Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Cancer product developer YM BioSciences has entered into an agreement to buy Delex Therapeutics, a private clinical stage biotech firm developing inhalation-delivered fentanyl products to treat cancer pain.
Subscribe to our email newsletter
Delex is advancing AeroLEF, a proprietary technology for the treatment of acute and breakthrough pain, conditions that are common in cancer patients and underserved by existing technology. AeroLEF is an inhalation delivery system that delivers both free and liposomal-encapsulated fentanyl, an opioid drug widely prescribed to treat cancer pain. This product has completed a phase IIa trial with positive results and further efficacy trials in acute and cancer pain are planned for initiation in 2005.
On closing of the transaction, anticipated to occur in early May 2005, YM BioSciences will issue to the Delex shareholders in consideration for their shares and the accompanying working capital in Delex 1,587,302 common shares. In addition, YM will issue up to 4,603,175 common shares in escrow for the benefit of the Delex shareholders.
In addition, on receipt of US regulatory approval, if any, for AeroLEF or any product using Delex’s technology, YM BioSciences will make an additional payment to the Delex shareholders of $4.75 million in cash or common shares or a combination of both.
“Delex’s late-stage product is an excellent fit within our cancer-focused portfolio, targeting the substantial population of cancer patients who experience severe pain,” noted David Allan, chairman and CEO of YM BioSciences. “Delex also comes with suitable resources to advance this product through the next proposed phase IIb pain trial without requiring any additional cash investment by YM.”