TORONTO, July 23, 2013 /CNW/ - Transition Therapeutics Inc. ("Transition" or the "Company") (NASDAQ: TTHI, TSX: TTH) today
announced the exclusive licensing of worldwide rights to a novel small
molecule transcriptional regulator ("TT-601") from Eli Lilly and
Company for the treatment of osteoarthritis ("OA") pain. TT-601 is a
potent and selective ligand for a novel nuclear receptor target.
Modulating the activity of this novel target in patients with
osteoarthritis may provide pain relief to a large segment of OA
patients who do not have adequate response to therapy with NSAIDs
(non-steroidal anti-inflammatory drugs). TT-601 has completed
preclinical development to date and Transition anticipates can enter
the clinic in the first half of 2014.
"We are very pleased with the opportunity to continue our relationship
with Lilly through the in-licensing of TT-601. Molecules in this novel
class have shown target engagement in the joint space and efficacy in
multiple animal models of joint pain. We look forward to TT-601
clinical studies as this drug candidate has the potential to provide an
important new source of pain relief to the more than 27 million
Americans suffering from OA", said Dr. Tony Cruz, Chairman and Chief
Executive Officer of Transition.
Under the terms of the agreement, Transition has acquired the rights to
develop and potentially commercialize TT-601. Lilly retains an option
to reacquire all rights to TT-601 following review of clinical
proof-of-concept study results. If Lilly exercises this option right,
Transition would be eligible to receive milestone payments of
approximately US$130 million and a high single-digit royalty on sales
of products containing TT-601 should such products be successfully
commercialized. If Lilly does not exercise this option right, Lilly
would be eligible for a low single-digit royalty from Transition on
sales of products containing TT-601 should such products be
About Osteoarthritis (OA)
OA is the most common form of arthritis and is a chronic condition
characterized by the breakdown of the joint's cartilage. Cartilage is
the part of the joint that cushions the ends of the bones and allows
easy movement of joints. The breakdown of cartilage causes the bones to
rub against each other, causing stiffness, pain and loss of movement in
the joint. The joints most commonly affected are the knees, hips, and
those in the hands and spine.
An estimated 27 million Americans live with OA, with almost one third of
people over the age of 65 affected by OA. Key risk factors for OA
include age, obesity, injury or overuse and genetics. There is
currently no cure for OA. Available therapeutics focus on pain relief
and include acetaminophen, NSAIDs, and opioids.
Transition is a biopharmaceutical company, developing novel therapeutics
for disease indications with large markets. The Company's lead CNS drug
candidate is ELND005 for the treatment of Alzheimer's disease and
bipolar disorder. Transition's lead metabolic drug candidate is TT-401
for the treatment of type 2 diabetes and accompanying obesity. The
Company's shares are listed on the NASDAQ under the symbol "TTHI" and
the Toronto Stock Exchange under the symbol "TTH". For additional
information about the Company, please visit www.transitiontherapeutics.com.
Notice to Readers: Information contained in our press releases should be
considered accurate only as of the date of the release and may be
superseded by more recent information we have disclosed in later press
releases, filings with the OSC, SEC or otherwise. Except for historical
information, this press release may contain forward-looking statements,
relating to expectations, plans or prospects for Transition, including
conducting clinical trials and potential efficacy of its products.
These statements are based upon the current expectations and beliefs of
Transition's management and are subject to certain risks and
uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. These risks and
uncertainties include factors beyond Transition's control and the risk
factors and other cautionary statements discussed in Transition's
quarterly and annual filings with the Canadian commissions.
SOURCE: Transition Therapeutics Inc.
For further information:
on Transition, visit www.transitiontherapeutics.com or contact:
Dr. Tony Cruz
Chief Executive Officer
Transition Therapeutics Inc.
Phone: 416-260-7770, x.223