Adolor Acquires Rights to Clinical-Stage Product Candidate from Eli Lilly and Company
September 21 2009 - 4:30PM
Business Wire
Adolor Corporation (NasdaqGM:ADLR) today announced that it has
acquired from Eli Lilly and Company (“Lilly”) the exclusive
worldwide rights to OpRA III, a clinical-stage product
candidate.
OpRA III is a potent opioid receptor antagonist, with potential
use in multiple therapeutic indications. Adolor intends to
initially develop OpRA III to treat opioid bowel dysfunction (OBD)
and will initiate clinical trials of this compound for this
indication in early 2010. This compound will be developed in
parallel with ADL7445 as part of the Company’s OBD Program. Moving
forward, OpRA III will be identified as ADL5945.
“OpRA III has a unique profile with the potential to address the
gastrointestinal disorders associated with the use of opioid
analgesics,” said Michael R. Dougherty, President and Chief
Executive Officer of Adolor. “Adolor has a wealth of experience in
this therapeutic area and the addition of OpRA III to our OBD
portfolio provides us with another clinical-stage compound with
which we can potentially address a large and underserved
market.”
Lilly has completed both a Phase 1 single, escalating dose
placebo-controlled safety study and a Phase 1 multiple, escalating
dose placebo-controlled safety study in healthy volunteers for OpRA
III.
Financial terms of the agreement include an upfront payment of
$2 million to Lilly, royalties on net sales of any approved product
and up to approximately $70 million in milestones contingent upon
achievement of pre-defined, late-stage clinical and regulatory
events and achievement of certain sales targets.
About Adolor Corporation
Adolor Corporation is a biopharmaceutical company specializing
in the discovery, development and commercialization of novel
prescription pain management products.
Adolor’s first approved product in the United States is ENTEREG®
(alvimopan), which is indicated to accelerate the time to upper and
lower gastrointestinal recovery following partial large or small
bowel resection surgery with primary anastomosis. ENTEREG is
available for short-term use in hospitals registered under the
E.A.S.E.™ Program. For more information on ENTEREG, including its
full prescribing information, visit www.ENTEREG.com. In
collaboration with GlaxoSmithKline (GSK), the Company launched
ENTEREG in mid-2008.
The Company’s research and development pipeline includes: two
novel delta opioid receptor agonists, currently in mid-stage
clinical development in collaboration with Pfizer Inc. for chronic
pain; two opioid receptor antagonists, ADL7445 and ADL5945 (OpRA
III), entering development for chronic opioid bowel dysfunction
(OBD); and several opioid and non-opioid discovery programs.
For more information, visit www.adolor.com.
Forward-Looking Statements
This press release, and oral statements made with respect to
information contained in this release, may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements provide Adolor’s
current expectations or forecasts of future events. These may
include statements regarding market prospects for ENTEREG;
anticipated scientific progress on its research programs;
development of potential pharmaceutical products, including
ADL5945, the timing of any studies with this compound, the
compound's potential use in multiple therapeutic indications,
including gastrointestinal (GI) disorders, and the extent of
Adolor's experience in the GI area; interpretation of clinical
results; prospects for regulatory approvals; and other statements
regarding matters that are not historical facts. You may identify
some of these forward-looking statements by the use of words in the
statements such as “anticipate,” “estimate,” “expect,” “project,”
“intend,” “plan,” “believe” or other words and terms of similar
meaning or that otherwise express contingencies, goals, targets or
future development. These statements are based upon management’s
current expectations and are subject to risks and uncertainties,
known and unknown, that could cause actual results and developments
to differ materially from those expressed or implied in such
statements due to general financial, economic, regulatory and
political conditions affecting the biotechnology and pharmaceutical
industries, as well as more specific risks and uncertainties facing
Adolor such as those set forth in its reports on Forms 8-K,
10-Q and 10-K filed with the U.S. Securities and Exchange
Commission. Adolor urges you to carefully review and consider the
disclosures found in its filings which are available at www.sec.gov
and from Adolor at www.adolor.com. Given the uncertainties
affecting pharmaceutical companies such as Adolor, any or all of
these forward-looking statements may prove to be incorrect.
Therefore, you should not rely on any such factors or
forward-looking statements. Adolor undertakes no obligation to
publicly update or revise the statements made herein or the risk
factors that may relate thereto whether as a result of new
information, future events, or otherwise, except as may be required
by law.
This press release is available on the website
http://www.adolor.com.
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