17th Aug 2006 07:00
BTG PLC17 August 2006 BTG licensee TolerRx, Inc. raises $35.6m to develop TRX4; Phase III pivotaltrial in type 1 diabetes planned to commence in 2006 London, UK, 17 August 2006: BTG plc (LSE: BGC), the medical innovations company,today announces that TolerRx, Inc. has raised $35.6 million to advance thedevelopment of TRX4 as a treatment for type 1 diabetes and plans to commence aPhase III pivotal trial in 2006. TolerRx, BTG's exclusive licensee for theanti-CD3 monoclonal antibody TRX4, is also developing TRX4 as a treatment forpsoriasis. BTG's pipeline currently comprises 15 assets in clinical development, of which10 are being developed by licensees. An extract from TolerRx's announcement follows: TolerRx, Inc. Raises $35.6 Million to Advance TRX4 in Type 1 Diabetes - AddsSeven New Investors including FrontPoint Partners and Funding from the JuvenileDiabetes Research Foundation CAMBRIDGE, Mass., August 16, 2006-TolerRx, Inc., a biopharmaceutical companyfocused on the discovery, development, and commercialization of novel therapiesto treat patients with diseases of the immune system, announced that it hascompleted a $35.6 million financing, which included funding from the JuvenileDiabetes Research Foundation (JDRF), the world's largest charitable sponsor ofresearch in Type 1 diabetes. The funds will support the clinical development ofTolerRx's lead product, TRX4, an anti-CD3 monoclonal antibody in development forType 1 diabetes and psoriasis. TolerRx is currently conducting clinical trialsof TRX4 in subjects with Type 1 diabetes and plans to initiate a Phase IIIpivotal trial in 2006. FrontPoint Partners, LLC, a new investor to the company, led the round whichincluded six other new investors: Mesirow Financial, Swiss Re, QVT Fund LP, IBTManagement Corporation (IBTM), Brookstone Capital, in addition to the JDRFfunding. Existing investors participating included: Skyline Ventures, BearStearns, Sprout Group, Rho Ventures, Artal Services N.V., and HealthCareVentures. "Phase II study results demonstrate that TRX4 (ChAglyCD3) is able to preservebeta cell function for up to a year and a half after a short course of therapy,"said Chip Skowron, M.D., Ph.D., of FrontPoint Partners. "In addition toreducing insulin need, the preservation of beta cell function will likely resultin a significant reduction of the long term complications associated with Type 1diabetes. In following, TRX4 therapy could provide patients with substantialclinical benefit." "We are extremely pleased with the enthusiastic reception we received frominvestors. The partnership with JDRF and the investment by our new and existinginvestors validates the progress we have made with the TRX4 program and ourcommitment to bring this novel therapy to patients with Type 1 diabetes," saidDr. Douglas J. Ringler, President and Chief Executive Officer of TolerRx. "Thesefunds, combined with JDRF's support and expertise, will allow us to furtherexecute our plan to move TRX4 into a Phase III pivotal trial in new-onset Type 1diabetes this year." "Anti-CD3 therapy has shown great promise for the treatment of Type 1 diabetes.JDRF has financially supported prior clinical studies with TRX4, so ourpartnership with TolerRx for the clinical development of TRX4 is a naturalprogression of our commitment to bring new therapies to patients with Type 1diabetes," said JDRF Executive Vice President for Research, Richard Insel, M.D. About TRX4 TRX4 is a monoclonal antibody that binds to a receptor component found on all Tcells called CD3, which is involved in normal T cell signaling. TRX4 is designedto block the function of autoreactive T-effector cells that attack the body'stissues and cause autoimmune disease. Because T-effector cells and T-regulatorycells have different signaling requirements for activation, TRX4 is expected tosuppress autoreactive T cells while promoting T-regulatory cell activity,resulting in a state of immunological tolerance. In addition to Type 1 diabetes,TolerRx is also developing TRX4 for the treatment of psoriasis. Ends Contacts BTG Financial DynamicsAndy Burrows, Director of Investor Relations Ben Atwell / Anna Keeble+44 (0)20 7575 1741 +44 (0)20 7831 3113Christine Soden, Chief Financial Officer+44 (0)20 7575 1596 About BTG BTG in-licenses, develops and commercialises pharmaceuticals and other medicaltechnologies. With a substantial and growing revenue stream of royalties andmilestone payments from out-licensed products, BTG continues to strengthen itspipeline of preclinical and clinical development programmes. Active in oncology,diseases of ageing, neuroscience, drug repositioning and medical devices, BTGworks from its offices in London, Philadelphia and Osaka with a global partnernetwork of healthcare companies and research organisations. For furtherinformation, visit: www.btgplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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