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GlycoMimetics, Pfizer sign $430 million license agreement
10-11-2011
EDIT CONNECT
SHARING OPTIONS:
GAITHERSBURG, Md.—GlycoMimetics, Inc. and Pfizer Inc. have
announced the signing of an exclusive worldwide
licensing agreement for
GlycoMimetics' investigation compound GMI-1070, a pan-selectin antagonist that
is currently in Phase II development as a
treatment for vaso-occlusive crisis
associated with sickle cell disease. The compound has received both Fast-Track
designation and Orphan Drug status
from the U.S. Food and Drug Administration.
"We are very pleased to partner with Pfizer for the
advancement of GlycoMimetics' lead drug candidate, GMI-1070, which
is initially
being evaluated in patients with sickle cell disease experiencing
vaso-occlusive crisis. This is a major unmet medical need," Rachel
King, CEO of
GlycoMimetics, said in a press release. "We value the resources and experience
that Pfizer brings to the program, and recognize that the
agreement is an
important validation of GlycoMimetics' unique chemistry expertise in discovery
of proprietary drug candidates."
Per the terms of the agreement, Pfizer will gain an
exclusive worldwide license to GMI-1070 for vaso-occlusive
crisis associated
with sickle cell disease as well as for other diseases for which the compound
might be developed. GlycoMimetics is responsible for
completing the current
Phase II trial under Pfizer's oversight, after which Pfizer will assume
development and commercialization duties. GlycoMimetics
stands to receive
approximately $340 million total, including an upfront payment and development,
regulatory and commercial milestones, as well as
royalties on any sales.
"This partnership is an important milestone for
GlycoMimetics as the company advances its
clinical development program," Jim
Barrett, Ph.D., Chairman of the Board of GlycoMimetics and General Partner, New
Enterprise Associates, said in a
press release. "It's a testament to the
progress made to-date with GMI-1070, and will enhance continued development of
this potential treatment for
patients suffering from vaso-occlusive crisis."
Vaso-occlusive crisis is the main clinical feature
of sickle
cell disease and occurs when circulation is blocked by sickle-shaped blood
cells, leading to ischemic injury. It results in severe pain and
tissue damage,
leading occasionally to patient complications and death, and as of yet, no mechanism-based
therapies exist. Current treatment is limited
to supportive therapy such as
hydration and pain control. Vaso-occlusive crisis can last five to six days and
results in over 75,000 hospitalizations a
year in the United States. GMI-1070
is believed to inhibit selectin interactions, a significant step early on in
the inflammatory process that leads to
vaso-occlusive crisis, and in
preclinical studies, the compound restored blood flow to affected blood vessels
in animals with vaso-occlusive crisis.
GMI-1070 is a rationally designed glcyomimetic inhibitor of
E-, P- and L-selectins that interferes
with the early step in the inflammatory
process that leads to leukocyte adhesion and recruitment to inflamed tissue.
Two Phase I trials were completed
for GMI-1070 in 2009, with no serious adverse
events reported. Preclinical studies are also underway to test GMI-1070 in
other diseases such as
hematologic malignancies, in which selectin-mediated
cell adhesion and migration is known to play a significant part in the disease
process.
"Pfizer is committed to helping improve the lives of
patients with rare diseases, and we see potential
for GlycoMimetics' GMI-1070
to be a significant advance in the treatment of vaso-occlusive crisis of sickle
cell disease," said Yvonne Greenstreet,
senior vice president and head of the
Medicines Development Group within Pfizer's Specialty Care business unit, in a
press release. "This
experimental compound and partnership are emblematic of
our strategy in rare disease, targeting areas of high unmet need to deliver
improved patient
outcomes."
SOURCE: GlycoMimetics press release Code: E10111100 Back |
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