BALTIMORE, Md., April 1, 2011 /PRNewswire/ — Champions
Biotechnology, Inc. (OTC: CSBR) (“Champions” or “the Company”)
announced today that it has exercised an option to license
Irinophore C™, a liposomal formulation of Irinotecan, from
the BC Cancer Agency (“BCCA”) in British Columbia, Canada. This
action was the result of the positive results obtained from a
Tumorgraft™ study done on Irinophore C™ utilizing
Champions’ proprietary technology platform.
Irinophore C™ is a lipid-based nanoparticle made by
efficiently loading the irinotecan payload into its interior core
using a novel and proprietary method. The compound is currently
completing preclinical development and is due to enter phase I
clinical study as a single agent in patients having advanced solid
tumors in Q4 2011. Champions tested the activity of
Irinophore C™ using its Tumorgraft™ translational
technology platform. The results demonstrated significant
efficacy and safety advantages in Irinophore C™ as compared
to the approved drug Irinotecan (Camptosar) on various tumor
types.
In February 2010, Champions entered into an exclusive
option agreement with BCCA for the exclusive right to review
Irinophore C™ for the treatment of various forms of solid
tumor cancer. The exercise of the option will result in immediate
costs to the Company of approximately $85,000 comprised of the
option exercise price and reimbursement to BCCA for past patent
costs. Champions is currently exploring strategic options for
financing the clinical development costs of Irinophore
C™.
The Company also announced that it will not pursue further any
of the three compounds for which it signed licensing agreements.
The Company’s scientific advisory committee has reviewed the
results of the Tumorgraft™ studies performed on each of these
compounds and recommended that the Company stop investing resources
in the development of these compoun
‘/>”/>