SEATTLE, Sept. 2 /CNW/ - 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.
