Hana Biosciences signed a letter of intent to license the worldwide rights to develop and commercialize three novel targeted chemotherapy drug candidates for the treatment of solid and haematological cancers from Inex Pharmaceuticals Corporation.
The three candidates are known as Marqibo (sphingosomal vincristine), sphingosomal vinorelbine, and sphingosomal topotecan. Marqibo (sphingosomal vincristine) has demonstrated promising activity in patients with non-Hodgkin's lymphoma (NHL) and acute lymphoblastic leukaemia (ALL) in completed and ongoing studies.
Under the terms of the transaction, Hana will pay INEX a total of $11.5 million upon closing, consisting of cash and shares of Hana common stock. In addition, Hana will pay INEX up to $30.5 million in shares of Hana common stock, contingent upon achievement of specific clinical and regulatory milestones, and royalties on net sales. The completion of the transaction is subject to the execution of definitive agreements, as well as other customary closing conditions, which are expected to be completed in the second quarter of 2006. This licensing transaction will double Hana's pipeline to six clinical-stage oncology compounds. The intellectual property covering the three product candidates is protected worldwide until 2020 by issued and pending patents.
According to the release, the novel targeted formulation of these approved chemotherapeutic agents is designed to significantly increase drug delivery to the tumour and prolong drug exposure for cell-cycle specific agents, thus increasing dose intensity. Based on completed and ongoing studies in haematological cancers, these innovative products may deliver higher drug doses into the tumour, with concomitant increases in clinical activity.
"This transaction will enhance Hana's portfolio of novel anticancer compounds, underscoring our patient-focused commitment to commercializing novel oncology therapies. We look forward to working with the FDA to obtain the Special Protocol Assessment (SPA) in haematological cancers, and to initiating registrational trials for Marqibo in 2006, while our current clinical programs continue on schedule," said Mark Ahn, President and CEO, Hana Biosciences.