Angiotech Announces Drug Discovery And Development Agreement with CombinatoRx
Exclusive Collaboration With Initial Focus on Peripheral Vascular, Coronary, and Orthopedic Indications
Angiotech Pharmaceuticals, Inc. announced a license and research collaboration agreement with CombinatoRx, Incorporated focused on the selection and development of novel combination pharmaceutical compounds for Angiotech's local interventional therapy applications. The collaboration significantly expands Angiotech's library of potentially useful drug compounds by providing Angiotech with access to CombinatoRx's compound library of over 2 million analyzed combinations of known pharmaceuticals, for exclusive use in various interventional medicine fields.
CombinatoRx uses a high throughput screening system to discover proprietary combinations of two or more drugs that are able to affect important pharmaceutical pathways with the aim of achieving greater efficacy than can be achieved through the use of a single drug alone.
The agreement provides Angiotech with immediate access to CombinatoRx's combination pharmaceutical compounds to target common problems in areas such as vascular, orthopedic and general surgery, including specifically, peripheral artery disease, coronary stenting and joint diseases. There will also be joint research effort of up to five years designed to combine CombinatoRx's combination drug discovery platform and capabilities with Angiotech's expertise in local drug selection and delivery across a number of disease areas including orthopedics, gynecology, vascular restenosis, and local tumor cell management.
The licenses from the collaboration are exclusive in Angiotech's principal fields of interest, including local interventional pharmaceutical therapies for certain vascular and orthopedic indications and in the majority of potential drug-device combinations. As consideration for the license and collaboration, Angiotech will provide CombinatoRx initial consideration of $27 million in cash, and will make a concurrent $15 million investment in CombinatoRx. In addition, CombinatoRx will receive milestone payments and royalties from Angiotech for each combination pharmaceutical compound successfully developed and commercialized by Angiotech or Angiotech's commercialization partners. The intellectual property developed during the research collaboration will be jointly owned, but exclusively licensed to Angiotech in its fields of drug-device combinations and certain local drug delivery products, and to CombinatoRx primarily for systemic therapies, and for a limited number of drug-device combination fields.
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