ANAHEIM, Calif., May 14, 2014 /PRNewswire/ -- Questcor
Pharmaceuticals, Inc. (Nasdaq: QCOR) today announced that it
has entered into a development collaboration agreement with an
undisclosed privately held European company to develop novel
melanocortin peptides. The collaboration includes an option
to acquire the technology during clinical development. Along
with the June 2013 acquisition of
Synacthen®, this transaction significantly expands
Questcor's portfolio of melanocortin therapeutics and further
establishes the company as the leader in this important emerging
field of medicine.
"Our commercial experience and scientific evaluation of both
Acthar and Synacthen has allowed us to develop a comprehensive
understanding of the potential for melanocortin therapeutics in the
treatment of serious autoimmune and inflammatory diseases," said
Steve Cartt, Chief Operating Officer
of Questcor. "We are particularly excited that this collaboration
allows us to build on our success by investing in the development
of the next generation of melanocortin therapeutics. Our
efforts will focus on novel, receptor-selective peptide compounds
designed to target specific melanocortin cellular receptors in
order to address specific diseases with high unmet medical
need. This effort has the potential to more effectively
address certain diseases where the broader melanocortin
pharmacological profiles of both Acthar and Synacthen are less
desirable, including new indications for which neither product is
presently utilized."
The agreement includes a technology platform that provides
Questcor with a novel library of melanocortin peptides. The
company has already conducted initial preclinical evaluation on a
number of peptides and from this exercise has selected lead
peptides with which to move forward. Unlike Acthar and
Synacthen, which are broad-acting melanocortin peptide formulations
which bind to all five known melanocortin receptors, the licensed
technology platform provides peptides designed to target specific
melanocortin receptors that Questcor believes are particularly
relevant to autoimmune and inflammatory diseases. Among other
key characteristics, the peptides have been designed to minimize
activation of the melanocortin 2 receptor in order to limit
endogenous cortisol production and related steroid side
effects. The company believes this technology platform has
extensive and long term intellectual property
protection. The company will initially focus on
conducting formulation and manufacturing activities involving the
lead peptides and performing additional preclinical research in
order to match the lead peptides with lead indications for clinical
development.
Under the terms of the collaboration, Questcor has secured an
exclusive worldwide license to the peptides and technology.
Questcor will fund the development of the peptides and will have
the option to acquire the technology at a later date.
About Questcor
Questcor Pharmaceuticals, Inc. is
a biopharmaceutical company focused on the treatment of patients
with serious, difficult-to-treat autoimmune and inflammatory
disorders. Questcor also provides specialty contract
manufacturing services to the global pharmaceutical industry
through its wholly-owned subsidiary BioVectra Inc. For more
information about Questcor, please visit www.questcor.com.
Cautionary Statements Related to Forward-Looking
Statements
Note: Except for the historical information
contained herein, this press release contains forward-looking
statements that have been made pursuant to the Private Securities
Litigation Reform Act of 1995. These statements relate to future
events or our future financial performance. In some cases, you can
identify forward-looking statements by terminology such as
"believes," "continue," "could," "ensuring," "estimates,"
"expects," "growth," "may," "momentum," "plans," "potential,"
"remain," "should," "start," "substantial," "sustainable" or "will"
or the negative of such terms and other comparable terminology.
These statements are only predictions. Actual events or results may
differ materially. Factors that could cause or contribute to such
differences include, but are not limited to, the following:
- Research and development risks, including risks associated with
Questcor's ability to develop its portfolio of melanocortin
compounds;
- Our reliance on Acthar for substantially all of our net sales
and profits;
- The lack of patent protection for Acthar; and the possible FDA
approval and market introduction of additional competitive
products; and
- Other risks discussed in Questcor's annual report on Form 10-K
for the year ended December 31, 2013
as filed with the Securities and Exchange Commission, or SEC, on
February 26, 2014, and other
documents filed with the SEC.
The risk factors and other information contained in these
documents should be considered in evaluating Questcor's prospects
and future financial performance.
Questcor undertakes no obligation to publicly release the result
of any revisions to these forward-looking statements, which may be
made to reflect events or circumstances after the date of this
release.
For more information, please visit www.questcor.com or
www.acthar.com.
SOURCE Questcor Pharmaceuticals, Inc.