Champions Biotechnology and Concordia Pharmaceuticals Establish Royalty Agreement for Novel Oncology Drug
Arlington, VA – January 12, 2009 – Champions Biotechnology, Inc. (OTC Bulletin Board: CSBR), today announced that it has entered into a royalty agreement with Concordia Pharmaceuticals for the use of Salirasib, Concordia’s novel compound for the treatment of cancer, in combination with another targeted drug. Under the terms of the agreement, Champions will use its Biomerk Tumorgraft Preclinical Platform to evaluate a combination therapy indication for Salirasib, a RAS antagonist. This agreement modifies an earlier preclinical services agreement between the companies and now provides royalty rights for Champions Biotechnology for a specific combination therapy indication for Salirasib in the event that required milestones are achieved.
“This is a further example of our ability to leverage our preclinical technology to create high potential for Champions Biotechnology while enhancing the value of drugs for pharmaceutical and biotechnology companies,” said Doug Burkett, Ph.D., President of Champions Biotechnology, Inc. “Based on our predictive Biomerk Tumorgraft platform, it is our intent to build a low attrition pipeline of cancer drugs that we own, co-own or to which we have royalty rights. We are very pleased to enter into this promising arrangement with Concordia Pharmaceuticals.”