Infinity Pharmaceuticals, Inc announced that it has reacquired from MedImmune, a unit of AstraZeneca, all worldwide development and commercialization rights to its heat shock protein 90 (Hsp90) inhibitor programme. Infinity's Hsp90 programme comprises IPI-504 (retaspimycin hydrochloride for injection) and oral IPI-493. IPI-504 is in several clinical trials, including an international phase-3 registration trial for patients with refractory gastrointestinal stromal tumours (the RING trial), positioning it as the potential first-to-market Hsp90 inhibitor. Oral IPI-493 is currently in a phase-1 study in patients with advanced solid tumours.

"By regaining full control over IPI-504 and IPI-493, we believe we will maximize the medical and commercial potential of our Hsp90 programme," said Steven H Holtzman, chair and chief executive officer of Infinity. "With our current financial strength and the quality of our pipeline, we consider ourselves ideally positioned to bring important drugs to patients and value to shareholders."

"With a prospective first-to-market Hsp90 inhibitor in late-stage development, we believe we can accelerate the timeframe for Infinity to establish a meaningful commercial presence," added Adelene Q Perkins, president and chief business officer at Infinity. "In conjunction with our recently announced alliance with Purdue Pharma, Infinity now has US commercial rights to our entire oncology portfolio, giving us the ability to build a commercial organization to independently bring our innovative medicines to patients."

AstraZeneca will fund an amount equivalent to its share of Hsp90 programme costs for the ensuing six-month period. Additionally, Infinity has a single-digit royalty obligation to AstraZeneca on any net sales of IPI-504 and IPI-493.

"We are delighted to be independently driving the development of our leading Hsp90 program, accelerating our strategy of fast and first to market with an Hsp90 inhibitor while expanding the potential into additional tumours with both IPI-504 and oral IPI-493," said Julian Adams, president of research and development and chief scientific officer at Infinity. "Our Hsp90 inhibitors and development strategy are exemplary of the innovative approach we take to drug discovery and development in order to make a meaningful difference in patients' lives."

Infinity currently expects that it has sufficient cash to fund all of its planned operations and programs through the end of 2012. Infinity expects to recognize in the fourth quarter of 2008 the remaining deferred revenue associated with this collaboration. The company plans to provide full-year 2009 guidance in January.

Infinity is an innovative cancer drug discovery and development company seeking to discover, develop, and deliver to patients best-in-class medicines for the treatment of cancer and related conditions.