VioQuest to acquire anticancer compounds

Greenwich owns exclusive license rights to two anticancer agents – sodium stibogluconate (SSG) and triciribine (TCN-P). According to VioQuest, both treatments are attractive compounds for development, given the evidence of their clinical and preclinical efficacy.

Both SSG and TCN-P are expected to provide a targeted approach in potentially treating specific tumors in the areas of ovarian, breast, pancreatic, melanoma, myeloma, and renal cancers.

Stockholders of Greenwich Therapeutics will receive approximately 47% of VioQuest Pharmaceutical’s outstanding common stock on a fully diluted, post-merger basis. One-half of the shares will be placed in escrow and will be released incrementally upon the achievement of certain clinical milestones relating to phase I/ II clinical studies for each compound.

The acquisition will also see VioQuest work with two cancer research centers – The Cleveland Clinic Taussig Cancer Center in Ohio and The Moffitt Cancer Center in Florida.

“TCN-P, a tricyclic nucleoside, has been shown to significantly inhibit tumor growth associated with Akt overexpression and / or hyperactiviation, which often occurs in breast and ovarian cancer,” stated Dr Said Sebti, associate director at The Moffitt Cancer Center and Research Institute.