WPD Pharmaceuticals Completed the Acquisition of Two Pancreatic Cancer Drug Candidates
January 31 2020 - 4:05PM
WPD Pharmaceuticals Inc. (CSE: WBIO)(FSE: 8SV1) (the
“
Company” or “
WPD”), a clinical
stage pharmaceutical company, provides this update on the completed
acquisition of exclusive sublicenses for two drug candidates from
Moleculin Biotech, Inc. (Nasdaq: MBRX) a leading global
pharmaceuticals company focused on the treatment of highly
resistant cancers. The territory covered by the patents includes 30
countries in Europe and Asia, including Russia.
The licensed drug candidates, WP1122 and WP1732,
are both 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.
The incidence of and number of deaths caused by
pancreatic cancer have been gradually rising, even as the incidence
and mortality of other common cancers have been declining. Removal
of the pancreatic cancer tumor is currently the only chance of
cure. Unfortunately, 80% to 85% of patients diagnosed with
pancreatic cancer are at an advanced stage and the tumor has
overtaken the pancreas and even surrounding tissues. Furthermore,
pancreatic cancer responds poorly to most chemotherapeutic
agents.
Mariusz Olejniczak, CEO of WPD
commented, “The Acquisition of these two pancreatic cancer
drug candidates is an important step for WPD, and continues to
demonstrate our ability to execute on our long term strategy of
developing novel treatments for cancer. Working with some of the
world’s leading cancer scientists, we are diligently focused on
developing our portfolio of eight drugs across five different
indications. We will continue working with Moleculin to further
develop these drug candidates in our ongoing effort to create
improved treatments for pancreatic cancer and other highly
resistant tumors.” The Company also announces that on January 29,
2020 it granted 200,000 options to a new member of its scientific
advisory board. The options are exercisable for 5 years at an
exercise price of $1.23 per share.
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 8 novel drug candidates with 4 that are in
clinical development stage and 4 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 OlejniczakCEO, WDP Pharmaceuticals
Contact:
Investor RelationsEmail: investors@wpdpharmaceuticals.comTel:
604-428-7050Web: 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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