Stockholm, January 22 2009. Biovitrum AB (publ) (STO: BVT) today
announced the initiation of a process aiming to spin out its small
molecule UK based R&D subsidiary Cambridge Biotechnology (CBT) and a
range of primary care projects. The proposed transaction reflects
Biovitrum's previously announced decision to focus its in-house R&D
on specialist pharmaceuticals and protein therapeutics. Biovitrum has
engaged Nomura Code in this process.
The CBT R&D pipeline includes one Phase II neuropathic pain project;
one Phase II and one Phase I obesity projects as well as a highly
novel leptin mimetic candidate drug in obesity; and one pre-clinical
and four pain and inflammation discovery programmes."CBT has a highly competent and successful stand-alone internal R&D
organization based on solid technologies and know-how. As we leave
small molecule, primary care drug development, I am convinced that
CBT will be successful in the further development of its highly
promising pipeline of primary care projects outside Biovitrum," said
Martin Nicklasson, CEO of Biovitrum. He added: "This decision is a
logic step in the execution of our strategic roadmap. Biovitrum will
now continue its efforts on bringing valuable new medicines to people
with high medical needs by focusing on specialist pharmaceuticals."
About Cambridge Biotechnology (CBT)
CBT specialises in the discovery and development of high value
potential "First-in-Class" therapeutics in the fields of
pain/inflammation and obesity using two core platforms: the targeting
of drug action to low pH tissues (apHinity), and peptide-mimetic
chemistry. The CBT R&D pipeline ranges from discovery to clinical
projects
The most advanced project is a Phase II drug candidate in development
for neuropathic pain. Data from the recent exploratory Phase IIa
study showed significant effects on pain relief in diabetic
neuropathy patients, with no side effects.
Another exciting project is a small molecule mimetic of the metabolic
hormone leptin in obesity. It has shown compelling weight-reducing
effects in well-established animal models.In addition, the internally
developed pipeline contains one pre-clinical and four discovery
programmes targeting mechanisms within the pain and inflammation
therapeutic area.
About Biovitrum
Biovitrum is a Swedish pharmaceutical company. The company markets a
range of specialist pharmaceuticals internationally. Using its
expertise and experience Biovitrum takes scientific innovation all
the way to the market and to specialist indication patients with
significant medical need. Research expertise and capabilities are
focused on development and production of biotechnology therapeutics.
The company has revenues of approximately SEK 1.3 billion and around
500 employees. It is listed on the OMX Nordic Exchange in Stockholm.
For more information go to www.biovitrum.com
For further information, please contact
Martin Nicklasson, CEO
Phone: +46 8 697 2545
Göran Arvidson, CFO
Cell phone: +46 70 633 30 42
Erik Kinnman, VP Investor Relations
Cell phone: +46 73 422 15 40
erik.kinnman@biovitrum.com
Biovitrum AB (publ) may be required to disclose the information
provided herein pursuant to the Swedish Securities Markets Act. The
information was provided for public release on January 22, 2009 at
08:55 a.m. CET.
