On March 30, 2006, Polaris reported that it has completed a series of agreements that culminates in acquiring the intellectual property of Phoenix Pharmacologics, Inc (Press release, Polaris Pharmaceuticals, MAR 30, 2006, View Source [SID1234526555]). Polaris now holds the worldwide rights, excluding Taiwan and China, to ADI‑PEG 20 and worldwide rights, excluding Taiwan, to Uricase-PEG 20. ADI‑PEG 20 is a pegylated form of the enzyme arginine deiminase, a biotherapeutic agent currently in Phase 2 clinical trials for the treatment of both hepatocellular cancer and metastatic melanoma. Uricase-PEG 20 is a pegylated form of urate oxidase, a biotherapeutic agent that has successfully completed a Phase 1 clinical study and is now being developed for the treatment of refractory gout, hyperuricemia, and tumor lysis syndrome.

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With this purchase, Polaris has also acquired the rights to several early development stage biotherapeutic agents, including TNF-PEG 20 and Histidase-PEG 20, and novel potent small molecule inhibitors of casein kinase 2. These acquisitions provide Polaris with a promising pipeline, particularly in the anticancer therapeutic area.