"This significant cash infusion will help to accelerate the development of our three product candidates that are presently in Phase I/II clinical studies, as well as promising small molecule antiangiogenic drugs in our pipeline," said Global Pharma Co-Chairman and CEO. He added, "Acquiring the up-front cash value of a future revenue stream is consistent with our strategy of maximizing shareholder value by monetizing assets and maintaining shareholder equity. This transaction structure also retains upside potential on future THALOMID® sales upon the achievement of certain milestones."
At a Glance
Oncology (multiple myeloma), Other (Erythema nodosum leprosum-ENL)
Thalomid® (thalidomide) is an orally administered drug that was first approved by the FDA in July 1998 for a complication of leprosy (erythema nodosum leprosum). While leprosy is rare in the US, Thalomid® sales grew largely due to widespread use in off-label indications for oncology. In May 2006, the FDA granted the drug approval for multiple myeloma, an indication that physicians had already been treating with the drug on an off-label basis. Celgene, Thalomid’s marketer, estimates that approximately 92% of Thalomid® prescriptions are written for cancer patients.
Applications In Development: