Innovate has been partnering Avantogen on the development of the promising pancreatic chemo-resistance inhibitor, RP101. In executing the merger, Innovate will acquire the Australian company’s interest in the drug.
The transaction is subject to both Innovate’s and Avantogen shareholders’ approval. Subject to these approvals, the acquisition is expected to be completed by the end of March 2006.
Patients undergoing repeated chemotherapy can develop resistance and cancer cells continue to grow and spread during treatment. RP101 is intended as co-treatment with cytostatic drugs to prevent the development of resistance to chemotherapy.
In early 2005 the partners announced promising results observed in the clinical pilot study in which thirteen pancreatic cancer patients in stage III and VI of disease were treated with RP101, and gemcitabine plus cisplatin.
Those results indicated that the 50% probability of survival was increased to an average of 15 months, from a historic average of 7.5 months obtained at the same institution under otherwise similar conditions during the prior year. It was also noted that ten of the original thirteen patients lived longer than one year, and six of them were still alive.
“The proposal was a logical move for both partners and would serve to enhance the rapid clinical development of RP101 which we believe holds exciting prospects,” said Mr Paul Hopper, the chairman of Innovate.