GAITHERSBURG, Md., June 21 /PRNewswire/ -- Panacea Pharmaceuticals,
Inc., today announced the award of a Phase II Small Business Innovation
Research (SBIR) grant of $880,000 from the National Heart, Lung and Blood
Institute of the U.S. National Institutes of Health (NIH) to complete
pre-clinical studies on a novel drug to treat ischemic stroke. Results from
a Phase I study confirmed that a novel class of alpha (N) -- heterocyclic
carboxaldehyde thiosemicarbazones (HCTs), demonstrates a powerful
neuroprotective effect in animal stroke models. Panacea has identified a
lead compound, PAN-811, and anticipates initiation of clinical trials in
late 2007.
"We are excited about the potential of PAN-811 as a neuroprotective
agent," commented Hossein Ghanbari, Ph.D., CEO and Chief Scientific Officer
at Panacea Pharmaceuticals. "The safety of PAN-811 in humans has already
been demonstrated, and we are optimistic about its potential to
significantly improve neurologic function in individuals who have suffered
a stroke. With no currently available neuroprotective treatment
alternatives for these patients, PAN-811 could significantly improve
outcomes and reduce the risk of paralysis, loss of speech, and other
complications associated with stroke."
About Stroke
A stroke occurs when the blood supply to part of the brain is suddenly
interrupted or when a blood vessel in the brain bursts. Brain cells die
when they no longer receive oxygen and nutrients from the blood or there is
sudden bleeding into or around the brain. The symptoms of a stroke include
sudden numbness or weakness, especially on one side of the body; sudden
confusion or trouble speaking or understanding speech; sudden trouble
seeing in one or both eyes; sudden trouble with walking, dizziness, or loss
of balance or coordination; or sudden severe headache with no known cause.
There are two forms of stroke: ischemic -- blockage of a blood vessel
supplying the brain, and hemorrhagic -- bleeding into or around the brain;
80 percent of strokes are ischemic. Stroke is the third leading cause of
death in the U.S., a major cause of long-term disability, and a significant
burden on public health worldwide. Currently, more than 4 million people in
the U.S. are living with the consequences of stroke. Ischemia/hypoxia as a
result of stroke is a significant contributor to neurodegeneration,
manifest as paralysis, loss of speech, memory loss, and other neurologic
symptoms.
About PAN-811
PAN-811 is a small-molecule that fully blocks hypoxic and ischemic
neuronal cell death at a dose of 1 micromolar in vitro, and reduces infarct
volume by up to 59% in the middle cerebral artery occlusion rat model of
stroke. It manifests dual mechanistic functions including both Ca2+
-chelation and free radical-scavenging (Zhi-Gang Jian, X.C., et.al., A
multifunctional cytoprotective agent that reduces neurodegeneration after
ischemia, PNAS, vol. 103, No. 5, 1581-1586, 2006). The toxicology and
pharmacokinetics of the drug candidate have been demonstrated and it is
currently in Phase II clinical trials at NIH for a cancer indication. Thus,
at the end of the Phase II SBIR study, Panacea expects to be in a position
to begin a Phase Ib human clinical trial to assess PAN-811 as a the
treatment of transient ischemic stroke.
About Panacea's Oncology Platform
Panacea is also pursuing the development of antibodies directed against
Human aspartyl (asparaginyl) Beta-hydroxylase (HAAH) as novel agents for
the treatment of cancer, with liver cancer as its first intended
indication. The Company is exploring both naked anti-HAAH antibodies, as
well as antibody conjugates with various chemotherapeutic agents as lead
candidates. Panacea is also pursuing the development of diagnostic products
based on anti-HAAH antibodies. A proprietary blood-based assay has shown
high sensitivity and specificity in the detection of a range of cancers and
responsiveness to chemotherapy, thus allowing utility in the diagnosis and
therapeutic management of disease. Initial targets for the HAAH diagnostic
products include prostate and liver cancers, along with tests to determine
responsiveness to a current therapy of choice in patients with Chronic
Myelogenous Leukemia. Panacea anticipates the initiation of its diagnostic
testing services later in 2006.
About Panacea Pharmaceuticals, Inc.
Panacea Pharmaceuticals, Inc. is a privately-held biopharmaceutical
company focused on the development and commercialization of therapeutics
and diagnostics for diseases with substantial, unmet clinical needs. The
Company's product development strategy is based on novel therapeutic agents
and approaches for cancer treatment, and acute and chronic
neurodegenerative conditions, such as hypoxia-induced neurological insult,
Parkinson's disease, and Alzheimer's disease. Panacea's neurodegenerative
and oncology technologies are each covered by one or more patents or patent
applications.
More information about the Company is available at
http://www.PanaceaPharma.com.
Except for historical information presented in this press release,
matters discussed herein may constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward- looking statements are based on the opinions and estimates of
management only as of the date of this release and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from any future results, performance, or achievements expressed
or implied by such statements. Factors that might cause such a difference
include, but are not limited to, uncertainties related to our access to
capital, the progress, costs, and results of any clinical trials undertaken
by us, progress of our research and development projects, and uncertainties
related to whether our product candidates would ultimately achieve
commercial success. We do not undertake any obligation to update publicly
any forward-looking statement, whether as a result of new information,
future events, or otherwise unless required by law.
Contact:
Panacea Pharmaceuticals, Inc.
Kasra Ghanbari Phone 240-243-8000 x107; FAX 240-465-0450
kasra@panaceapharma.com
SOURCE Panacea Pharmaceuticals, Inc.
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Related links:
http://www.panaceapharma.com
CONTACT:
Kasra Ghanbari of Panacea Pharmaceuticals,
Inc., +1-240-243-8000, x107; FAX: +1-240-465-0450,
kasra@panaceapharma.com
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