Innovive acquires European rights to Tamibarotene

In December 2006, Innovive acquired North American rights to tamibarotene from TMRC.

Tamibarotene, a novel synthetic retinoid drug candidate, will be evaluated in a Phase II pivotal trial in patients with relapsed or refractory acute promyelocytic leukemia (APL) following treatment with all-trans retinoic acid (ATRA) and arsenic trioxide.

This international trial will be conducted under a special protocol assessment agreed upon between the company and the FDA.

Under the terms of the agreement, Innovive acquired the exclusive European license from TMRC to develop and commercialize tamibarotene for treatment of APL, with an option to include within the license the use of tamibarotene in other oncology disease areas including multiple myeloma, myelodysplastic syndromes and solid tumors, except hepatocellular carcinoma.

TMRC received an upfront fee and will be eligible to receive payments upon achievement of certain development, regulatory and sales milestones, in addition to royalties on potential net sales.

“The licensing of European development rights for tamibarotene supports our strategy of pursuing the most efficient and effective pathways to commercialization for our product candidates in the US and abroad while mitigating risk for our investors,” stated Steve Kelly, president and CEO of Innovive Pharmaceuticals.