Infinity Pharmaceuticals, Inc., an innovative cancer drug discovery and development company, announced the completion of its previously announced merger with Discovery Partners International, Inc., or DPI.
The newly-combined company will operate as Infinity Pharmaceuticals, Inc. under Infinity's management and will retain no Discovery Partners operations or programs. Infinity begins trading today on the NASDAQ Global Market under the symbol "INFI."
"This merger with Discovery Partners gives Infinity the resources necessary to fully explore and expand the potential of our pipeline," said Steven H. Holtzman, chief executive officer of Infinity. "Infinity has the opportunity to create significant value for both patients and stockholders in the coming years."
"Through DPI's merger with Infinity, former DPI stockholders are benefiting from the value creation potential of a company dedicated to becoming a leader in oncology drug discovery and development," added Michael C. Venuti, Ph.D., former acting chief executive officer of DPI who will continue as a director of the combined company. "With the financial resources provided in this transaction, we expect that Infinity will be well positioned to drive forward its pipeline of anti-cancer agents, creating both meaningful therapies for patients and substantial value for stockholders."
With the completion of the merger and Infinity's recently-announced collaboration with MedImmune, Inc., Infinity expects to have funds sufficient to support its current operating plan at least through December 31, 2009, in the absence of any new corporate development opportunities or financings.
IPI-504 (Hsp90 inhibitor) - Infinity's lead novel, proprietary anti-cancer product candidate has demonstrated in preclinical studies the ability to potently and selectively inhibit Heat Shock Protein 90 (Hsp90), thereby killing cancer cells. In preclinical studies, IPI-504 has demonstrated broad potential to treat a variety of cancers as both a single agent as well as in combination with existing anti-cancer drugs. IPI-504 is currently delivered intravenously in a water-based formulation and is being evaluated in two disease-focused Phase l clinical trials in patients with relapsed, refractory multiple myeloma and relapsed, refractory gastrointestinal stromal tumours (GIST). An oral formulation of IPI-504 is in preclinical development. On August 28, 2006, Infinity entered into a worldwide alliance with MedImmune, Inc. to jointly develop and commercialize drugs, including IPI-504, that target Hsp90. Under the terms of the agreement, Infinity and MedImmune will share equally the worldwide profits from the successful commercialization of any products. Infinity also has an option to co-promote such products in the US.
Hedgehog cell-signalling pathway inhibitors - The Hedgehog pathway is normally active during embryonic development regulating tissue and organ formation. Aberrant activation of the Hedgehog pathway in adults has been implicated in many of the most deadly cancers. Infinity's Hedgehog pathway inhibitors are novel, proprietary systemically-administered agents that have demonstrated in preclinical studies the ability to potently and selectively inhibit the Hedgehog pathway. Infinity's Hedgehog pathway program is also being jointly developed and commercialized under the worldwide alliance with MedImmune, Inc., whereby Infinity and MedImmune will share equally the worldwide profits from the successful commercialization of any products. Infinity also has an option to co-promote any such products in the US.
Bcl family inhibitors - The Bcl family of proteins (including Bcl-2 and Bcl-xL) are key regulators of programmed cell death, or apoptosis. Infinity's Bcl family inhibitors are currently in preclinical development for use alone or in combination to sensitize a broad range of solid tumours to currently available chemotherapeutics. In March 2006, Infinity entered into an alliance with Novartis to collaboratively discover, develop, and commercialize drugs targeting Bcl protein family members for the treatment of a broad range of cancer indications.
In connection with the merger, DPI effected a 4-to-1 reverse stock split of its common stock. As a result of the merger and the reverse stock split, the combined company has approximately 19.4 million shares issued and outstanding, of which approximately 66% are held by prior Infinity stockholders and approximately 34% are held by DPI stockholders.