Arrowhead Accelerates Capital Contribution to Insert Therapeutics as Nanotech Cancer Drug Heads Toward Clinical Trials
PASADENA, California – (BUSINESS WIRE) – Oct. 11, 2005 – Arrowhead Research Corp. (Nasdaq:ARWR), a diversified nanotechnology company providing the missing link between lab and marketplace, has accelerated its investment of an additional $3 million to majority-owned subsidiary Insert Therapeutics, Inc.
Insert's lead anti-cancer drug, IT-101, has achieved complete remission of non-small cell lung cancer and Ewing's sarcoma, and significant knockdown of other tumor types in preclinical results in mouse xenografts, showing promise across a wide range of cancers. The company is currently preparing to enter IT-101 into human clinical trials at the City of Hope Comprehensive Cancer Center in Duarte, Calif.
"We have continued confidence in the power of Insert's technology," said R. Bruce Stewart, president of Arrowhead. "This contribution satisfies our funding obligation and solidifies our 68.5 percent ownership in this subsidiary."
Insert Therapeutics controls a portfolio of U.S. and foreign issued patents and pending applications covering therapeutics based on linear cyclodextrin-containing polymers, which comprises Insert's Cyclosert(TM) family of drug delivery polymers. IT-101 is a combination of Insert's proprietary Cyclosert platform and the potent anti-cancer compound camptothecin. Camptothecin has never been approved for use in humans due to its insolubility, toxicity, instability in human blood serum and poor pharmacokinetics, but approved analogues of the drug, irinotecan and topotecan, have demonstrated $1 billion in reported annual sales worldwide. In the mouse xenograft studies against a variety of cancer types, camptothecin enhanced by conjugation with Cyclosert proved to be more effective at lower doses compared to irinotecan.
Cyclosert was invented in the Caltech lab of chemical engineering professor and Insert founder Dr. Mark Davis, who used "molecular design" to create Cyclosert. This methodology involves the design and construction of functional materials using molecular building blocks.
For more information about Cyclosert and Insert's preclinical results, visit Insert's website at www.insertt.com.
About Arrowhead Research Corporation
Arrowhead Research Corporation (www.arrowheadresearch.com) is a publicly-traded nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy. Arrowhead is building value for shareholders through the progress of majority owned subsidiaries founded on nanotechnologies originally developed at universities. The company works closely with universities to source early stage deals and to generate rights to intellectual property covering promising new nanotechnologies. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications, including anti-cancer drugs, RNAi therapeutics, carbon-based electronics and compound semiconductor materials.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports on Forms 8-K and 8-K/A, our Registration Statement on Form S-3, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
Contacts
R. Bruce Stewart, President
Telephone: 626.792.5549
Email: bruce@arrowres.com