Med Discovery and DRAXIMAGE Establish Research Collaboration
22 Agosto 2007 - 2:00PM
PR Newswire (US)
PLAN LES OUATES, GENEVA, Switzerland and MONTREAL, Aug. 22
/PRNewswire-FirstCall/ -- Med Discovery and DRAXIMAGE, the
radiopharmaceutical division of DRAXIS Health Inc. (TSX: DAX)
(NASDAQ:DRAX) announced today that they have established a research
collaboration agreement to explore the combination of Med
Discovery's targeted protein therapeutics with DRAXIMAGE's
radiopharmaceutical expertise in the therapeutic and diagnostics
field. Med Discovery's lead proteins are themselves potential
therapeutic agents for prostate cancer and a variety of other
cancers. This collaboration provides initially for the
radiolabeling of certain Med Discovery's proteins by DRAXIMAGE to
assess the enhancement of their therapeutic action and their
capability to detect microtumors. The proteins will be produced at
Med Discovery in Switzerland and radiolabeled by DRAXIMAGE in
Canada. "This agreement paves the way for a fruitful collaboration
between our two companies," said David Deperthes, CEO of Med
Discovery. He continued, "We are very happy to be working with
DRAXIMAGE, one of the world leaders in the development and
commercialization of radiopharmaceuticals. We believe that this
collaboration will not only help advance our lead molecules to the
clinic, but also generate exciting possibilities for future
products based on a combination of our two companies' expertise."
"We look forward to working closely with Med Discovery to
facilitate the clinical development of their promising product
candidates," said Dr. Jean De Serres, Vice President, Clinical
Research and Regulatory Affairs at DRAXIMAGE. "This exciting
program is an excellent example of how DRAXIMAGE is establishing
strategic partnerships for the identification and development of
innovative products and technologies." The data for these proteins
from this collaboration will yield information that is essential
for commencing clinical studies. This is a prerequisite for their
development as potential treatments for cancers where there are
currently few satisfactory therapeutic alternatives. The advent of
new agents that can home in on molecular targets, such as cancer
cells, opens new doors for designing radiopharmaceuticals.
Attaching radioactive isotopes to such agents may provide a way to
more precisely deliver highly localized radiation therapy or allow
researchers to better find and track metastatic tumors or more
effectively monitor the progress of therapy. About Med Discovery
SA: Med Discovery combines biological drug discovery expertise with
a strong in-house knowledge of the medical urology field to develop
novel drugs for urological cancers and other related solid tumors.
The company's core technologies are in the areas of protein-based
protease inhibitors and high affinity binding molecules. Med
Discovery is a privately funded Swiss biotech company founded in
2002 as a spin-off of the Vaudois University Hospital Centre (CHUV)
in Lausanne. For more information, please consult
http://www.med-discovery.com/ About DRAXIMAGE: DRAXIMAGE develops,
manufactures and markets diagnostic and therapeutic
radiopharmaceuticals for the global marketplace. Products currently
include a line of lyophilized technetium-99m kits used in nuclear
imaging procedures and therapeutic products labeled with a variety
of isotopes including radioiodine. About DRAXIS Health Inc.: DRAXIS
Health, through its wholly owned operating subsidiary, DRAXIS
Specialty Pharmaceuticals Inc., provides products in three
categories: sterile products, non-sterile products and
radiopharmaceuticals. Sterile products include liquid and
freeze-dried (lyophilized) injectables plus sterile ointments and
creams. Non-sterile products are produced as solid oral and
semi-solid dosage forms. Radiopharmaceuticals are used for both
therapeutic and diagnostic molecular imaging applications.
Pharmaceutical contract manufacturing services are provided through
the DRAXIS Pharma division and radiopharmaceuticals are developed,
produced, and sold through the DRAXIMAGE division. DRAXIS employs
approximately 500 staff in its Montreal facility For additional
information please visit http://www.draxis.com/ Caution Concerning
Forward-Looking Statements for DRAXIS Health Inc. ("the Company")
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act") and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act") and as contemplated
under other applicable securities legislation. These statements can
be identified by the use of forward-looking terminology such as
"may," "will," "expect," "anticipate," "estimate," "continue,"
"plan," "intend," "believe" or other similar words. These
statements discuss future expectations concerning results of
operations or financial condition or provide other forward-looking
information. Our actual results, performance or achievements could
be significantly different from the results expressed in, or
implied by, those forward-looking statements. You should not place
undue reliance on any forward-looking statement, which speaks only
as of the date made. These statements are not guarantees of future
performance. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks, uncertainties and
other factors that may cause the actual results or performance of
the Company to be materially different from such statements or from
any future results or performance implied thereby. Factors that
could cause the Company's results or performance to differ
materially from a conclusion, forecast or projection in the
forward-looking statements include, but are not limited to: - the
achievement of desired clinical trial results related to the
Company's pipeline products; - timely regulatory approval of the
Company's products; - the ability to comply with regulatory
requirements applicable to the manufacture and marketing of the
Company's products; - the Company's ability to obtain and enforce
effective patents; - the non-infringement of third party patents or
proprietary rights by the Company and its products; - factors
beyond our control that could cause interruptions in our operations
in our single manufacturing facility (including, without
limitation, material equipment breakdowns); - reimbursement
policies related to health care; - the establishment and
maintenance of strategic collaborative and commercial
relationships; - the Company's dependence on a small number of key
customers; - the disclosure of confidential information by our
collaborators, employees or consultants; - the preservation of
healthy working relationships with the Company's union and
employees; - the Company's ability to grow the business; - the
fluctuation of our financial results and exchange and interest rate
fluctuations; - the adaptation to changing technologies; - the loss
of key personnel; - the avoidance of product liability claims; -
the loss incurred if current lawsuits against us succeed; - the
volatility of the price of our common shares; - market acceptance
of the Company's products; and - the risks described in "Item 3.
Key Information - Risk Factors" in the Annual Report Form 20-F
filed by the Company with the United States Securities and Exchange
Commission and which is also filed as the Company's Annual
Information Form with Canadian securities regulators. For
additional information with respect to certain of these and other
factors, and relating to the Company generally, reference is made
to the Company's most recent filings with the United States
Securities and Exchange Commission (available on EDGAR at
http://www.sec.gov/) and the filings made by the Company with
Canadian securities regulators (available on SEDAR at
http://www.sedar.com/). The forward-looking statements contained in
this new release represent the Company's expectations as at August
21, 2007. Unless otherwise required by applicable securities laws,
the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. DATASOURCE: DRAXIS Health
Inc. CONTACT: for DRAXIMAGE: Jerry Ormiston, Executive Director,
Investor Relations, DRAXIS Health Inc., Phone: 1-877-441-1984;
Contact for Med Discovery: Tom Gibbs, Med Discovery SA, Phone: +41
22 706 17 54,
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