GAITHERSBURG, Md., Sept. 10 /PRNewswire/ -- Panacea Pharmaceuticals, Inc.
announced today that it has extended and expanded its Collaborative Research
Agreement with researchers at the Massachusetts Institute of Technology (MIT)
in Cambridge, Massachusetts covering the development of all-human, ultra-
affinity, single-chain antibodies for the Company's HAAH Oncology Program. The
agreement builds on the Collaborative Research Agreement signed in December of
2000.
The Company will continue to fund research activities at MIT up to an
additional three years and has an option for exclusive worldwide
commercialization rights to antibodies resulting from the collaboration. The
research group is led by K. Dane Wittrup, Ph.D., Joseph R. Mares Professor of
Chemical Engineering & Bioengineering at MIT.
Currently, antibody drugs and use of antibodies in vivo involve several
impediments and limitations, but the antibodies engineered through this
breakthrough technology minimize or eliminate the major problems associated
with the use of native antibodies. The resulting molecule can be custom
engineered to eliminate application-specific issues to facilitate research and
product development.
"We've made tremendous progress in producing and isolating highly active
antibodies through our collaboration with MIT and are excited to be continuing
and expanding our relationship with Dr. Wittrup and his team," stated Kasra
Ghanbari, President of the Company. "Each one of these molecules holds
tremendous potential to expedite the development of therapeutic agents as well
as both in vitro and in vivo diagnostic products based on HAAH."
Background on Yeast Display Technology
The technology utilizes a yeast surface display method for engineering
antibody fragments of extremely high affinity. The technology was described in
the September 2000 issue of Proceedings of the National Academy of Sciences
(vol. 97, no. 20, pg. 10701-10705) entitled, "Directed evolution of antibody
fragments with monovalent femtomolar antigen-binding affinity." The paper
reported the development of single-chain antibody mutants that possessed the
highest monovalent ligand-binding affinity yet reported for an engineered
protein by over two orders of magnitude.
Background on HAAH Oncology Program
The Company's HAAH Oncology Program is based on the enzyme human aspartyl
(asparaginyl) Beta hydroxylase (HAAH).
HAAH over-expression has been detected in primary tumor tissue of more
than twenty tumor types tested to date, including cancers of the pancreas,
breast, ovary, liver, colon, prostate, lung, brain, and bile duct. HAAH over-
expression has been detected in 99% of tumor specimens (greater than 1000)
tested to date and has not been detected in normal or adjacent non-affected
tissue.
Recent findings in preclinical studies have indicated that over-expression
of HAAH is sufficient to induce cellular transformation, to increase cell
motility and invasiveness, and to establish tumor formation in animals. Even
partial inhibition of HAAH expression has been shown to have a beneficial
effect on tumor cells, causing them to revert to a more normal phenotype as
measured by the inhibition of growth, motility, and invasiveness. HAAH is
over-expressed on the surface of cancer cells, potentially facilitating
detection, drug delivery, and enzyme inhibition.
Panacea signed a Collaboration and License Agreement with MedImmune, Inc.
in early 2002 to discover, develop, and commercialize therapeutic agents for
the prevention or treatment of human disease based on Panacea's HAAH
technology or its pathways. Panacea has retained all rights to the development
of diagnostic products based on HAAH.
About Panacea Pharmaceuticals, Inc.
Panacea Pharmaceuticals, Inc. is an emerging biopharmaceutical company
focused on utilizing functional genomics and proteomics to develop
therapeutics and diagnostics for diseases with substantial unmet clinical
need. The Company's product development focus is on novel proteins and
biochemical pathways related to cellular regulation and cell cycle
abnormalities in oncology as well as both acute and chronic neurodegenerative
conditions such as hypoxia-induced cognitive impairment, Parkinson's disease,
and Alzheimer's disease. The Company's wholly-owned subsidiary, Proteus
Diagnostics, Inc., will be developing in vitro diagnostics including
pharmacogenomic and pharmacoproteomic tools for cancer detection, diagnosis,
prognosis, treatment selection, and follow-up.
More information is available at http://www.PanaceaPharma.com and
http://www.ProteusDx.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, President
Phone 240-243-8000 x108; FAX 240-465-0450
Kasra@PanaceaPharma.com
SOURCE Panacea Pharmaceuticals, Inc.
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Related links:
http://www.panaceapharma.com
http://www.ProteusDx.com
CONTACT:
Kasra Ghanbari, President of Panacea
Pharmaceuticals, Inc., +1-240-243-8000, ext. 108, or
Kasra@PanaceaPharma.com
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