BELLUS Health and Celtic Therapeutics enter agreement for BELLUS' drug candidate KIACTA

KIACTA advancing to a confirmatory Phase III clinical trial

03-May-2010 - Canada

BELLUS Health and Celtic Therapeutics announced that they have signed a final agreement pursuant to which Celtic Therapeutics will acquire and license worldwide rights related to the Phase III investigational product candidate KIACTA(TM) (eprodisate) for upfront payments of US$10 million, and will fund 100% of KIACTA(TM)'s development costs through its confirmatory Phase III clinical study and other development activities, estimated at US$20 million. KIACTA(TM) is being developed for the treatment of AA amyloidosis, a life-threatening orphan disease that occurs in patients with long-lasting inflammatory conditions, most commonly due to rheumatoid arthritis. Celtic Therapeutics will complete the Phase III study and all other requirements for KIACTA(TM)'s regulatory approval. Celtic Therapeutics will then conduct an auction process for the commercialization rights of KIACTA(TM). The overall proceeds of the auction process are expected to be shared equally between the parties.

"We are pleased to deliver today on what has been a major priority of our Company by announcing a partnership to develop KIACTA(TM) to its fullest potential. With its extensive expertise in drug development and preparation of regulatory filings, we believe Celtic Therapeutics is the ideal partner for the KIACTA(TM) program," said Mr. Roberto Bellini, President and Chief Executive Officer of BELLUS Health. "I am very proud of the pioneering work that the BELLUS Health team has accomplished to date towards the advancement of this important program and we look forward to collaborating with Celtic Therapeutics to help realize the development and full commercial breadth of KIACTA(TM), a product that has the potential to benefit so many patients suffering from this terrible disease. This transaction confirms our strong belief that there is substantial value in the BELLUS Health product portfolio and strengthens our financial position," he concluded.

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