logo
Share SHARE
FONT-SIZE Plus   Neg

Cell Therapeutics To Buy World-wide Rights To S*BIO's Pacritinib - Quick Facts

Cell Therapeutics, Inc.(CTIC) said it entered into an asset purchase agreement with S*BIO Pte Ltd. pursuant to which Cell Therapeutics would acquire world-wide rights to S*BIO's pacritinib, a highly selective JAK2 inhibitor.

Pacritinib is an oral Janus Associated Kinase 2, or JAK2, selective inhibitor that has demonstrated encouraging clinical benefit in phase 1 and 2 clinical studies in patients with primary myelofibrosis, or MF or MF secondary to other myeloproliferative neoplasms. Pacritinib has orphan drug designation in the U.S. and Europe for myelofibrosis.

Pursuant to the terms of the agreement, Cell Therapeutics will make an upfront payment of $15 million and issue $15 million shares of unregistered preferred stock convertible into common stock in Cell Therapeutics. The agreement also includes regulatory success- and sales-based milestone payments, as well as single digit royalties on net sales. Cell Therapeutics will be solely responsible for development and commercialization activities of pacritinib worldwide.

"JAK2 dysregulation is associated with a broad range of difficult-to-treat illnesses, including cancers and autoimmune diseases, and is one of the most exciting potential new targets in cancer therapy today," said James Bianco, CEO of Cell Therapeutics, Inc.

"We believe a highly selective JAK2 inhibitor that also inhibits the JAK2 clonal mutation (JAK2V617F) offers a distinct biological and clinical advantage over marketed or development stage compounds which are non-selective inhibitors of the JAK pathway. We believe that the lack of suppression of red blood cell and platelet formation seen with pacritinib has the potential to satisfy a medical need not currently addressed with existing non-selective JAK1/JAK2 inhibitors."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Philip Morris International Inc. has filed an application with the U.S. Food and Drug Administration to market a new type of cigarette that holds potentially less health risks than conventional cigarettes. The new type of cigarette electronically heats tobacco to produce a vapor without burning it, making it less harmful. Apple Inc. has confirmed that the iPhone 6s battery issue may be larger than thought, as the tech giant said that some customers "outside the affected range of devices" have also reported unexpected shutdowns. The company again stressed that it is not a security issue. Tesla Motors Inc. voluntarily recalled more than 7000 charging adapters. The company said these adapters of Nema 14-30, 10-30 and 6-50 are sold separately as accessories. Earlier in November, two customers had complained about overheating issue of Nema 14-30 charging adapters. Tesla confirmed in its recall communication that there were no other similar incidents or reports of injuries or proper
comments powered by Disqus
Follow RTT