OrthoLogic Announces Alliance With Quintiles to Develop Chrysalin
28 Febbraio 2006 - 12:00PM
PR Newswire (US)
Alliance Designed to Accelerate Global Development of Lead Clinical
Program TEMPE, Ariz., Feb. 28 /PRNewswire-FirstCall/ -- OrthoLogic
Corp. (NASDAQ:OLGC) today announced the formation of a strategic
alliance with Quintiles, the world's leading pharmaceutical
services organization, to develop and commercialize Chrysalin(R)
(TP508), OrthoLogic's novel synthetic peptide. Under the terms of
the agreement, Quintiles will be OrthoLogic's exclusive provider of
clinical research services within its range of capabilities for the
development of Chrysalin. Quintiles also will have the right of
first negotiation to promote Chrysalin, upon its approval by the
FDA, with a specialty sales force under a fee-for-service or a
risk-based structure. The agreement also calls for Quintiles
PharmaBio Development, the strategic partnering group of Quintiles
Transnational Corp., to make an equity investment in OrthoLogic of
up to $5.0 million. This will consist of an initial $2.0 million
investment in OrthoLogic common stock and two additional
investments, at OrthoLogic's election, of $1.5 million each at the
end of the second and third quarters of 2006. OrthoLogic will issue
warrants equal to 13% of the equity investment exercisable at a
premium of 15% of the stock price at the closing of the deal, as
well as incentive-based warrants for up to 240,000 shares, which
will vest upon achievement of certain milestones. "We are excited
about this alliance, given Quintiles' extensive global
capabilities, impressive drug development experience and deep
understanding of biotech companies' unique needs," stated James M.
Pusey, MD, Chief Executive Officer of OrthoLogic. "The financial
and resource commitment from Quintiles is significant for
OrthoLogic. Together we are focused on the aggressive development
of Chrysalin and the strategic potential of OrthoLogic as a
biopharmaceutical company." "This alliance demonstrates Quintiles'
ability to provide a tailored package of financial and development
solutions to help biotechs succeed," said C.G. "Chip" Gillooly,
Global Vice President of Quintiles' Emerging Biotech, a specialized
unit dedicated to helping biotech companies. "We are eager to work
with OrthoLogic to expand their biopharmaceutical operations,
accelerate the development of Chrysalin, and enhance their
strategic alternatives for increasing shareholder value." Under the
alliance, OrthoLogic will control all decisions on development and
commercialization activities for Chrysalin. Quintiles
representatives will serve on a Joint Development Committee that
will drive planning for the Chrysalin program. Conference Call The
Company will host a live conference call and webcast today at 8:30
am EST to discuss the transaction. The conference call may be
accessed by dialing 888-396-2298 for domestic callers, and
617-847-8708 for international callers, and providing the passcode
92377985. The webcast may be accessed by visiting the Investor
Relations section of the Company's Web site,
http://www.orthologic.com/, and will be available for 30 days. A
replay of the call will be available beginning February 28, 2006,
at 10:30 am EST until March 13, 2006. To access the replay, please
dial 888-286-8010 for domestic callers and 617-801-6888 for
international callers and provide the passcode 23482215. About
OrthoLogic OrthoLogic is a biotechnology company focused on the
development and commercialization of the novel synthetic peptide
Chrysalin(R) (TP508) in two lead indications, both of which
represent areas of significant unmet medical need -- fracture
repair and diabetic foot ulcer healing. Based on the Company's
pioneering scientific research of the natural healing cascade,
OrthoLogic has become a leading company focused on tissue and bone
repair. The Company owns exclusive worldwide rights for Chrysalin.
OrthoLogic is committed to developing a pipeline of novel peptides
and other molecules aimed at helping patients with equally
under-served conditions. The Company has an exclusive worldwide
license to the novel pre-clinical 24-amino acid peptide AZX100, the
first of a new class of compounds in the field of smooth muscle
relaxation called Intracellular Actin Relaxing Molecules, or
ICARMs(TM). AZX100 is currently being investigated for medically
and commercially significant applications, such as the treatment of
vasospasm associated with subarachnoid hemorrhage, the prevention
of keloid scarring and the treatment of asthma. OrthoLogic's
corporate headquarters are in Tempe, Arizona. For more information,
please visit the Company's Web site: http://www.orthologic.com/.
About Quintiles Quintiles is a global leader in pharmaceutical
services. The Company strives to improve healthcare worldwide by
providing quality professional expertise, market intelligence and
innovative partnering solutions to the pharmaceutical,
biotechnology and healthcare industries. Quintiles has 16,000
specialized employees and offices in 50 countries. For more
information visit the Company's Web site at
http://www.quintiles.com/. Statements in this press release or
otherwise attributable to OrthoLogic regarding our business that
are not historical facts are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, which include the timing and
acceptability of FDA filings and the efficacy and marketability of
potential products, involve risks and uncertainties that could
cause actual results to differ materially from predicted results.
These risks include: delays in obtaining or inability to obtain
FDA, institutional review board or other regulatory approvals of
preclinical or clinical testing; unfavorable outcomes in our
preclinical and clinical testing; the development by others of
competing technologies and therapeutics that may have greater
efficacy or lower cost; delays in obtaining or inability to obtain
FDA or other necessary regulatory approval of our products; our
inability to successfully and cost effectively develop or outsource
manufacturing and marketing of any products we are able to bring to
market; changes in FDA or other regulations that affect our ability
to obtain regulatory approval of our products, increase our
manufacturing costs or limit our ability to market our products;
our possible need for additional capital in the future to fund the
continued development of our product candidates; and other factors
discussed in our Form 10-K for the fiscal year ended December 31,
2004 our Form 10-Q for the quarter ended September, 30, 2005, and
other documents we file with the Securities and Exchange
Commission. DATASOURCE: OrthoLogic Corp. CONTACT: Media, Lauren
Tortorete of Biosector 2, +1-212-845-5609, , for OrthoLogic Corp.;
or Investors, Melanie Friedman of Stern Investor Relations,
+1-212-362-1200, , for OrthoLogic Corp. Web site:
http://www.quintiles.com/ Web site: http://www.orthologic.com/
Copyright
Grafico Azioni Orthologic (MM) (NASDAQ:OLGC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Orthologic (MM) (NASDAQ:OLGC)
Storico
Da Giu 2023 a Giu 2024