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- Hyperion's Orphan Drug Pipeline Now Includes DiaPep277®, a First-in-Class Immunotherapy for New Onset Type 1 Diabetes, With Phase 3 Data Expected in the First Quarter of 2015 -
BRISBANE, Calif., June 12, 2014 (GLOBE NEWSWIRE) -- Hyperion Therapeutics, Inc. (Nasdaq:HPTX) today announced that it has completed its acquisition of Andromeda Biotech Ltd. The acquisition broadens Hyperion's pipeline to include DiaPep277®, a potentially first-in-class immunotherapy for new onset Type 1 diabetes. DiaPep277 is currently being evaluated in a fully enrolled confirmatory Phase 3 clinical study in adult patients, with results anticipated in the first quarter of 2015. DiaPep277 holds Orphan Drug designation in the United States.
"The addition of DiaPep277 to our pipeline is an excellent strategic fit, as it provides us with a late-stage asset that has a potential near-term commercial opportunity in a larger orphan indication," said Donald J. Santel, president and chief executive officer of Hyperion. "We believe DiaPep277 gives us diversity across our product portfolio, while staying true to our mission to address significant unmet medical needs in orphan indications."
Under the terms of the agreement announced on April 24, 2014 and in conjunction of the closing of the transaction on June 12, 2014, Andromeda became a wholly owned subsidiary of Hyperion Therapeutics in exchange for $12.5 million in cash, less adjustments for expenses incurred in connection with the transaction, and 312,869 shares of Hyperion common stock (valued at approximately $7.85 million based on the average closing price of $25.09 per share for the 15 consecutive trading days ending April 17, 2014).
DiaPep277 is a 24-amino acid peptide derived from human heat shock protein 60 (hsp60) that has demonstrated a specific and beneficial effect on the auto-immune attack of pancreatic beta cells that occurs in patients with Type 1 diabetes. DiaPep277 is designed to preserve endogenous insulin secretion by selectively impeding beta cell destruction without impacting other essential immunological functions or causing systemic immune suppression.