-- Funding for Continued Commercialization Preparation --
CAMBRIDGE, Mass., Dec. 27 /PRNewswire/ -- Therion Biologics Corporation
has secured a $50 million line of credit from its investors, providing funding
for the Company's operations into 2007. The financing was provided by
investor/philanthropist Hans-Werner Hector, one of the founders of the world's
leading enterprise software company, SAP AG.
"Therion is on track to accomplish two major milestones in 2005 with the
completion of patient enrollment in its Phase II prostate cancer trial and the
expectation to finalize accrual in its pivotal Phase III pancreatic cancer
trial," stated Mr. Hector. "The financing will allow Therion to prepare for a
BLA filing of PANVAC-VF in 2006 and continue its preparation for
commercialization."
Therion will use the funds for the clinical advancement of its two
targeted cancer therapeutics, PANVAC-VF and PROSTVAC(R)-VF, to treat
pancreatic cancer and prostate cancer, respectively. In late 2003, the
Company initiated a Phase II trial of PROSTVAC-VF in prostate cancer and
initiated in mid-2004, a pivotal Phase III trial of PANVAC-VF in advanced
pancreatic cancer under a Special Protocol Assessment with the FDA. Clinical
data from both trials are expected in the first half of 2006.
"The continued support from our investors reflects our track record of
consistently meeting our scientific and operational milestones," said Mark
Leuchtenberger, President and Chief Executive Officer of Therion Biologics
Corporation. "2006 will be an exciting year for our investors, our employees,
and the patients as we're planning for a BLA filing and possible product
launch of PANVAC-VF."
About Therion Biologics Corporation
Therion Biologics Corporation is a leader in the development of novel
targeted cancer therapeutics designed to selectively seek out and destroy
malignant cells without the serious side effects associated with cytotoxic
chemotherapy. The Company has two lead product candidates:
* PANVAC-VF is in a Phase III registration trial for the treatment of
pancreatic cancer;
* PROSTVAC(R)-VF is in Phase II trials for the treatment of prostate
cancer.
In addition to these lead product candidates, clinical trials evaluating
Therion's innovative targeted therapeutics in colorectal, ovarian, breast and
lung cancers are also ongoing or planned. Therion's strategic partners are
the National Cancer Institute (NCI) and a network of renowned clinical
institutions.
Therion's technology platform has been evaluated over a 13-year period in
more than 30 clinical trials comprising close to 1000 patients, chiefly
through the Company's longstanding partnership with the NCI. This extensive
research has enabled Therion to clinically optimize its technology and
maximize the probability for downstream success. Therion's two lead product
candidates, PANVAC-VF and PROSTVAC-VF, are a direct result of these efforts.
For more information, please visit http://www.therion.com
Contacts:
Titus M.F.M. Plattel
Senior Director, Marketing
Therion Biologics Corporation
(617).475.7312
http://www.therion.com
Kari Watson
MacDougall Biomedical Communications
(508).647.0209
kwatson@macbiocom.com
SOURCE Therion Biologics Corporation
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Related links:
http://www.therion.com
CONTACT:
Titus M.F.M. Plattel, Senior Director,
Marketing of Therion Biologics Corporation, +1-617-475-7312; or
Kari Watson of MacDougall Biomedical Communications,
+1-508-647-0209, kwatson@macbiocom.com
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