AnorMED Inc., a chemistry-based biopharmaceutical company, announced that it has licensed its platinum based anti-cancer agent, AMD473, to NeoRx Corporation, a cancer therapeutics development company. Under the terms of the agreement, NeoRx was granted exclusive global rights, excluding Japan, to develop, manufacture and commercialize the drug candidate for treatment of any human disease. NeoRx plans to initiate clinical studies for AMD473 in one or more cancer indications in the second half of 2004.

Under the terms of the agreement, AnorMED received a one-time upfront milestone payment of US$1 million cash and US$1 million in NeoRx common stock. In addition, AnorMED is eligible to receive additional milestone payments of up to US$13 million, payable in cash or a combination of cash and NeoRx common stock. Upon approval AnorMED would receive royalty payments of up to 15 per cent on product sales.

“Our partnership with NeoRx is an important milestone for us. NeoRx has both the clinical capabilities and resources to advance the development of this drug candidate for its potential to become an important new platinum chemotherapeutic. We look forward to working with the NeoRx team,” stated Dr. Michael J. Abrams, president and CEO of AnorMED.

AMD473 is a platinum based chemotherapeutic agent with a proven mechanism of action that has demonstrated clinical activity in hormone resistant prostate cancer, among other solid tumor cancers. In addition, AMD473 has the potential to be developed as both intravenously and orally administerable chemotherapy.