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news.AnorMed is to receive $10 million in cash after amending its license agreement with Poinard Pharmaceuticals for the anticancer drug picoplatin.
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AnorMed licensed picoplatin to Poniard Pharmaceuticals (formerly NeoRx Corporation), in April 2004. Under the terms of the new amendment, AnorMed will receive a cash payment of $5 million by October 2006 and an additional cash payment of $5 million by March 2007. AnorMed retains rights to a total of $5 million in commercialization milestone payments if certain sales targets are achieved. The amendment expands Poniard's licensed rights to picoplatin to include Japan.
Under the terms of the original agreement, AnorMed granted Poniard exclusive global rights excluding Japan to develop, manufacture and commercialize picoplatin. AnorMed received a one-time upfront payment of $1 million cash.
Poniard, a specialty pharmaceutical company focused on oncology has completed enrollment in a phase II clinical trial evaluating picoplatin for the treatment of small cell lung cancer. Poniard is also evaluating picoplatin in clinical trials for the treatment of colorectal and prostate cancer.
Picoplatin is an intravenous chemotherapeutic agent designed to overcome platinum resistance associated with the treatment of solid tumors. According to Poniard, testing in more than 500 patients in safety and efficacy studies indicates that picoplatin may have a more manageable safety profile with fewer side effects than currently available platinum-based therapies.