Cell Therapeutics Inc (CTI) plans to partner with the Seattle-based non-profit Hope Heart Institute (HHI). The two organizations will collaborate on the research of potential new cancer targets. The partnership will use HHI's existing infrastructure and leading research in the field of vascular biology and tissue remodeling coupled with CTI's expertise in target identification, drug development and cancer research.
"HHI is a leader in the area of cardiovascular disease research, many aspects of which are directly relevant to cancer and cancer treatment, especially as it pertains to angiogenesis," said Jack W. Singer, director and research chair of CTI. "We believe this will expand CTI's discovery research capabilities by providing access to scientific leaders in this field without adding to our headcount or infrastructure costs."
Under the terms of the agreement, CTI will pay HHI a minimum of $15,000 per month for research support and will grant HHI warrants to purchase 100,000 shares of CTI common stock at $10 per share in exchange for an exclusive license to all oncology and supportive care related research and first right of refusal on all other technology useful in the fields of oncology and supportive care. HHI will retain rights to use the technologies for cardiovascular disease research purposes.
Helene Sage of HHI and principal investigator for the research project stated, "We plan to explore the potential utility of CTI's LPAAT-beta inhibitors in cardiovascular disease using the HHI systems. We also look forward to collaborating with CTI and PanGenex using the double-gene knock out technology to identify and validate potential new targets for drug development." She added, "We are excited to leverage the research tools that CTI and PanGenex have developed and to have access to the company's formidable expertise in cancer research."
The research program is scheduled to begin in the first quarter of 2003. In addition to his role at CTI, Singer is also a member of the HHI scientific advisory board. Singer proposed the new research partnership to Phil M. Nudelman, CEO of HHI and a member of CTI's board of directors, after Singer reviewed scientific data from HHI's annual seminar.