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ValiRx acquires global rights to the novel compound targeted at prostate cancer

On July 9, 2008 ValiRx plc (AIM:VAL, ‘ValiRx’), the cancer therapeutics and diagnostics company, reported it has secured a one year exclusive evaluation license from Cancer Research Technology Limited ("CRT") to a potentially significant new prostate cancer compound that has been shown in preclinical testing to successfully arrest prostate cancer growth in vivo (Press release, Cancer Research Technology, JUL 9, 2008, View Source [SID1234523377]). During the evaluation period ValiRx has an exclusive option to acquire worldwide exclusive rights in the cancer field.

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The Directors believe the compound – to be called VAL 201 – has the potential to add significant value to the Company in the near to mid-term as it has already been shown in preclinical trials to stop the growth of prostate cancer in situations where tumours are unresponsive to other treatments.

Currently, prostate cancer is the most common cancer amongst men with 35,000 men being diagnosed and 10,000 deaths each year in the UK. The estimated value of the global prostate cancer market is approximately USD3 billion.

Under the terms of the agreement with CRT, ValiRx will be responsible for performing the pre-clinical regulatory development of VAL 201 in readiness for entry into human trials. Once the option has been exercised, ValiRx will receive an exclusive licence to the compound and control the commercialisation and the process thereafter.

Satu Vainikka, CEO of ValiRx, commented: "This agreement extends further our relationship with Cancer Research Technology and expands our portfolio of late pre-clinical compunds."

Dr Phil L’Huillier, CRT’s director of business management, said: "We are very pleased to enter into an agreement for ValiRx to take forward into preclinical development this promising compound for the potential treatment of men with hormone resistant prostate cancer."

Astex Announces New Drug Discovery Alliance with Janssen Pharmaceutica N.V.

On June 9, 2008 Astex Therapeutics Limited ("Astex") reported that Astex and Janssen Pharmaceutica have entered into a research alliance focused on the research, development and commercialisation of novel drugs for the treatment of cancer (Press release, Astex Pharmaceuticals, JUN 9, 2008, View Source [SID1234535125]). The new agreement grants Janssen Pharmaceutica a worldwide exclusive license to compounds arising from Astex’s novel FGFR inhibitor programme, and the parties are also to establish a new drug discovery alliance focused on the identification of novel inhibitors against a further two cancer drug targets. The highly selective FGFR inhibitors were discovered using Astex’s proprietary fragment-based drug discovery platform, Pyramid, which will also be employed to drive the new drug discovery programme. Since 2004 Astex has used Pyramid to generate one new cancer drug candidate for clinical development each year.

Under the terms of the agreement, Ortho Biotech Research & Development, the research and development arm of Janssen Pharmaceutica, will be responsible for completing all of the pre-clinical and clinical development of all products arising from the collaboration and for their commercialisation globally. The agreement also grants Astex an option to co-commercialise FGFR products developed under the collaboration in the USA.

The agreement provides for an upfront payment and equity investment in Astex, plus committed research funding, totalling $37.4 million over a two year period, as well as downstream development and regulatory milestones relating to all three programmes. Astex will also receive tiered, double digit, royalties on sales of FGFR inhibitor products discovered and developed under the collaboration and additional royalties on new products generated under the other research programmes. Total payments under the collaboration, excluding royalties, could be worth over $500 million to Astex, assuming one product from each programme is successfully commercialised in all territories.

Harren Jhoti, Chief Executive Officer of Astex Therapeutics, said, "This is another landmark agreement for Astex, and we are delighted to be working with one of the global leaders in oncology drug development on this discovery alliance. This partnership is another testament to Astex’s position as the leader in fragment-based drug discovery and the productivity generated by our platform."

DRAXIS Health, Inc. (DRAX) Announces Completion of Sale to Jubilant Organosys Ltd.

On May 28, 2008 DRAXIS Health Inc. ("DRAXIS") reported the completion of the statutory arrangement under which all of DRAXIS’ common shares have been acquired by an indirect wholly-owned subsidiary of Jubilant Organosys Ltd for US$6.00 per common share (Press release, Draxis Health, MAY 28, 2008, View Source [SID:1234510741]). As a result, DRAXIS common stock is expected to cease trading on the NASDAQ Global Market and on the Toronto Stock Exchange at market close on Thursday, May 29, 2008, and will no longer be listed on these stock exchanges.

Payment of the cash consideration will be made by Computershare Investor Services.

DRAXIS shareholders who possess physical stock certificates have received instructions and a letter of transmittal by mail from Computershare Investor Services concerning how and where to forward their certificates for payment. For shares held in "street name" by a broker, bank or other nominee, shareholders will not need to take any action to have shares converted into cash, as this will be carried out by the broker, bank or other nominee. Questions about the payment of proceeds should be directed to the appropriate broker, bank or other nominee.

CRT SELECTS MAYBRIDGE FRAGMENTS FOR LEAD DISCOVERY PROGRAMMES

On May 21, 2008 Thermo Fisher Scientific, the world leader in serving science, reported that Cancer Research Technology (CRT) has purchased 2,000 Maybridge Fragments as the foundation of its new fragment screening library (Press release, Cancer Research Technology, MAY 21, 2008, View Source [SID1234523531]). Wholly owned by the internationally renowned charity, Cancer Research UK, CRT is a specialist oncology-focused development and commercialisation company. Selected for its high quality, the Maybridge Fragment Collection will be used in CRT’s established Discovery Laboratories in London and Cambridge, for fragment-based screening, a key technology to accelerate the identification of drug leads against novel cancer targets.

"Having reviewed several vendor catalogues with a focus on fragment collections for a discrete selection of heterocyclic small molecules with suitable properties, we ultimately chose the Maybridge Fragment Collection due to its superior overall fit to our requirements," explained Dr. Martin Swarbrick, Group Leader, Medicinal Chemistry, at CRT. "A good fit to ‘Rule-of-Three’ principles for physicochemical properties was essential, as well as lead-likeness and ‘drug-ability’."

Other key features of the Maybridge Fragment collection that influenced the CRT selection process include its high compound purity and chemical diversity, which is supported by related synthons elsewhere in the Maybridge catalogue. The availability of related building blocks featuring the same fragments from Maybridge stock facilitates the rapid construction of a library around chosen core fragments for hit-to-lead work and further optimisation.

"Other factors in our decision to purchase the Maybridge Fragment selection were their immediate and reliable availability for prompt follow up work, as well as the favourable pricing," added Swarbrick.

"We are very proud to have been selected by such an eminent cancer technology transfer company due to the quality, diversity and flexibility of our Fragment Collection," said Dr.Mick Durrant, Director of Business Development for Maybridge products at Thermo Fisher Scientific. "We pride ourselves on our choice of off-the-shelf collections and the ability to pick from our carefully selected fragment lists. This enables our customers to create their own bespoke libraries, giving them both convenience and complete control over their fragment screening programmes to ultimately accelerate lead generation."

The Maybridge Fragment collection is a convenient source of pre-selected, high quality building blocks which is a distillation of Maybridge’s combined expertise in heterocyclic compound design. Over 30,000 compounds have been assembled to form a pool from which researchers can build their own customised fragment libraries. This collection has been selected for purity, low molecular weight and absence of inappropriate functionality. All compounds are easily re-supplied and available custom weighed in mgs or µmols.

Many of the Maybridge Fragments are fully "Rule-of-Three" compliant, which means that the physicochemical properties of these fragments are optimal; therefore increasing the probability of future "hit" successes. Consequently, Maybridge Fragments provide an ideal starting point for a lead optimisation drug discovery programme and the ultimate evolution of a new molecule in the drug discovery process.

CRT selects Maybridge fragments for Lead Discovery Programmes

On May 21, 2008 Thermo Fisher Scientific, the world leader in serving science, reported that Cancer Research Technology (CRT) has purchased 2,000 Maybridge Fragments as the foundation of its new fragment screening library(Press release, Cancer Research Technology, MAY 21, 2008, View Source [SID1234523378]). Wholly owned by the internationally renowned charity, Cancer Research UK, CRT is a specialist oncology-focused development and commercialisation company. Selected for its high quality, the Maybridge Fragment Collection will be used in CRT’s established Discovery Laboratories in London and Cambridge, for fragment-based screening, a key technology to accelerate the identification of drug leads against novel cancer targets.