On November 17, 2010 BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX), reported it sold to Cold Genesys, Inc. exclusive, worldwide rights to develop and commercialize its oncolytic virus technology (Press release, BioSante, NOV 17, 2010, View Source [SID1234531732]). The technology includes CG0070, a replication-competent adenovirus that has completed a Phase I clinical trial for treatment of superficial bladder cancer. In exchange for the technology, BioSante received a 19.9 percent ownership position in Cold Genesys and a $95,000 upfront cash payment and is eligible to receive future milestone and royalty payments.

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Oncolytic (cancer cell killing) virus therapy is novel therapy that utilizes adenoviruses, a cause of the common cold, which are engineered to selectively replicate in targeted cancer cells, thereby killing these cells while leaving healthy cells largely unharmed. The virus is designed to replicate in cancer cells producing large amounts of oncolytic virus until the cancer cell can no longer contain the virus and bursts. The tumor cell is destroyed and the newly created oncolytic virus spreads to neighboring cancer cells to continue the cycle of viral replication and tumor cell destruction.

Stephen M. Simes, president and CEO of BioSante, said, "This is an important step in maximizing the value of technologies acquired late last year. This transaction allows us to transfer our oncolytic virus technology to a company with the expertise and ability to move it along the development path. By maintaining an ownership position in Cold Genesys, Inc. as well as the potential for future milestone and royalty payments, we have maintained important ‘upside’ in this exciting technology."

Paul A. DeRidder, MD, urologist and COO of Cold Genesys states, "CG0070 has demonstrated that tumor cell destruction may be achieved through direct adenovirus-mediated oncolysis and GM-CSF induced anti-tumor cell immune activation. Given the significant toxicity and limited efficacy of current treatment options, additional therapies for superficial and invasive bladder cancer are needed in order to increase bladder preservation and improve long term outcomes. Therefore, we are very excited to move this technology including CG0070 forward as an effective cancer treatment."

BioSante acquired rights to the oncolytic virus technology through its 2009 merger with Cell Genesys, Inc. BioSante also acquired other technologies and a full portfolio of cancer vaccines which may represent the widest portfolio of cancer vaccines in clinical development for a wide variety of cancers.