Spectrum Pharmaceuticals, Inc. has acquired worldwide exclusive rights to RenaZorb (two second-generation lanthanum-based phosphate binding agents) from Altair Nanotechnologies, Inc.
These novel non-aluminum, non-calcium phosphate binders which utilize Altair's proprietary lanthanum nanomaterial technology have the potential to treat hyperphosphatemia, i.e., high phosphorus levels in blood, in patients with end-stage renal disease (ESRD) and chronic kidney disease (CKD), with potentially as little as one tablet per meal while currently approved therapies require as many as several tablets per meal.
Under the terms of the agreement, Spectrum acquired an exclusive worldwide license to develop and commercialize RenaZorb for all human therapeutic and diagnostic uses. Spectrum will pay to Altair an upfront payment of 100,000 shares of restricted Spectrum common stock and will make an equity investment of $200,000 for 38,314 shares of Altair common stock. In addition, Altair is eligible to receive payments upon achievement of a clinical development and certain regulatory and sales milestones, in addition to royalties on potential net sales. Additional financial details were not disclosed.
"This in-licensing of RenaZorb is an important step in our continued effort to build an extensive and well-diversified portfolio of drug product candidates that span all stages of development and address significant unmet medical needs," stated Rajesh Shrotriya, chairman of the Board, CEO and president of Spectrum Pharmaceuticals, Inc. "We look forward to advancing RenaZorb into clinical trials, and pursuing the appropriate regulatory strategy to maximize its potential," he added.
According to the National Kidney Foundation, the number of ESRD patients in the US is expected to double over the next decade. In addition, there are an estimated 8.4 million CKD patients, representing a potential multi-billion dollar market opportunity, who are candidates for phosphate binder therapy under the National Kidney Foundation's Kidney Disease Outcomes Quality Initiative (K/DOQI) Clinical Practice Guidelines, issued in 2003.