Champions Biotechnology Exercises Option to License Proprietary Compound Based on Successful Tumorgraftâ„¢ Test Results
BALTIMORE, Md., April 1, 2011 /PRNewswire/ -- Champions Biotechnology, Inc. (OTC: CSBR) ("Champions" or "the Company") announced today that it has exercised an option to license Irinophore C™, a liposomal formulation of Irinotecan, from the BC Cancer Agency ("BCCA") in British Columbia, Canada. This action was the result of the positive results obtained from a Tumorgraft™ study done on Irinophore C™ utilizing Champions' proprietary technology platform.
Irinophore C™ is a lipid-based nanoparticle made by efficiently loading the irinotecan payload into its interior core using a novel and proprietary method. The compound is currently completing preclinical development and is due to enter phase I clinical study as a single agent in patients having advanced solid tumors in Q4 2011. Champions tested the activity of Irinophore C™ using its Tumorgraft™ translational technology platform. The results demonstrated significant efficacy and safety advantages in Irinophore C™ as compared to the approved drug Irinotecan (Camptosar) on various tumor types.
In February 2010, Champions entered into an exclusive option agreement with BCCA for the exclusive right to review Irinophore C™ for the treatment of various forms of solid tumor cancer. The exercise of the option will result in immediate costs to the Company of approximately $85,000 comprised of the option exercise price and reimbursement to BCCA for past patent costs. Champions is currently exploring strategic options for financing the clinical development costs of Irinophore C™.
The Company also announced that it will not pursue further any of the three compounds for which it signed licensing agreements. The Company's scientific advisory committee has reviewed the results of the Tumorgraft™ studies performed on each of these compounds and recommended that the Company stop investing resources in the development of these compoun