all extremely grateful for the expertise, dedication and support that IFE has provided to Algeta on this journey and look forward to continuing our productive partnership."
"Today's opening of a new commercial production facility at IFE underlines the Norwegian pharmaceutical industry's ability to develop products with significant global potential. We are proud to have played an integral part in the development of Xofigo that has required quality manufacturing throughout its path to market. The new facility which is being officially opened today has been designed according to highest quality standards - from raw material handling to the release of the final commercial product," said Eva S. Dugstad, President of the IFE.
"On behalf of Bayer, I am proud and excited to be part of this collaboration with our Norwegian partners, Algeta and IFE," said Andreas Fibig, President & Chairman of the Board of Management, Bayer HealthCare Pharmaceuticals. "Now is the time for the patients to gain from it. Our hope is that Xofigo can help castration-resistant prostate cancer patients with symptomatic bone metastases and no known visceral metastatic disease all over the world."
About Xofigo(R) (radium Ra 223 dichloride)
Xofigo is indicated for the treatment of patients with castration-resistant prostate cancer, symptomatic bone metastases and no known visceral metastatic disease.
Xofigo is an alpha particle-emitting radioactive therapeutic agent with an anti-tumor effect on bone metastases. The active ingredient in Xofigo is the alpha particle-emitting isotope radium-223, which mimics calcium and forms complexes with the bone mineral hydroxyapatite at areas of increased bone turnover, such as bone metastases. The high linear energy transfer of radium-223 may cause double-strand DNA breaks in adjacent cells, resulting in an anti-tumor effect on bone metastases[i].
Important Safety Information for Xofigo (radium Ra 223 dichloride)
Xofigo is contraindicated in women who are or may become pregnant. Xofigo can cause fetal harm when administered to a pregnant woman.
In the randomized trial, 2% of patients in the Xofigo arm experienced bone marrow failure or ongoing pancytopenia, compared to no patients treated with placebo. There were two deaths due to bone marrow failure. For 7 of 13 patients treated with Xofigo bone marrow failure was ongoing at the time of death. Among the 13 patients who experienced bone marrow failure, 54% required blood transfusions. Four percent (4%) of patients in the Xofigo arm and 2% in the placebo arm permanently discontinued therapy due to bone marrow suppression. In the randomized trial, deaths related to vascular hemorrhage in association with myelosuppression were observed in 1% of Xofigo-treated patients compared to 0.3% of patients treated with placebo. The incidence of infection-related deaths (2%), serious infections (10%), and febrile neutropenia (less than 1%) was similar for patients treated with Xofigo and placebo. Myelosuppression - notably thrombocytopenia, neutropenia, pancytopenia, and leukopenia - has been reported in patients treated with Xofigo.
Monitor patients with evidence of compromised bone marrow reserve closely and provide supportive care measures when clinically indicated. Discontinue Xofigo in patients who experience life-threatening complications despite supportive care for bone marrow failure.
Monitor blood counts at baseline and prior to every dose of Xofigo. Prior to first administering Xofigo, the absolute neutrophil count (ANC) should be greater than to equal to 1.5 x 10(9)/L, the platelet count greater than or equal to 100 x 10(9)/L, and hemoglobin greater than or equal to 10 g/dL. Prior to subsequent administrations, the ANC should be greater than or equal to 1 x 10(9)/L and the platelet count greater than or equal to 50 x 10(9)/L. Discontinue Xofigo if hematologic values do not recover within 6 to 8 weeks after the last administration despite receiving supportive care.
Safety and efficacy of concomitant chemotherapy with Xofigo have not been established. Outside of a clinical trial, concomitant use of Xofigo in patients on chemotherapy is not recommended due to the potential for additive myelosuppression. If chemotherapy, other systemic radioisotopes, or hemibody external radiotherapy are administered during the treatment period, Xofigo should be discontinued.
Xofigo should be received, used, and administered only by authorized persons in designated clinical settings. The administration of Xofigo is associated with potential risks to other persons from radiation or contamination from spills of bodily fluids such as urine, feces, or vomit. Therefore, radiation protection precautions must be taken in accordance with national and local regulations.
The most common adverse reactions (greater than or equal to 10%) in patients receiving Xofigo were nausea, diarrhea, vomiting, and peripheral edema. Grade 3 and 4 adverse events were reported in 57% of Xofigo-treated patients and 63% of placebo-treated patients. The most common hematologic laboratory abnormalities in Xofigo-treated patients (greater than or equal to 10%) were anemia, lymphocytopenia, leukopenia, thrombocytopenia, and neutropenia.
For full prescribing information visit www.xofigo-us.com.
Xofigo(R) is a registered trademark of Bayer
Algeta is a company focused on developing novel targeted therapies for patients with cancer based on its alpha-pharmaceutical platform. The Company is headquartered in Oslo, Norway, and has a US subsidiary, Algeta US, LLC, based in Cambridge, MA performing commercial marketing operations in the US. Algeta is listed on the Oslo Stock Exchange (Ticker: ALGETA). For more information please visit www.algeta.com.
This news release contains certain forward-looking statements that are based on uncertainty, as they relate to events and depend on circumstances that will occur in the future and which, by their nature, may have an impact on results of operations and the financial condition of Algeta. Such forward-looking statements reflect our current views and are based on the information currently available to Algeta. Algeta cannot give any assurance as to whether such forward looking statements will prove to be correct. These forward looking statements include statements regarding our co-promotion of Xofigo in the US and our ability to manufacture radium 223 on a global scale. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things, risks or uncertainties associated with the ability to identify and hire a sufficient number of qualified employees in the US, growth management, general economic and business conditions and the pricing environment, the impact of competition, the ability to successfully commercialize Xofigo, the risk that costs associated with the co-promotion of Xofigo may be greater than anticipated, manufacturing capacity, the risk of non-approval of patents not yet granted, risks in obtaining additional regulatory approvals for radium 223 and the other risks and uncertainties described in our annual report.
[i] XOFIGO Prescribing information. May 2013
Press release: http://hugin.info/134655/R/1710715/567381.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Algeta ASA via Thomson Reuters ONE
For further information, please contact:
Mike Booth / Renate Birkeli +47 23 00 67 32 Communications & Corporate Affairs email@example.com
Mark Swallow +44 207 638 9571 Citigate Dewe Rogerson firstname.lastname@example.org
Kari Watson +1 781 235 3060 MacDougall Biomedical Communications email@example.com
US investor enquiries:
Tricia Swanson +1 646 378 2953 The Trout Group firstname.lastname@example.org