Covidien Ltd. (NYSE:COV) (BSX:COV) and BioSynthema Inc. today
announced the signing of agreements to develop and commercialize a
nuclear medicine therapy for neuroendocrine cancer patients. Under the
terms of an exclusive license agreement, BioSynthema will gain access
to specific Covidien proprietary peptide technology. The license will
enable BioSynthema to use this technology in conjunction with its own
technology and proprietary clinical research to further develop a new
targeted radionuclide therapy product. Under the terms of a separate
agreement, Covidien will have exclusive marketing rights to the
resulting cancer therapy technology.
"We are very pleased to be working with BioSynthema on this
important technology," said Steve Hanley, President of Covidien
Imaging Solutions. "This project reflects Covidien's commitment to the
future of nuclear medicine and to the development of new and unique
radiolabeled products."
The new technology utilizes a radiolabeled peptide that targets
specific somatostatin receptors on neuroendocrine cancer cells. If
approved, this drug candidate will add to Covidien's portfolio of
nuclear medicine oncology agents, including OctreoScan(TM) (kit for
the preparation of indium In-111 pentetreotide), a molecular imaging
agent which is indicated for the scintigraphic detection and
localization of primary and metastatic neuroendocrine tumors bearing
somatostatin receptors. The safety and effectiveness of OctreoScan(TM)
imaging agent in pediatric patients have not been established, and use
in patients with impaired renal function should be carefully
considered.
Covidien Imaging Solutions, based in St. Louis, is a leading
provider of imaging products used by physicians to detect and diagnose
various diseases. BioSynthema is a drug discovery and development
company focusing on unique pharmaceuticals that target cell surface
receptors overexpressed in cancer cells. BioSynthema is based in St.
Louis and Amsterdam, The Netherlands.
Using this technology, BioSynthema has collaborated with Eric
Krenning, M.D., Ph.D., FRCP, and Professor of Nuclear Medicine at the
Erasmus Medical Centre in The Netherlands, for more than five years on
a clinical therapy study, which has enrolled over 600 patients.
"I am very encouraged that Covidien and BioSynthema have agreed to
cooperate in the development and commercialization of this product,"
said Professor Krenning.
"The incidence of neuroendocrine tumors is approximately 20,000
new cases per year in the U.S. and Europe," said Jack Erion, Ph.D.,
President and CEO of BioSynthema. "If approved, this technology would
provide a new therapeutic drug for those patients who currently have
very limited treatment options."
Under the terms of the agreements, BioSynthema will develop and
manufacture the product and Covidien will be responsible for worldwide
marketing, sales and distribution. The companies plan to pursue
marketing authorization in Europe and the U.S. initially.
ABOUT COVIDIEN
Covidien is a leading global healthcare products company that
creates innovative medical solutions for better patient outcomes and
delivers value through clinical leadership and excellence. Covidien
manufactures, distributes and services a diverse range of
industry-leading product lines, including Surgical Devices,
Energy-Based Devices, Respiratory and Monitoring Solutions, Patient
Care and Safety Products, Imaging Solutions, Pharmaceutical Products,
Medical Supplies and Retail Products. With 2006 revenue of nearly $10
billion, Covidien has more than 43,000 employees worldwide in 57
countries, and its products are sold in over 130 countries. Please
visit www.covidien.com to learn more about our business.
ABOUT BIOSYNTHEMA
BioSynthema Inc. was founded in 2001. Its headquarters and
research and development laboratory are located in St. Louis, Missouri
at the Center for Emerging Technologies. The company's European office
is located in Amsterdam, The Netherlands. BioSynthema specializes in
the discovery and development of unique molecular targeted
biopharmaceuticals for oncology based diagnostic and therapeutic
applications primarily in the field of Nuclear Medicine. More
information is available at www.biosynthema.com.
COVIDIEN, COVIDIEN with Logo and (TM) marked brands are trademarks
of Covidien AG or its affiliate. (C) 2007 Covidien AG or its
affiliate. All rights reserved.
