Transition Therapeutics Enters Osteoarthritis License and Collaboration
Agreement with Lilly
TORONTO, July 23, 2013 /CNW/ - Transition Therapeutics Inc. ("Transition" or
the "Company") (NASDAQ: TTHI, TSX: TTH) today announced the exclusive
licensing of worldwide rights to a novel small molecule transcriptional
regulator ("TT-601") from Eli Lilly and Company for the treatment of
osteoarthritis ("OA") pain. TT-601 is a potent and selective ligand for a
novel nuclear receptor target. Modulating the activity of this novel target in
patients with osteoarthritis may provide pain relief to a large segment of OA
patients who do not have adequate response to therapy with NSAIDs
(non-steroidal anti-inflammatory drugs). TT-601 has completed preclinical
development to date and Transition anticipates can enter the clinic in the
first half of 2014.
"We are very pleased with the opportunity to continue our relationship with
Lilly through the in-licensing of TT-601. Molecules in this novel class have
shown target engagement in the joint space and efficacy in multiple animal
models of joint pain. We look forward to TT-601 clinical studies as this
drug candidate has the potential to provide an important new source of pain
relief to the more than 27 million Americans suffering from OA", said Dr. Tony
Cruz, Chairman and Chief Executive Officer of Transition.
Under the terms of the agreement, Transition has acquired the rights to
develop and potentially commercialize TT-601. Lilly retains an option to
reacquire all rights to TT-601 following review of clinical proof-of-concept
study results. If Lilly exercises this option right, Transition would be
eligible to receive milestone payments of approximately US$130 million and a
high single-digit royalty on sales of products containing TT-601 should such
products be successfully commercialized. If Lilly does not exercise this
option right, Lilly would be eligible for a low single-digit royalty from
Transition on sales of products containing TT-601 should such products be
About Osteoarthritis (OA)
OA is the most common form of arthritis and is a chronic condition
characterized by the breakdown of the joint's cartilage. Cartilage is the part
of the joint that cushions the ends of the bones and allows easy movement of
joints. The breakdown of cartilage causes the bones to rub against each other,
causing stiffness, pain and loss of movement in the joint. The joints most
commonly affected are the knees, hips, and those in the hands and spine.
An estimated 27 million Americans live with OA, with almost one third of
people over the age of 65 affected by OA. Key risk factors for OA include
age, obesity, injury or overuse and genetics. There is currently no cure for
OA. Available therapeutics focus on pain relief and include acetaminophen,
NSAIDs, and opioids.
Transition is a biopharmaceutical company, developing novel therapeutics for
disease indications with large markets. The Company's lead CNS drug candidate
is ELND005 for the treatment of Alzheimer's disease and bipolar disorder.
Transition's lead metabolic drug candidate is TT-401 for the treatment of type
2 diabetes and accompanying obesity. The Company's shares are listed on the
NASDAQ under the symbol "TTHI" and the Toronto Stock Exchange under the symbol
"TTH". For additional information about the Company, please visit
Notice to Readers: Information contained in our press releases should be
considered accurate only as of the date of the release and may be superseded
by more recent information we have disclosed in later press releases, filings
with the OSC, SEC or otherwise. Except for historical information, this press
release may contain forward-looking statements, relating to expectations,
plans or prospects for Transition, including conducting clinical trials and
potential efficacy of its products. These statements are based upon the
current expectations and beliefs of Transition's management and are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. These risks
and uncertainties include factors beyond Transition's control and the risk
factors and other cautionary statements discussed in Transition's quarterly
and annual filings with the Canadian commissions.
on Transition, visitwww.transitiontherapeutics.com or contact:
Dr. Tony Cruz Chief Executive Officer Transition Therapeutics Inc. Phone:
416-260-7770, x.223 email@example.com
SOURCE: Transition Therapeutics Inc.
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