FIRM TAKING PHARMACIA DRUG CANDIDATE TO MARKET
NASHVILLE - February
12, 2003--Officials from Brentwood-based VDDI Pharmaceuticals
announced today that the company has been awarded exclusive
worldwide license rights for Pharmacia drug candidate, Xemilofiban
Xemi is an oral
compound that shows promise in preventing heart attacks
and other cardiovascular damage due to clotting during such
treatments as angioplasty and the placement of stents. Similar
products used for the same purpose are given intravenously,
giving xemi an advantage over what is currently on the market.
The drug's intravenous competitors have combined annual
revenues of about $1 billion.
of xemi represents a rare opportunity for VDDI to establish
itself as a premier Tennessee biopharmaceutical company
with a global reach. This acquisition will further serve
to validate our business model of strategic outsourcing
with maximal leveraging of human and financial capital,
said Dr. Stephen Porter, VDDI president and CEO.
an exclusive worldwide license for the entire xemi portfolio
from Western Michigan University in Kalamazoo. The xemi
portfolio was donated to Western Michigan University from
Pharmacia. The license grants VDDI complete rights to 158
patents (99 already issued, 19 granted by the U.S. Patent
and Trademark Office). The patent portfolio does not infringe
any other existing intellectual property for a 2-4 day xemi
treatment around angioplasty and Stent placement procedures.
Xemi has undergone
Phase III clinical trials involving more than 7,000 patients
in the United States. Using a restructured dosing scheme
and narrowed patient selection, Porter says that input from
a VDDI sponsored focus group at a recent American Heart
Association meeting suggested that xemi could be commercialized
without additional clinical trials. He estimates the drug
could be introduced for sale in about two years with an
annual global market to include more than 2 million patients.
tremendous opportunity as the company takes this Pharmacia
drug-candidate to market, said Tennessee Biotechnology
Association (TBA) Executive Director Caroline Young. We
are so pleased to see more and more Tennessee biotech companies
grow and succeed, while offering therapies and medicines
to those who suffer from disease.
VDDI will develop
this asset through its global network of resources, including
offices in Dublin, Ireland for the European clinical development
program, Southwest Michigan Innovation Center (SMIC) www.southwestmichiganfirst.com
in Kalamazoo for the project management and regulatory affairs
and the new VDDI headquarters in the Cool Springs Life Sciences
Center in Brentwood www.williamsonworks.com/home02showcase.htm.
VDDI Pharmaceuticals focuses on pharmaceutical product opportunities
primarily in the areas of cancer, cardiovascular disease
and infectious disease where general proof-of-principle
has already been established in pre-clinical or human testing,
and where the products are novel and offer significant potential
advantages to products currently in the market or in development.
For more information on VDDI, please visit www.vddipharmaceuticals.com.
The TBA is a statewide trade organization designed to promote
and support the welfare of the biotechnology industry in
Tennessee. The organization, formed in 1999, has more than
120 members, including universities, private sector firms,
scientists, researchers, academicians, government officials
and business professionals. For more information on the
TBA, please visit www.tnbio.org.
FOR MORE INFORMATION:
R. Stephen Porter,
1616 Westgate Circle
Brentwood, TN 37027-0018
Tennessee Biotechnology Association
312 8th Avenue North, 9th Fl
Nashville, Tennessee 37243