Significant Milestone on Path to Commercialisation of Fondaparinux
December 17 2008 - 9:43AM
Business Wire
Australian drug developer, Alchemia Limited (ASX:ACL), today
announced the achievement of a significant milestone towards the
commercialisation of its lead product, generic fondaparinux. As a
consequence, Alchemia will receive payments from its manufacturing
and marketing partner Dr Reddy�s Limited (DRL) totaling
US$1,625,000 (A$2,400,000). US$1 million will be received in
December 2008 and a further US$625,000 upon the earlier of the
approval of the Abbreviated New Drug Application (ANDA) and 31
December 2009. The trigger for the payment, which is subject to
confidentiality under the terms of Alchemia�s commercialisation
agreements with DRL, signals important progress toward the filing
of the fondaparinux ANDA with the US Federal Drug Administration
(FDA). US Sales of Arixtra� in the 12 months to September 2008 were
US$172 million � up 67 % on the corresponding period last year
(source: IMS Health). The receipt of these payments further
improves Alchemia�s cash position, providing in excess of two
years� operational funding at current expenditure levels. About
Alchemia Limited � www.alchemia.com.au Alchemia is a drug discovery
and development company founded on its chemistry expertise. The
Company�s lead program is fondaparinux (a generic version of
GlaxoSmithKline�s Arixtra�, a synthetic anticoagulant mainly used
for the prevention of deep vein thrombosis). Fondaparinux is
expected to generate near term revenues for the company commencing
in 2009. It is partnered with Dr Reddy�s Laboratories Inc. for the
U.S. market. Alchemia�s pipeline of assets is built on two platform
technologies: HyACT� (targeted cancer delivery) and VASTTM (drug
discovery).
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