Orphazyme ApS acquires molecular chaperone technology from CytRx Corporation
17-05-2011
Orphazyme today announced the purchase of CytRx's molecular chaperone technology including the drug candidate arimoclomol, which is an orally administered heat shock protein amplifier that has been proven safe and well tolerated through several Phase I and multiple Phase II clinical trials. The acquisition will provide Orphazyme with the opportunity of applying the small molecule chaperone technology to the development of novel treatments of inherited diseases such as lysosomal storage diseases.
Orphazyme ApS, established in 2009, develops paradigm-changing medicine for thetreatment of a family of inherited diseases called lysosomal storage diseases.Orphazyme was founded on the initial discovery that the molecular chaperone, heat shock protein 70, reverts the pathology associated with lysosomal storage diseases in laboratory experiments. Based on these findings the company has built a proprietary platform applying this approach for the development of new treatments for lysosomal storage diseases. The technology and compounds from CytRx provides Orphazyme with the opportunity of developing orally administered medicine with CNS availability for these serious diseases.
Orphazyme Chief Executive Officer AndersHinsby stated: "We are pleased that we have been able to acquire this very promising molecular chaperone technology from CytRx, which fits perfectly with Orphazyme's proprietary heat shock protein-based approach to developing novel treatments for genetic diseases such as lysosomal storage disorders. Moreover, the extensive clinical work carried out by CytRx on some of these compounds will allow us to move fast toward clinical testing within our focus area of diseases and hopefully enable us to provide efficacious new treatments for the benefit of patients suffering from lysosomal storage diseases".
President and Chief Executive Officer of CytRx Steven A. Kriegsman says: "We are delighted to put these important molecular chaperone assets in the hands of the world-class scientists at Orphazyme. This technology holds the potential to improve the lives of patients worldwide suffering from debilitating and often fatal lysosomal storage disorders, for which there in most cases are no drugs available today. The transaction is an important step in the implementation of CytRx's previously announced strategy to focus resources and efforts on our very promising late-stage oncology pipeline".
For more information about Orphazyme:
Anders Hinsby, CEO: e-mail: amh@orphazyme.com, tel: 0045 7070 2980
For more information about CytRx
Thomas Wagner, Investor Relations: e-mail: twagner@legendsecuritiesinc.com, tel 1800-385-5790 x152, 1718-233-2600 x152
About Orphazyme
Orphazyme develops innovative new therapies for the treatment of a family of severe genetic disorders called lysosomal storage diseases, and is based on discoveries emerging from the academic laboratory of its scientific founders,Professor Marja Jäättela and Thomas Kirkegaard Jensen from the Danish Cancer Society (Kræftens Bekæmpelse). Orphazyme is located in Copenhagen and has established collaborations with top-tier academic institutions in Europe and USA.Orphazyme is backed by Novo A/S and Sunstone Capital. Novo A/S aims at developing unexplored commercial potential at universities and biotech companies within life science.Sunstone Capital is a Nordic-based early stage venture capital investor founded by an international team of industry experts with combined entrepreneurial, operational and financial experience. Sunstone Capital currently manages funds of approximately €500 million in total.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development oncology company engaged in the development of high-value human therapeutics. The CytRx oncology pipeline includes three programs in clinical development for cancer indications: bafetinib, tamibarotene and INNO-206. The company is evaluating bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL) and the PROACT Phase 2 clinical trial in advanced prostate cancer, and is conducting a pharmacokinetic clinical trial in brain cancer. With its tumor-targeting pro-drug candidate INNO-206, CytRx plans to initiate Phase 2 proof-of-concept clinical trials as a treatment for soft tissue sarcomas, following an abbreviated safety trial. CytRx's pipeline also includes tamibarotene currently testing in patients with non-small-cell lung cancer and undergoing a registration clinical trial as a treatment for acute promyelocytic leukemia (APL). For more information on the company, visit http://www.cytrx.com
