27.10.2014 07:49:58
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CTI Buys Exclusive Worldwide Rights To Tosedostat - Quick Facts
(RTTNews) - CTI BioPharma Corp. (CTIC) Monday said it has acquired worldwide rights to tosedostat through concurrent transactions with Vernalis R&D Ltd. Tosedostat is a Selective Oral Anti-Cancer Therapy.
Vernalis is the originator of tosedostat, and it is Chroma Therapeutics Ltd.. through which CTI previously held a sublicense with respect to tosedostat in North, Central and South America.
As per the terms of an asset purchase agreement with Chroma, CTI acquired all of Chroma's right, title and interest in tosedostat and certain related assets in exchange for issuing to Chroma $21.3 million in shares of CTI's preferred stock convertible into 9 million shares of CTI common stock, 12 percent of which has been placed in escrow pending expiry of Chroma's indemnification obligations.
Tosedostat is a first-in-class selective inhibitor of aminopeptidases, which are required by tumor cells to provide amino acids necessary for growth and tumor cell survival.
Tosedostat is currently being evaluated in multiple Phase 2 clinical trials for the treatment of patients with Acute Myeloid Leukemia, or AML, or high-risk Myelodysplastic Syndrome, which are intended to inform the design for a Phase 3 registration study to support potential regulatory approval.
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