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Gruss E.
Vion Licenses Triapine(R) Rights in China, Taiwan, Hong Kong and Macao
NEW HAVEN, Conn., Oct 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- VION
PHARMACEUTICALS, INC. (Nasdaq: VION) announced today that the Company had
entered into a license agreement with Beijing Pason Pharmaceuticals, Inc.
("Pason") related to the exclusive rights to develop, manufacture and market
Triapine(R) for anticancer and antiviral uses in the mainland of the People's
Republic of China, Taiwan, Hong Kong and Macao (the "Territory"). The agreement
awaits final approval from various government agencies of the People's Republic
of China.
The terms of the agreement include an initial payment of $500,000 upon receipt
of required approvals, $4.75 million in additional milestone payments, and
royalty payments of 11% of any Triapine(R) revenues in the Territory. Pason will
fund the preclinical and clinical development necessary for regulatory approval
of Triapine(R) in the Territory.
According to the Ministry of Public Health of the People's Republic of China
(MPH-PRC) and the Chinese Pharmaceutical Association (CPA), China has 1 million
people infected with human immunodeficiency virus (HIV) (source: MPH- PRC), 20
million chronic hepatitis B (HBV) patents (source: MPH-PRC), and a total of 4.5
million cancer patients (source: CPA). In addition, 2 million new cancer
patients are diagnosed every year (source: CPA). China spends nearly $1 billion
on anti-cancer drugs (source: CPA) and $6 billion on anti-HBV medication
(source: MPH-PRC) each year.
Alan Kessman, Chief Executive Officer of Vion, said, "We are pleased to be in
partnership with Pason to commercialize Triapine(R) in China, Taiwan, Hong Kong
and Macao. The potential markets in these regions for the treatment of cancer
and viral disease are substantial."
Dr. Sen Liu, the Chief Executive Officer of Beijing Pason Pharmaceuticals said,
"We believe that Pason's license of Triapine(R) is among the first such
technology transfers in the pharmaceutical industry in China since its entrance
into the World Trade Organization." He added, "We are glad to collaborate with
Vion to develop Triapine(R) in China. It is our belief that, by licensing
patents and new technology, China's pharmaceutical companies will be able to
develop high quality chemical drugs more effectively. Collaborations with
foreign companies will improve our product pipeline, and in the long run,
benefit patients."
Vion Pharmaceuticals, Inc. is a biopharmaceutical company developing novel
agents for the treatment of cancer. Vion's portfolio of agents includes:
Triapine(R), a potent inhibitor of a key step in DNA synthesis; VNP40101M, a
unique DNA alkylating agent; and TAPET(R), a modified Salmonella vector used to
deliver anticancer agents directly to tumors. For additional information on Vion
and its research and product development programs, visit the company's Internet
web site at www.vionpharm.com.
Beijing Pason Pharmaceuticals, Inc. ("Pason") is a pharmaceutical company
focused on the development of anti-cancer and anti-HBV drugs. Pason's products
include: BP9906, an anti-HBV agent and BP-Inter 014, an anti-cancer agent. Pason
also has a subsidiary that specializes in developing and distributing diagnostic
products for infectious diseases. For more information, visit
www.pason-pharm.com.
This news release contains forward-looking statements. Such statements are
subject to certain risk factors which may cause Vion's plans to differ or
results to vary from those expected, including Vion's ability to secure external
sources of funding to continue its operations, the inability to access capital
and funding on favorable terms, continued operating losses and the inability to
continue operations as a result, its dependence on regulatory approval for its
products, delayed or unfavorable results of drug trials, the possibility that
favorable results of earlier clinical trials are not predictive of safety and
efficacy results in later clinical trials, the need for additional research and
testing, and a variety of other risks set forth from time to time in Vion's
filings with the Securities and Exchange Commission, including but not limited
to the risks discussed in Vion's Annual Report on Form 10-K for the year ended
December 31, 2002. Except in special circumstances in which a duty to update
arises under law when prior disclosure becomes materially misleading in light of
subsequent events, Vion does not intend to update any of these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
Gruss E.
Vion Licenses Triapine(R) Rights in China, Taiwan, Hong Kong and Macao
NEW HAVEN, Conn., Oct 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- VION
PHARMACEUTICALS, INC. (Nasdaq: VION) announced today that the Company had
entered into a license agreement with Beijing Pason Pharmaceuticals, Inc.
("Pason") related to the exclusive rights to develop, manufacture and market
Triapine(R) for anticancer and antiviral uses in the mainland of the People's
Republic of China, Taiwan, Hong Kong and Macao (the "Territory"). The agreement
awaits final approval from various government agencies of the People's Republic
of China.
The terms of the agreement include an initial payment of $500,000 upon receipt
of required approvals, $4.75 million in additional milestone payments, and
royalty payments of 11% of any Triapine(R) revenues in the Territory. Pason will
fund the preclinical and clinical development necessary for regulatory approval
of Triapine(R) in the Territory.
According to the Ministry of Public Health of the People's Republic of China
(MPH-PRC) and the Chinese Pharmaceutical Association (CPA), China has 1 million
people infected with human immunodeficiency virus (HIV) (source: MPH- PRC), 20
million chronic hepatitis B (HBV) patents (source: MPH-PRC), and a total of 4.5
million cancer patients (source: CPA). In addition, 2 million new cancer
patients are diagnosed every year (source: CPA). China spends nearly $1 billion
on anti-cancer drugs (source: CPA) and $6 billion on anti-HBV medication
(source: MPH-PRC) each year.
Alan Kessman, Chief Executive Officer of Vion, said, "We are pleased to be in
partnership with Pason to commercialize Triapine(R) in China, Taiwan, Hong Kong
and Macao. The potential markets in these regions for the treatment of cancer
and viral disease are substantial."
Dr. Sen Liu, the Chief Executive Officer of Beijing Pason Pharmaceuticals said,
"We believe that Pason's license of Triapine(R) is among the first such
technology transfers in the pharmaceutical industry in China since its entrance
into the World Trade Organization." He added, "We are glad to collaborate with
Vion to develop Triapine(R) in China. It is our belief that, by licensing
patents and new technology, China's pharmaceutical companies will be able to
develop high quality chemical drugs more effectively. Collaborations with
foreign companies will improve our product pipeline, and in the long run,
benefit patients."
Vion Pharmaceuticals, Inc. is a biopharmaceutical company developing novel
agents for the treatment of cancer. Vion's portfolio of agents includes:
Triapine(R), a potent inhibitor of a key step in DNA synthesis; VNP40101M, a
unique DNA alkylating agent; and TAPET(R), a modified Salmonella vector used to
deliver anticancer agents directly to tumors. For additional information on Vion
and its research and product development programs, visit the company's Internet
web site at www.vionpharm.com.
Beijing Pason Pharmaceuticals, Inc. ("Pason") is a pharmaceutical company
focused on the development of anti-cancer and anti-HBV drugs. Pason's products
include: BP9906, an anti-HBV agent and BP-Inter 014, an anti-cancer agent. Pason
also has a subsidiary that specializes in developing and distributing diagnostic
products for infectious diseases. For more information, visit
www.pason-pharm.com.
This news release contains forward-looking statements. Such statements are
subject to certain risk factors which may cause Vion's plans to differ or
results to vary from those expected, including Vion's ability to secure external
sources of funding to continue its operations, the inability to access capital
and funding on favorable terms, continued operating losses and the inability to
continue operations as a result, its dependence on regulatory approval for its
products, delayed or unfavorable results of drug trials, the possibility that
favorable results of earlier clinical trials are not predictive of safety and
efficacy results in later clinical trials, the need for additional research and
testing, and a variety of other risks set forth from time to time in Vion's
filings with the Securities and Exchange Commission, including but not limited
to the risks discussed in Vion's Annual Report on Form 10-K for the year ended
December 31, 2002. Except in special circumstances in which a duty to update
arises under law when prior disclosure becomes materially misleading in light of
subsequent events, Vion does not intend to update any of these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
