STOCKHOLM, Sweden, Aug. 26, 2004 (PRIMEZONE) -- Biovitrum today announces that the company acquires a promising oncology project from Axelar AB, an innovative company established by leading researchers at the Karolinska Institute, and Karolinska Innovations AB. The project is targeting the growth of tumor cells and may lead to future treatment opportunities for various types of cancer. The project includes development of molecules that inhibit the IGF-1 receptor, which is involved in the growth of tumor cells in several ways.
Through the agreement, Biovitrum gets access to a new chemical entity against cancer, which has demonstrated promising results in preclinical studies. The project will be further developed in collaboration between Biovitrum and the researchers at the Karolinska Institute, who established Axelar AB; Professor Magnus Axelson and Professor Olle Larsson. Biovitrum will also get access to other interesting chemical entities that have been developed by the researchers.
"The research done by Axelar is highly interesting and cutting edge. The IGF-1 receptor is a very promising target for cancer treatment. We look forward to working closely together and hope that our collaboration will lead to new and more effective drugs for treatment of various forms of cancer," says Terje Kalland, CSO, Biovitrum.
"We are very pleased to be able to work together with Biovitrum. The collaboration will give us a unique opportunity to succeed in our research for finding a new way to treat cancer", say Professor Magnus Axelson and Professor Olle Larsson.
Globally more than 10 million people get cancer and more than 6 million people die from various forms of cancer every year . The most common forms of cancer are prostate and breast cancer, followed by lungcancer and colorectal cancer. There is a significant need for a new and effective pharmaceutical treatment.
For Additional Information Please Contact
Biovitrum CSO Terje Kalland Biovitrum AB Telephone: + 46 8 697 25 27 Mobile: + 4670 263 00 97 E-mail: terje.kalland@biovitrum.com
Axelar AB Ola Flink Telephone: +46 8 5248 3994 Mobile: +4670 350 3994 E-mail: ola.flink@kab.ki.se
Background Information
Axelar AB
Axelar AB is an innovative research based company, established by Professor Magnus Axelson and Professor Olle Larsson, researchers at the Karolinska Institute, and Karolinska Innovations AB. The company is today mainly owned by Karolinska Development AB.
Karolinska Innovation AB and Karolinska Development AB The mission of Karolinska Innovations AB is to support researchers and entrepreneurs within the Karolinska Institute and to commercialize their inventions. The most promising inventions are evaluated, with the aim to commercialize them through establishment of new companies or out- licensing to pharmaceutical or biotech companies. Karolinska Innovations AB is fully owned by the Karolinska Institute. Karolinska Development AB is an investment company investing in a portfolio of promising life science companies founded by Karolinska Innovations AB together with researchers. By providing seed capital and expertise, it will make possible for the companies to progress and increase in value.
Biovitrum
Biovitrum is a privately held Swedish biotech company active in the discovery and development of drugs to treat metabolic diseases, such as type 2 diabetes and obesity. Biovitrum is also active in process development and contract manufacturing of protein therapeutics. The company has strong intellectual property and technology platforms, with a number of compounds in pre-clinical and clinical development. Biovitrum is one of the largest biotech companies in Europe with more than 550 employees. Annual revenues, including royalties and contract service fees, finance a major part of the annual research budget. For more information, please visit Biovitrum's website at http://www.biovitrum.com.
Biovitrum AB, Lindhagensgatan 133, SE-112 76 Stockholm, Sweden tel (switchboard): +46 (0)8 697 20 00
Cancer and IGF-1R
The IGF-1 receptor is a validated target for cancer treatment. IGF-1 (Insulin-like Growth Factor-1) stimulates growth of cancer cells and promotes cancer cell survival in the body. IGF-1 impacts resistance against conventional anti-cancer treatment. The cancer project that Biovitrum has acquired includes the development of molecules that inhibit the IGF-1 receptor. The objective is to develop new and more effective drugs to treat various forms of cancer.
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