AmpliMed acquires rights to develop cancer drug
Summary:
Amplimed, a pharmaceutical company specializing in developing cancer drugs, has reached an exclusive license agreement with the University of Arizona Foundation Technologies and Research LLC (UTR) to develop an anti-cancer compound.
Full Story:
Amplimed, a pharmaceutical company specializing in developing cancer drugs, has reached an exclusive license agreement with the University of Arizona Foundation Technologies and Research LLC (UTR) to develop an anti-cancer compound.
The compound, FB642, has shown promise in early clinical trials. Originally developed by Procter & Gamble , it was a included in a package of intellectual property and other assets donated by the company in 2003 to the University of Arizona Foundation.
The UA Foundation established UTR to hold and manage the 33 patents.
Amplimed was established in Tucson by UA cancer researchers in 1989. Its lead drug, Amplimexon, was recently granted the Food and Drug Administration orphan drug designation for the treatment of ovarian cancer.
Under the license agreement announced last week, the first involving the donated P&G patents, AmpliMed will take over development of FB642 and manage its intellectual property portfolio.
In return, UTR will receive equity in AmpliMed, along with cash payments for certain milestones and royalties on future drug sales.
For more information:
"Amplimed gets green light to develop cancer drug," Arizona Daily Star, 8/18/2005