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Microbix and Angiogen enter cancer agreement

Microbix Biosystems is partnering with Angiogen to commercialize a new technology for cancer by combining Microbix's protein urokinase with Angiogen's patented drug therapy.

The companies believe urokinase-based drug combination has an opportunity to significantly improve upon the current standard of cancer therapy.

Microbix made a large investment this year in its product pipeline with the acquisition of a new production site with the capacity to produce commercial quantities of urokinase.

“Of all the challenges in bringing a blockbuster to market, this one has a compelling risk profile because of the long safety record of the drugs used in the combination therapy. The early trial data to date is encouraging and we are hopeful the commercialization process will result in value to our shareholders.”

As previously reported, financial activities required to complete phase I and phase II clinical trials are expected to conclude in 2007 after which the companies expect to complete the phase I trial in 2008.

Angiogen is a privately held biopharmaceutical discovery company developing novel therapies for treating cancerous solid, vascular tumors.