YM BioSciences completes acquisition of DELEX
YM BioSciences Inc. announced it has completed the purchase of DELEX Therapeutics Inc., a private clinical stage biotechnology company developing inhalation delivered fentanyl products to treat cancer pain. DELEX's lead product is AeroLEF(TM), a proprietary technology for the treatment of acute and breakthrough pain that has completed preliminary efficacy trials and will undergo further Phase II efficacy trials in 2005. Through this acquisition, DELEX becomes a wholly-owned subsidiary of YM BioSciences.
"This acquisition significantly enhances our portfolio of late-stage cancer-focused products. By concentrating on the entire cancer market and diversifying our pipeline across technologies and target populations, we are providing our shareholders with numerous opportunities to realize value while mitigating risk," said David Allan, Chairman and CEO of YM BioSciences. "The technology from DELEX targets the approximately $3 billion market for fentanyl-based products that is driven by the total number of patients suffering from cancer pain, which in the U.S. alone exceeds the patient populations for the 50 most common cancers combined. AeroLEF(TM) is designed to deliver both rapid onset of relief as well as sustained relief, an advanced approach to treating pain that uniquely addresses the broader fentanyl market rather than a single subset."
Other news from the department business & finance
