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Press Release ALFACELL
CORPORATION (NASDAQ - ACEL)
Alfacell Corporation and GENESIS Pharma S.A. Announce Exclusive
Licensing
Agreement for ONCONASE in Southeast Europe
Company Release - 12/20/2006 10:01
BLOOMFIELD, N.J. and ATHENS, Greece--(BUSINESS WIRE)--
Alfacell Corporation (Nasdaq: ACEL), a biopharmaceutical company
focused on the
discovery, development and commercialization of novel ribonuclease
therapeutics
for cancer, today announced that it has entered into a exclusive
licensing and
distribution agreement with GENESIS Pharma S.A., for the
commercialization of
ONCONASE(R) (ranpirnase), the Company's lead drug candidate.
ONCONASE is
currently being evaluated in a confirmatory Phase IIIb clinical
trial in
unresectable malignant mesothelioma (UMM).
Under the agreement terms, Alfacell grants exclusive marketing and
distribution
rights for ONCONASE to GENESIS Pharma S.A. for UMM and any future
oncology
indications for the term of the agreement in eight countries in
Southeast
Europe, including Greece, Cyprus, Bulgaria, Romania, Slovenia,
Croatia, Serbia,
and the Former Yugoslavian Republic of Macedonia. The cumulative
population of
these countries is greater than 50 million people. Financial terms
were not
disclosed. GENESIS Pharma will fully fund all commercialization
activities and
certain post-marketing studies.
Alfacell will retain ownership of all intellectual property
relating to ONCONASE
and responsibility for all regulatory filings with EMEA in the
European Union
(EU), with GENESIS Pharma providing assistance in the non-EU
countries included
in this agreement. Alfacell will also be responsible for
manufacturing and
supplying the product to GENESIS Pharma, which will distribute the
product.
GENESIS Pharma will have lead responsibility for all ONCONASE
commercialization
activities and will manage all operational aspects of the
marketing, sales and
distribution of the product in the region.
Kuslima Shogen, Chief Executive Officer of Alfacell, said, "We are
very excited
to announce this agreement with GENESIS Pharma, a dynamic,
well-established
company with a proven track record of strong performance. GENESIS'
business
strategy, commercial resources, expertise in oncology, experienced
leadership
team and corporate culture made them the clear partner of choice
for Alfacell in
this region." Shogen added, "We are also extremely pleased to have
negotiated
deal terms that exceed analyst expectations and maximize
shareholder value."
Andrew Aromando, Senior Vice Preside
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