Progenics Pharmaceuticals And Centre For Probe Development And Commercialization Announce Agreement To Manufacture Targeted Radiotherapeutic Candidate For Ultra-Orphan Indications

TARRYTOWN, N.Y. and HAMILTON, Ontario, April 1, 2014 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX), and Centre for Probe Development and Commercialization (CPDC) today announced that Azedra , a novel targeted radiotherapy candidate resuming phase 2 registrational testing in patients suffering from pheochromocytoma and paraganglioma, will be manufactured by CPDC for the developer of the compound, Progenics Pharmaceuticals.

"CPDC, and their host, McMaster University, serve as a model of how collaborative efforts can advance medical discoveries to commercialization," said Mark Baker, Chief Executive Officer of Progenics. "As we move forward in the radiopharmaceutical space, we recognize the significance of our selection of a manufacturing partner. We believe CPDC has the proven ability to meet our demanding standards and timelines, in tandem with the ingenuity and flexibility necessary to manufacture small batches of radiopharmaceuticals in a cost-effective manner; a value creation point of great relevance to the ultra-orphan market. We look forward to a strong partnership with CPDC as this, and our other radiotherapeutic programs develop," continued Mr. Baker.  

Dr. John Valliant, CEO and Scientific Director of the CPDC, said, "Our industry expertise and manufacturing capabilities, the skilled support staff and world-class facilities available to us at McMaster University and the support of the Canadian Government, make us uniquely qualified to collaborate with companies like Progenics. We believe this partnership between two innovative industry leaders will play a pivotal role in advancing new technologies for the treatment of cancers."

"The lack of approved treatment options for patients suffering with the devastating health conditions of pheochromocytoma and paraganglioma is tragic," said Daniel Pryma, M.D., Assistant Professor of Radiology and Nuclear Medicine/Molecular Imaging Modality Chief of the Department of Radiology, at the University of Pennsylvania's Perelman School of Medicine, and lead investigator in the trial.  Dr. Pryma continued, "Azedra brings hope to my patients and we anxiously await the availability of study drug and fast-tracked commercialization of Azedra."

If you liked this article you might like

Oversold Small-Cap Biotech Names

3 Biotechs to Buy This Summer

What Poker Taught Me About Investing

What Poker Taught Me About Investing

4 Small-Cap Biotech Stars