SEATTLE, Sept. 2 /PRNewswire-FirstCall/ - Oncothyreon Inc. (NASDAQ: ONTY) (TSX: ONY) (the 'Company') today announced a prioritization plan to focus the Company's resources on the clinical development of PX-478 and PX-866 and on process development and manufacturing of Stimuvax(R). Oncothyreon will seek a partner for further clinical development of PX-12 beyond the ongoing trials. The prioritization plan is intended to concentrate Oncothyreon's efforts and available resources on those programs with the potential for the greatest near-term value creation for the Company's stockholders.
'This prioritization plan and the planned financing we also announced today are intended to make it possible for us to advance both PX-478 and PX-866 to the next stage of clinical development,' said Robert L. Kirkman, M.D., President and Chief Executive Officer of Oncothyreon. 'The ongoing dose escalation Phase 1 trial for PX-478, an inhibitor of hypoxia-inducible factor 1 alpha, is enrolling steadily and has not yet reached a maximum dose. The recently initiated Phase 1 trial for PX-866, an inhibitor of PI-3-kinase, is also enrolling well. We believe the high interest in the targets of these two compounds by both oncologists and potential partners will allow us to create value most effectively and quickly by concentrating our limited resources on these two programs. The next stage of development for PX-12 will require substantial resources and time, which would be more suitable in partnership with a larger pharmaceutical company.'
'We will also continue our manufacturing and process development activities for Stimuvax,' continued Dr. Kirkman. 'The Phase 3 START trial of Stimuvax in non-small cell lung cancer is actively moving forward, and we expect an additional large Phase 3 trial in a new indication to be initiated later this year. To support these trials, we continue to manufacture significant quantities of Stimuvax for our partner, Merck KGaA of Darmstadt, Germany. Under our agreements with Merck KGaA, supplies of Stimuvax for clinical trials are purchased exclusively from Oncothyreon. Merck KGaA is also financially responsible for the further clinical development of Stimuvax.'
'As the Stimuvax program is largely supported by Merck KGaA, we intend to use the proceeds of the underwritten common stock offering announced today primarily for clinical trials of PX-478 and PX-866,' concluded Dr. Kirkman. 'If concluded successfully, this financing is expected to allow us to move both programs into Phase 2 development.'
About PX-478
PX-478 is a novel small molecule compound that inhibits the activity of hypoxia inducible factor (HIF)-1 alpha, a component of the transcription factor HIF-1 that controls the expression of a number of genes important for growth and survival of cancer cells. Genes regulated by HIF-1 contribute to diverse functions including new blood vessel growth (angiogenesis), use of glucose for energy, and protection against apoptosis (programmed cell death).
