Tuesday, Jul 25, 2006
South San Francisco, Calif. and Beverly, Mass. -- July 25, 2006 --Genentech, Inc. (NYSE: DNA) and Inotek Pharmaceuticals Corporation announced today that they have entered into an exclusive global collaboration to discover, develop, manufacture and commercialize inhibitors of poly (ADP-ribose) polymerase (PARP) for the potential treatment of cancer. PARP is a nuclear enzyme within cells that directs the repair of damaged DNA via the activation and recruitment of DNA repair enzymes and has applications for the treatment of oncology and cardiovascular conditions.
"We are looking forward to working together with Inotek, a leader in the field of PARP inhibition, to pursue products that may make an impact in the treatment of patients with serious diseases including cancer,"said Hal Barron, M.D., senior vice president, Development and chief medical officer for Genentech. "PARP inhibition represents an exciting field of biology and we are intrigued by the potential of this novel mechanism to address unmet medical needs in oncology and acute cardiovascular conditions."
Under the terms of the agreement, Genentech will make an upfront payment of $20 million to Inotek, with the potential for up to $405 million in additional milestone payments based upon the successful completion of various clinical development and regulatory events across multiple cancer indications in multiple areas of the world. Genentech will pay Inotek royalties based on the net amount of any sales of Inotek's lead PARP Inhibitor, INO-1001, or other next-generation PARP inhibitors in the field of cancer. Genentech will also provide funding to utilize Inotek's small molecule chemistry expertise as part of a multi-year collaborative research program and will pay for all future clinical development costs of INO-1001 and subsequent PARP inhibitors in cancer.
Additionally, Genentech has retained an option to develop and commercialize Inotek's PARP inhibitors to prevent cell death and complications associated with various acute cardiovascular conditions and procedures. The option is associated with an additional fee as well as development and other milestone payments. In total, the option, if exercised by Genentech, could be worth as much as $200 million in additional payments to Inotek if development, regulatory and net sales milestones are attained in multiple acute cardiovascular indications in various parts of the world. Inotek has retained an option to co-promote PARP inhibitors in the acute cardiovascular field in the United States with Genentech.
Inotek has retained all rights to develop and commercialize PARP inhibitors outside of cancer and the specific acute cardiovascular diseases included in Genentech's option. "We are thrilled that Genentech has taken such a significant interest in our company and our PARP Inhibitor Program"said Dr. Andrew Salzman, Inotek's President and CEO. "As a collaborator in oncology, they are unrivaled. We have built a strong expertise and reputation in small molecule drug discovery as well as a deep pipeline of novel PARP inhibitors. We believe that these capabilities and assets combined with Genentech's proven experience and success in oncology drug development and commercialization will create a powerful collaboration for years to come.
About PARP Inhibitors And Inotek's PARP Program
Poly (ADP-ribose) polymerase (PARP) is an abundant nuclear enzyme that mediates the repair of DNA single strand breaks through the activation and recruitment of DNA repair enzymes. PARP inhibitors have broad potential application in cancer, and may be used to block one of the key defense mechanisms of cancer cells against standard chemotherapy, resulting in increased tumor susceptibility or the reversal of tumor resistance. In addition, PARP inhibitors may be used as a stand-alone agent, targeting certain familial and sporadic cancers that are genetically deficient in DNA repair. PARP inhibitors have also shown promise in a variety of inflammatory and ischemia/reperfusion diseases, including those related to acute cardiovascular conditions.
INO-1001 represents Inotek's lead compound in a series of novel PARP inhibitors discovered by Inotek. INO-1001 is currently in Phase Ib testing for malignant melanoma in combination with temozolomide.
Inotek also recently completed a Phase 2 trial to reduce cardiac injury commonly associated with angioplasty after an acute myocardial infarction and is enrolling patients in another Phase 2 trial to decrease complications associated with high risk cardiopulmonary bypass surgery. A number of oral and intravenous next generation PARP inhibitors are being developed for various indications, including cancer.
About Inotek Pharmaceuticals Corporation
Inotek Pharmaceuticals Corporation (www.inotekcorp.com) is a private, high-growth, development-stage pharmaceutical company that has leveraged its small molecule chemistry expertise to discover and develop a deep pipeline of therapeutics targeting cell death, DNA repair and inflammatory pathways. Inotek's lead program is focused on blocking the nuclear DNA repair enzyme poly (ADP-ribose) polymerase (or PARP) that has broad application in a variety of unmet medical needs.
Inotek has one product in Phase 2a clinical development, one product in Phase 1b clinical development and four other products in various stages of pre-clinical development, targeting oncology, cardiovascular, and inflammatory diseases. The Company is pursuing indications in hospital-based critical care markets as well as certain specialty care markets. Inotek currently has approximately 130 employees, located in its corporate headquarters and main research laboratories in Beverly, Massachusetts and its two operational sites in Israel.
Founded 30 years ago, Genentech is a leading biotechnology company that discovers, develops, manufactures and commercializes biotherapeutics for significant unmet medical needs. A considerable number of the currently approved biotechnology products originated from or are based on Genentech science. Genentech manufactures and commercializes multiple biotechnology products and licenses several additional products to other companies. The company has headquarters in South San Francisco, California and is listed on the New York Stock Exchange under the symbol DNA. For additional information about the company, please visit http://www.gene.com.