Medgenics Extends Baxter Collaboration (8915J)
07 July 2011 - 12:00AM
UK Regulatory
TIDMMEDG TIDMMEDU
RNS Number : 8915J
Medgenics Inc
06 July 2011
MEDGENICS EXTENDS COLLABORATION WITH BAXTER ON DEVELOPMENT OF
FACTOR VIII BIOPUMP
MISGAV, Israel and VIENNA, Va. (July 06, 2011) - Medgenics, Inc.
(NYSE Amex: MDGN and AIM: MEDU, MEDG) announces an extension of its
agreement with Baxter Healthcare Corporation for the joint
development of the Factor VIII Biopump.
Under the extension, confirmatory studies will be conducted
implanting Factor VIII Biopumps in mice. Baxter will bear the costs
of these studies including the preparation and delivery of the
necessary Biopumps. During the extended agreement, which will
expire by September 30, 2011, Baxter has the opportunity, to
exercise an exclusive option for 6 months to negotiate with
Medgenics an agreement for commercialization of the Biopump Factor
VIII technology.
"During recent months Medgenics has made considerable progress
with the performance of our Biopump technology, and we are
delighted to be moving forward with our collaboration with Baxter,
the global leader in hemophilia treatments," stated Andrew L.
Pearlman, Ph.D., President and CEO of Medgenics. "We look forward
to completing these confirmatory studies and expect that they will
validate the ability of our Biopump to produce clinically relevant
levels of Factor VIII."
About Medgenics
Medgenics is developing and commercializing Biopump, a
proprietary tissue-based platform technology for the sustained
production and delivery of therapeutic proteins using the patient's
own skin biopsy for the treatment of a range of chronic diseases
including anemia, hepatitis C and hemophilia. Medgenics believes
this approach has multiple benefits compared with current
treatments, which include regular and costly injections of
therapeutic proteins.
Medgenics has three long-acting protein therapy products in
development based on this technology:
-- EPODURE (now completing a Phase I/II dose-ranging trial) to
produce and deliver erythropoietin for many months from a single
administration, has demonstrated elevation and stabilization of
hemoglobin levels in anemic patients for 6 to more than 24
months;
-- INFRADURE (to commence a Phase I/II trial in Israel in 2011)
to produce a sustained therapeutic dose of interferon-alpha for use
in the treatment of hepatitis C;
-- HEMODURE is a sustained Factor VIII therapy for the
prophylactic treatment of hemophilia, now in development.
Medgenics intends to develop its innovative products and bring
them to market via strategic partnerships with major pharmaceutical
and/or medical device companies. Since October 2009, HEMODURE has
been the focus of cooperation between Medgenics and a major
healthcare company, a market leader in hemophilia.
In addition to treatments for anemia, hepatitis C and
hemophilia, Medgenics plans to develop and/or out-license a
pipeline of future Biopump products targeting the large and rapidly
growing global protein therapy market, which is forecast to reach
$132 billion in 2013. Other potential applications for Biopumps
include multiple sclerosis, arthritis, pediatric growth hormone
deficiency, obesity and diabetes.
Forward-looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995, which
include all statements other than statements of historical fact,
including (without limitation) those regarding the Company's
financial position, its development and business strategy, its
product candidates and the plans and objectives of management for
future operations. The Company intends that such forward-looking
statements be subject to the safe harbors created by such laws.
Forward-looking statements are sometimes identified by their use of
the terms and phrases such as "estimate," "project," "intend,"
"forecast," "anticipate," "plan," "planning, "expect," "believe,"
"will, " "will likely," "should," "could," "would," "may" or the
negative of such terms and other comparable terminology. All such
forward-looking statements are based on current expectations and
are subject to risks and uncertainties. Should any of these risks
or uncertainties materialize, or should any of the Company's
assumptions prove incorrect, actual results may differ materially
from those included within these forward-looking statements.
Accordingly, no undue reliance should be placed on these
forward-looking statements, which speak only as of the date made.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based.
As a result of these factors, the events described in the
forward-looking statements contained in this release may not
occur.
For further information, contact:
Medgenics, Inc. Phone: +972 4 902
Dr. Andrew L. Pearlman 8900
Lippert/Heilshorn & Associates, Phone: +1 212-838-3777
Inc.
Anne Marie Fields
afields@lhai.com
De Facto Financial Phone: +44 207 556
Mike Wort 1063
Anna Dunphy
Religare Capital Markets Phone: +44 207 444
(Nomad) 0800
James Pinner
Derek Crowhurst
SVS Securities plc (Joint Phone: +44 207 638
Broker) 5600
Alex Mattey
Ian Callaway
Nomura Code Securities (Joint Phone: +44 207 776
Broker) 1219
Jonathan Senior
# # #
This information is provided by RNS
The company news service from the London Stock Exchange
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