Companies collaborate on clinical stage nuclear medicine therapy for
ST. LOUIS, October 15 /CNW/ - Covidien Ltd. (NYSE: COV) (BSX:COV) and
BioSynthema Inc. today announced the signing of agreements to develop and
commercialize a nuclear medicine therapy for neuroendocrine cancer patients.
Under the terms of an exclusive license agreement, BioSynthema will gain
access to specific Covidien proprietary peptide technology. The license will
enable BioSynthema to use this technology in conjunction with its own
technology and proprietary clinical research to further develop a new targeted
radionuclide therapy product. Under the terms of a separate agreement,
Covidien will have exclusive marketing rights to the resulting cancer therapy
"We are very pleased to be working with BioSynthema on this important
technology," said Steve Hanley, President of Covidien Imaging Solutions. "This
project reflects Covidien's commitment to the future of nuclear medicine and
to the development of new and unique radiolabeled products."
The new technology utilizes a radiolabeled peptide that targets specific
somatostatin receptors on neuroendocrine cancer cells. If approved, this drug
candidate will add to Covidien's portfolio of nuclear medicine oncology
agents, including OctreoScan(TM) (kit for the preparation of indium In-111
pentetreotide), a molecular imaging agent which is indicated for the
scintigraphic detection and localization of primary and metastatic
neuroendocrine tumors bearing somatostatin receptors. The safety and
effectiveness of OctreoScan(TM) imaging agent in pediatric patients have not
been established, and use in patients with impaired renal function should be
Covidien Imaging Solutions, based in St. Louis, is a leading provider of
imaging products used by physicians to detect and diagnose various diseases.
BioSynthema is a drug discovery and development company focusing on unique
pharmaceuticals that target cell surface receptors overexpressed in cancer
cells. BioSynthema is based in St. Louis and Amsterdam, The Netherlands.
Using this technology, BioSynthema has collaborated with Eric Krenning,
M.D., Ph.D., FRCP, and Professor of Nuclear Medicine at the Erasmus Medical
Centre in The Netherlands, for more than five years on a clinical therapy
study, which has enrolled over 600 patients.
"I am very encouraged that Covidien and BioSynthema have agreed to
cooperate in the development and commercialization of this product," said
"The incidence of neuroendocrine tumors is approximately 20,000 new cases
per year in the U.S. and Europe," said Jack Erion, Ph.D., President and CEO of
BioSynthema. "If approved, this technology would provide a new therapeutic
drug for those patients who currently have very limited treatment options."
Under the terms of the agreements, BioSynthema will develop and
manufacture the product and Covidien will be responsible for worldwide
marketing, sales and distribution. The companies plan to pursue marketing
authorization in Europe and the U.S. initially.
Covidien is a leading global healthcare products company that creates
innovative medical solutions for better patient outcomes and delivers value
through clinical leadership and excellence. Covidien manufactures, distributes
and services a diverse range of industry-leading product lines, including
Surgical Devices, Energy-Based Devices, Respiratory and Monitoring Solutions,
Patient Care and Safety Products, Imaging Solutions, Pharmaceutical Products,
Medical Supplies and Retail Products. With 2006 revenue of nearly $10 billion,
Covidien has more than 43,000 employees worldwide in 57 countries, and its
products are sold in over 130 countries. Please visit www.covidien.com to
learn more about our business.
BioSynthema Inc. was founded in 2001. Its headquarters and research and
development laboratory are located in St. Louis, Missouri at the Center for
Emerging Technologies. The company's European office is located in Amsterdam,
The Netherlands. BioSynthema specializes in the discovery and development of
unique molecular targeted biopharmaceuticals for oncology based diagnostic and
therapeutic applications primarily in the field of Nuclear Medicine. More
information is available at www.biosynthema.com.
COVIDIEN, COVIDIEN with Logo and (TM) marked brands are trademarks of
Covidien AG or its affiliate. (C) 2007 Covidien AG or its affiliate. All
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