SEATTLE, Nov. 16 /CNW/ - Oncothyreon Inc. (Nasdaq: ONTY) (the "Company") today announced that the Company's product candidate PX-866, a PI-3 kinase inhibitor, has been selected by Windhover Information, Inc., as one of the Top 10 most promising oncology projects in development that is available for partnering.
The selection was made by an independent committee assembled by Windhover Information, a leading provider of business information products and services to senior executives in the pharmaceutical, biotechnology and medical device industries. As a selected company, Oncothyreon will present data on PX-866 at Windhover's Therapeutic Area Partnerships conference on November 17-19, 2009, in Boston, MA.
PX-866 is an inhibitor of the PI-3-kinase/PTEN/AKT pathway, an important survival signaling pathway that is activated in many types of human cancer. Oncothyreon is currently conducting a Phase 1 trial of PX-866 in patients with advanced metastatic cancer. Based upon the results seen in this trial to date, including the preliminary data presented at the American Society of Oncology Annual Meeting (ASCO) earlier this year, Oncothyreon has made the decision to move PX-866 into Phase 2 clinical development in the first half of 2010. The Phase 2 development program is currently expected to include two or more trials of PX-866 in combination with chemotherapy or other targeted agents and as a single agent.
"Preliminary results from our ongoing trial of PX-866 have demonstrated that the activity of the target, PI-3 kinase, can be down-regulated at doses well below the maximally tolerated dose identified in the intermittent dosing arm," said Robert L. Kirkman, M.D., President and Chief Executive Officer of Oncothyreon. "As reported at ASCO, we have also had several patients with prolonged stable disease. Based on these data, we are excited by our plan to advance this compound into Phase 2 development next year."
"Oncothyreon's PX-866 was selected following a screening using a strict set of judging criteria for the Top 10 award and it represents what our committee considered one of the most attractive oncology opportunities the industry has to offer," said Roger Longman, Managing Director of Windhover Information. "PX-866 has met rigorous criteria including: unmet medical need, market potential, diversity of indications, strong science, multi-level partnering opportunities (biotech and pharma), potential for new opportunities beyond initial indications, and corporate stability."
Oncothyreon is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer. Oncothyreon's goal is to develop and commercialize novel synthetic vaccines and targeted small molecules that have the potential to improve the lives and outcomes of cancer patients. For more information, visit www.oncothyreon.com.
In order to provide Oncothyreon's investors with an understanding of our current results and future prospects, this release may contain statements that are forward-looking. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "will," "intends," "potential," "possible" and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, clinical and pre-clinical development activities, including our decision to move PX-866 into Phase 2 clinical development in the first half of 2010 or the possibility that we may obtain a partner for PX-866.
Forward-looking statements involve risks and uncertainties related to our business and the general economic environment, many beyond our control. These risks, uncertainties and other factors could cause our actual results to differ materially from those projected in forward-looking statements, including the risks associated with the costs and expenses of developing our product candidates, the adequacy of financing and cash reserves on hand, changes in general accounting policies, general economic factors, achievement of the results we anticipate from our clinical trials with our products and pre-clinical development of our product candidates and our ability to adequately obtain and protect our intellectual property rights. Although we believe that the forward-looking statements contained herein are reasonable, we can give no assurance that our expectations are correct. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For a detailed description of our risks and uncertainties, you are encouraged to review the official corporate documents filed with the securities regulators in the United States on U.S. EDGAR and in Canada on SEDAR. Oncothyreon does not undertake any obligation to publicly update its forward-looking statements based on events or circumstances after the date hereof.
Additional information relating to Oncothyreon can be found on U.S. EDGAR at www.sec.gov and on SEDAR at www.sedar.com.
SOURCE ONCOTHYREON INC.
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