VaxOnco Inc announces acquisition of rights to Onyvax-P cell vaccine

Seoul, South Korea, 1st September 2009,: VaxOnco Inc, a Korean specialty biotechnology company focused on peptide based cancer vaccines, announced today that it had completed the acquisition of all intellectual property rights for Onyvax-P (ONY-P), a cell vaccine in development for prostate cancer by Onyvax. The financial terms of the deal were not disclosed.

ONY-P is a new investigational vaccine treatment designed to stimulate the immune system to attack prostate cancer. ONY-P consists of a combination of cell lines that are representative of different stages of the disease. The cells have been inactivated and cannot grow or reproduce to create a new cancer. Onyvax believes its vaccine will be able to induce a powerful immune response against a broad range of prostate cancer-associated markers.

ONY-P for prostate cancer has been the subject of three randomized, controlled Phase IIb studies in patients who have no radiologically detectable disease.

In an earlier Phase IIa proof-of-principle study, primary endpoints were met (Clin Cancer Res (2005) 11:4469-4478): the median progression free survival was 58 weeks, which compares favourably with historic control data of 26-29 weeks. 42% patients experienced a prolonged, statistically significant reduction in prostate specific antigen velocity (independent studies have shown PSA velocity to be a predictor of overall survival). The treatment was very well tolerated and side effects were minimal. An earlier Phase I/II study in advanced metastatic disease demonstrated safety, tolerability and immunogenicity, with patients showing increased T-cell and antibody responses against tumour targets.

VaxOnco will support the continued development of ONY-P to assess the future potential of the product as part of VaxOnco’s growing portfolio of cancer vaccines. In 2009 VaxOnco acquired the US subsidiary of Pharmexa A/S – Pharmexa-Epimmune - and it already has separate technology licensing agreements in leukemia research with key US institutions such as the Rush University Medical Center in Chicago.

Dr. Jay Sangjae Kim, Chairman of the Board and CEO for VaxOnco says, “We appreciate Onyvax giving us the opportunity to acquire ONY-P. We will cultivate the technology as a future growth engine of the company through continuing development of ONY-P in prostate cancer – a disease associated with considerable unmet need, both in Asia and across the world”.

 

Notes to Editors:

About VaxOnco

VaxOnco is a South Korean company specializing in developing new cancer therapies that harness the selective power of the immune system to seek out and destroy tumour cells. VaxOnco is committed to the discovery, development and commercialization of novel therapies (cancer vaccines) that enhance survival while maintaining a high quality of life for patients. Business and product development is driven from the company’s headquarters in Seoul, South Korea.

Further information on VaxOnco can be found at www.vaxonco.com

About Onyvax

Onyvax Ltd (in company voluntary arrangement) is a biotechnology company developing novel cancer therapies. Founded in 1998, Onyvax is developing products that use the power of the immune system to treat prostate and other cancers. For each cancer type, Onyvax generates banks of proprietary cell lines representative of different stages of the disease. The vaccines are manufactured in bulk under standardized conditions.

Further information on Onyvax can be found at
www.onyvax.com

Contacts for further information

VaxOnco
84-1, Samsung-dong, Gangnam-gu, Seoul, South Korea

Jay Sangjae Kim, CEO
+82-2-540-6221

Michelle Kyunghee Kim, Vice President, Business Development
+82-2-540-6221

Onyvax
Anthony Walker, former Onyvax CEO
Partner, Alacrita LLP
London Bioscience Innovation Centre
2 Royal College Street
London NW1 0NH.

www.alacritaconsulting.com