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
The Justice Department, in the antitrust trial against the proposed Aetna- Humana Merger, argued that the merger would harm senior citizens who buy private Medicare plans. The U.S. Department of Justice stated that the merger would also harm consumers who buy plans on Affordable Care Act marketplaces, reports said. However, healthcare insurers Aetna And Humana defended their proposed merger.. Telecommunications firm Sprint has extended its Black Friday unlimited data offer for a limited time, the company said in a statement on Monday. When customers switch at least one line to Sprint and sign up for Unlimited Freedom with AutoPay, they get unlimited data, talk and text starting at just $20 per month/line for a family of five until January 31, 2018. Shares of Cerecor Inc. (CERC) plunged over 13% on Monday on disappointing top-line clinical results from its phase II clinical trial of CERC-501 for smoking cessation.
comments powered by Disqus
Follow RTT