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news.Progen Pharmaceuticals has entered into a license and collaboration agreement with Medigen Biotech for the development and commercialisation of Muparfostat (PI-88).
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Muparfostat is a multi-targeted cancer therapeutic in late stage development which inhibits both angiogenesis (or tumour promoting) factors such as Vascular Endothelial Growth Factor (VEGF), Fibroblast Growth Factors (FGF) 1 and 2, and heparanase, an enzyme implicated in metastasis (tumour spread).
Following the signing of a non binding letter of intent in April 2010, the agreement creates a binding arrangement between the parties
Progen and Medigen Biotech said that this is an exclusive license and collaboration agreement with sub license rights for the commercialisation of PI-88 for the therapeutic and prophylactic treatment of cancer.
Progen is also expected to be contracted to manufacture the clinical trial material.
Progen and Medigen Biotech added that the intellectual property owned or licensed by the companies includes the rights to PI- 88 covered in the global patent family entitled ‘Preparation and Use of Sulfated Oligosaccharides’. It does not include any Intellectual Property relating to Progen’s PG500 series compounds.
The term of the agreement is 15 years from the commencement date (July 1, 2010) unless terminated earlier in accordance with the agreement.
Additionally, Progen said that if Medigen fails to start the proposed trial within 12 months of the commencement date, Progen may at any time thereafter immediately terminate the agreement.
Sue MacLeman, CEO of Progen Pharmaceuticals, said: “The signing of this license and collaboration agreement with Medigen puts the Muparfostat development program firmly back on track for Phase III and commercialisation.
“I have been delighted with how the Medigen and Progen teams have been working together on the Phase III preparation and we are also pleased that we have been able to finalise this agreement in such a short period of time.”
Stuart James, chairman of Progen Pharmaceuticals, said: “We are delighted to be able to finalise this agreement and look forward to a positive and productive relationship that will bring benefits to Progen shareholders.”