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Teva invests $6M in CureTech's cancer drug

By Staff Reporter , 19-Jun-2006

CureTech has revealed it has wrapped up a deal in which Teva Pharmaceuticals will invest $6m (€4.7m) in CureTech, for the development of a revolutionary cancer drug, based on the company's potential value of $64m.

The cancer drug, CT-011 is a fully humanised monoclonal antibody that enhances the immune response through interaction with a protein belonging to a group of receptors.

These receptors are present on lymphocytes that lead to enhancement of NK activity and prolongation of the survival of antigen-specific T cells.

 

Under the terms of the agreement, Teva has the option of investing a further $22m increasing its stake in the company. This amount would allow full development of their flagship product, the CT-011 antibody, as well as registration in both Europe and the US.

 

Furthermore, upon registration of the drug, Teva would also have the option of buying the remaining stakes and options in CureTech from the current holders for totalling up to $160m, an amount reflecting a company value of $210 million.

 

Ruben Krupik, Chairman of CureTech, told the Pharmaceutical Processing website: "Teva's investment in CureTech is a serious vote of confidence in the potential of the products we are developing. We believe that Teva's addition would contribute greatly to the development and growth of CureTech."

 

The antibody holds great promise for cancer treatment and therapy and adds to the reputation monoclonal antibody's have built up within the industry due to it's specificity and safety profile.

 

The efficacy of CT-011 is dependent upon the presence of an actively growing tumour. Unlike most tumour-inhibitory antibodies, CT-011 is more efficacious when administered subsequent to tumour establishment than when administered together with or prior to tumour introduction.

 

This is central to its potential as a treatment for human cancer, commonly diagnosed at developed disease stages.

 

"The unique agreement structure allows CureTech to focus on promoting its products and bringing them to market, and at the same time to maximise the company's value to its investors,2 said Michael Schickler, CEO of CureTech

 

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