WPD Pharmaceuticals Completed the Acquisition of Two Drug Candidates Bringing Total Development Funding Spent on Drugs Under ...
February 03 2020 - 2:05AM
WPD Pharmaceuticals Inc. (CSE: WBIO)(FSE: 8SV1) (the
“
Company” or “
WPD”), a clinical
stage pharmaceutical company, provides an update on the completed
acquisition of exclusive sublicenses for two drug candidates from
Moleculin Biotech, Inc. a leading global pharmaceuticals company
focused on the treatment of highly resistant cancers. The
acquisitions bring the total development funding spent on WPD’s
portfolio of drugs under license to over USD$100 million. The
territory covered by the patents includes 30 countries in Europe
and Asia, including Russia.
The licensed drug candidates, WP1122 and WP1732
were developed at University of Texas MD Anderson Cancer Center, a
leading comprehensive cancer center located in Houston, TX. Both
drug candidates are considered promising potential therapies for
treating pancreatic cancer, among other highly resistant
tumors.
WP1732 appears capable of a disproportionately
high accumulation in the pancreas, making it a promising candidate
for treating pancreatic cancer. WP1122 is capable of inhibiting
glycolysis, a process by which cells convert glucose into energy
and one on which many tumor cells are known to be much more
dependent for their survival than normal cells. In particular,
pancreatic cancer is known to be highly dependent on
glycolysis.
Mariusz Olejniczak, CEO of WPD
commented, “The acquisition of these two pancreatic cancer
drug candidates brings the total development funding for our
license portfolio to over USD$100 million. Working with one of the
best comprehensive cancer centers in North America, and a team of
world class scientists continues to demonstrate our determination
to develop novel treatments for cancer. The acquisitions are an
important step for WPD, and we are focused on developing our
portfolio of eight drugs across five different indications.”
About WPD Pharmaceuticals
WPD is a biotechnology research and development
company with a focus on oncology, namely research and development
of medicinal products involving biological compounds and small
molecules. WPD has 10 novel drug candidates with 5 that are
in clinical development stage and 5 in pre-clinical development.
These drug candidates were researched at institutions including MD
Anderson Cancer Center, Mayo Clinic and Emory University, and WPD
currently has ongoing collaborations with Wake Forest University
and leading hospitals and academic centers in Poland.
WPD has entered into license agreements with
Wake Forest University Health Sciences and sublicense agreements
with Moleculin Biotech Inc. and CNS Pharmaceuticals, Inc.,
respectively, each of which grant WPD an exclusive, royalty-bearing
sublicense to certain technologies of the licensor. Such agreements
provide WPD with certain research, development, manufacturing and
sales rights, among other things.
On Behalf of the Board
‘Mariusz Olejniczak’
Mariusz Olejniczak
CEO, WDP Pharmaceuticals
Contact:
Investor Relations
Email: investors@wpdpharmaceuticals.comTel:
604-428-7050
Web: www.wpdpharmaceuticals.com
Cautionary Statements:
Investors are cautioned that, except as
disclosed in the Company’s CSE listing statement, prepared in
accordance with the policies of the CSE, any information released
or received with respect to the transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of the Company should be considered highly speculative.
Neither the Canadian Securities Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking
statements. Forward-looking statements are statements that
contemplate activities, events or developments that the Company
anticipates will or may occur in the future. Forward-looking
statements in this press release include that patents received will
provide exclusivity and IP protection, and that WPD’s drugs could
be developed into novel treatments for cancer. These
forward-looking statements reflect the Company’s current
expectations based on information currently available to management
and are subject to a number of risks and uncertainties that may
cause outcomes to differ materially from those projected.
Factors which may prevent the forward looking statement from being
realized is that competitors or others may successfully challenge a
granted patent and the patent could be rendered void; that we are
unable to raise sufficient funding for our research; that our drugs
don’t provide positive treatment, or if they do, the side effects
are damaging; competitors may develop better or cheaper drugs; and
we may be unable to obtain regulatory approval for any drugs we
develop. Readers should refer to the risk disclosure included from
time-to-time in the documents the Company files on SEDAR, available
at www.sedar.com. Although the Company believes that the
assumptions inherent in these forward-looking statements are
reasonable, they are not guarantees of future performance and,
accordingly, they should not be relied upon and there can be no
assurance that any of them will prove to be accurate.
Finally, these forward-looking statements are made as of the date
of this press release and the Company assumes no obligation to
update them except as required by applicable law.
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