Light Sciences Oncology Purchases the Assets of Its Former Parent Company Light Sciences LLC in Equity Transaction
January 04 2007 - 8:30AM
Business Wire
Light Sciences Oncology (LSO) (NASDAQ:LSON) today announced a major
initiative to strengthen its intellectual property position and
extend the range of its Light Infusion Therapy (Litx�). On December
29, 2006, LSO purchased the assets of its former parent company,
Light Sciences, LLC (LSLLC) through the issuance of common stock.
As a result of the purchase, LSO now owns all patents and
substantially all of the other assets of LSLLC and its
subsidiaries: Visient Therapeutics, Inc.; Vascular Reconditioning,
Inc.; Light Devices, Inc.; Light Sciences Adipose, Inc.; and Light
Sciences R&D, LLC. According to LSO�s CEO Llew Keltner, M.D.,
Ph.D., �The acquired assets will allow us unencumbered access to
the key technologies for our current and future products�along with
a strong foundation for expansion globally and therapeutically. Our
expanded intellectual property portfolio is especially important
strategically as a commercial advantage.� LSO now owns a number of
patents and patent applications formerly licensed from LSLLC
covering LEDs and the use of LEDs to activate a photo-sensitive
compound therapeutically, as well as other uses and aspects of its
products, such as manufacturing methods. The transaction will
eliminate LSO�s requirement to pay licensing fees to LSLLC. With
all Litx� intellectual property now in hand, LSO is armed with
strong non-oncology assets which it intends to separately fund or
spin out. Working solely in the field of oncology to date, LSO has
built a strong development organization with a small, efficient
team overseeing engineering, clinical trials, manufacturing, and
regulatory/legal affairs. The company has designed a low-cost,
single-use disposable light-delivery unit that is intended to
provide easy use for physicians and tolerable, effective, and
repeatable treatments for patients. LSO is currently conducting
late-stage clinical trials in metastatic colorectal cancer (MCRC)
and hepatocellular carcinoma (HCC), and has initiated a Phase II
clinical study in glioma. PROPRIETARY TECHNOLOGY Litx� uses
light-emitting diodes (LEDs) to activate the proprietary
photoreactive drug LS11 (talaporfin sodium). Light-activated LS11
causes the production of singlet oxygen molecules that kill
diseased cells with minimum side effects through �programmed cell
death,� or apoptosis, and vascular closure. It avoids the serious
toxicities associated with conventional cancer treatments. Although
designed to work seamlessly with standard regimens, Litx� attacks
tumors in unique ways. It kills tumors from the inside-out, rather
than outside-in, the method used in many standard treatments. Litx�
kills all tumor cells in a prescribed �kill zone� around the LED
bar, rather than only the tiny minority of cells undergoing rapid
division. Inducing cell apoptosis rather than necrosis, Litx� does
not promote tumor re-growth, inflammation, and resistance to
treatment. Multiple light sources and multiple treatments are
feasible and can be tailored based on the size, shape and location
of the target tumor. LSO�s light-delivery unit drives a tiny bar of
LEDs at the end of a very narrow, flexible connecting tube. After
injecting LS11 intravenously, administering physicians insert the
bar into a tumor with a biopsy-like procedure requiring only a
local anesthetic. Emitting red light at a discrete frequency,
intensity, and time period, the unit activates LS11 in the �kill
zone.� Unlike laser-based light-activated therapies, Litx� does not
require expensive equipment. LSO MARKETS AND CLINICAL STRATEGY
Despite decades of research targeting solid tumors, those cancers
continue to confound the best efforts at treatment. The worldwide
incidence of colorectal cancer is approximately one million cases
per year. The National Cancer Institute reports that approximately
50% of patients diagnosed with colorectal cancer will suffer from
advanced disease that has metastasized to other parts of the body,
most commonly to the liver. HCC is even more challenging. This
primary liver tumor kills over 1 million people worldwide per year.
Current cancer treatments�surgery, radiation therapy, chemotherapy,
and other local ablative therapies�have significant shortcomings,
such as high toxicity, limited efficacy, tumor re-growth and
resistance, high set-up and usage costs, complicated
administration, and poor patient quality-of-life. Litx� seeks to
address all of those disadvantages. Preclinical, Phase I, and Phase
II data support the safety profile of Litx�. As a result, the
company is currently conducting Phase III clinical trials in HCC
and MCRC to demonstrate the full extent of the Litx� system�s
safety and efficacy. LSO does not perceive Litx� as a cure for
cancer. Instead the company believes the Litx� technology should
fit into the emerging paradigm for treating cancer as a chronic,
albeit life-threatening disease, with the aim of extending
patients� lives and preserving quality of life. Limiting costs,
easing administration, and increasing tolerability advance that
overall strategy. PORTFOLIO POTENTIAL Based on the mechanism of
action and the effect of Litx� treatment, obvious targets of Litx�
also include benign neoplasms�growths of non-cancerous tissue that
nonetheless have profound implications for patient morbidity and
even mortality. Using light-activated devices based on those used
in LSO�s cancer treatments, Litx� may offer new treatments in
vascular disease and benign prostatic hyperplasia (BPH). In
vascular disease, a Litx� array is designed to �recondition� blood
vessels by destroying any resident �vulnerable� or unstable plaque.
Such reconditioning of vessels may prevent rigidity and
narrowing�or stenosis�of vessels and reduce the risk of breakup of
plaque causing heart attack or stroke. Preclinical data shows that
Litx� only affects diseased areas, leaving treated vessels
reconditioned with a favorable effect on the development of plaque
or scar tissue. Litx� may address BPH by shrinking the prostate
gland in the same way it shrinks tumors�by forcing apoptosis in
overgrown tissue. As in cancer, Litx� advantages over existing
therapies in BPH include treatment simplicity, safety and
repeatability using a disposable device. LSO has now positioned
itself for growth as a fully integrated development company with a
strong portfolio of intellectual property, an advantageous
technology platform, innovative products in development, and an
exceptionally talented team.
Light Sciences Oncology (MM) (NASDAQ:LSON)
Historical Stock Chart
From Jul 2024 to Aug 2024
Light Sciences Oncology (MM) (NASDAQ:LSON)
Historical Stock Chart
From Aug 2023 to Aug 2024