ROCKVILLE, Md., June 7, 2011 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, today announced that Selected Value Therapeutics I, LLC (SVT) has exercised its right to acquire an exclusive license to develop and commercialize EntreMed's Phase 2 oncology drug candidate, ENMD-2076, in China and certain of its territories. EntreMed retains development and commercialization rights to ENMD-2076 in the rest of the world.
The exercise is pursuant to an agreement between EntreMed and SVT dated as of September 7, 2010, which provided SVT with an option to acquire certain license, development and commercialization rights for ENMD-2076 in China and certain of its territories. The parties will begin negotiations of the license agreement, in accordance with the terms and conditions set forth in the 2010 agreement. Under the terms of the agreement, EntreMed is entitled to certain development milestone payments, as well as royalties on future product sales within the geographic market. SVT will be responsible for all clinical development and regulatory costs related to regulatory approval in the China territory.
John Xu, SVT President, commented, "We are pleased to be in a position to advance ENMD-2076 into clinical development in China. The data demonstrate the therapeutic activity of ENMD-2076 in a variety of indications and SVT is enthusiastic to be an integral part of the development of this exciting compound."Michael M. Tarnow, EntreMed's Executive Chairman, commented on the transaction, "ENMD-2076 has shown activity in a number of cancers, most recently encouraging data from our Phase 2 study in ovarian cancer patients presented at the 2011 American Society of Clinical Oncology (ASCO) annual meeting. SVT's option exercise is an important milestone for the ENMD-2076 program and for EntreMed. We are pleased with SVT's commitment and confidence in ENMD-2076's potential. We look forward to working with SVT as the development of ENMD-2076 progresses in China and we work to determine the design of future clinical trials." About ENMD-2076 ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action. ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to the Aurora A kinase. Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers. ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases which have been shown to play important roles in the pathology of several cancers. ENMD-2076 has shown promising activity in Phase I clinical trials in solid tumor cancers, leukemia, and multiple myeloma. ENMD-2076 is currently in a Phase 2 trial for ovarian cancer, and preclinical and clinical activities are ongoing in assessing the compound's applicability for other forms of cancer.