SYNSORB Biotech Inc. Announces Closing Of Oncolytics Biotech Inc. Acquisition
CALGARY, ALBERTA (April 22) BUSINESS WIRE -April 22, 1999--SYNSORB (Nasdaq:SYBB) (TSE:SYB.) SYNSORB Biotech Inc. ("SYNSORB") (TSE:SYB) (Nasdaq:SYBB) announced today that the acquisition of Oncolytics Biotech Inc. (OBI) has been completed as per the terms announced on February 24, 1999.
OBI was formed to explore the use of the reovirus as a potential cancer therapeutic. OBI researchers discovered that the benign human reovirus infects and kills cancer cells with an activated Ras pathway. Ras is an important component of a pathway controlling normal growth and differentiation of a cell, and when mutated, may account for 30-40 percent of all human tumors. Therefore, targeting this mutation could have broad potential in the treatment of many cancers. OBI researchers demonstrated that reovirus was selectively able to kill cancer cells with this particular mutation. Activating mutations in Ras are found in many types of human malignancies, but are highly represented in pancreatic (90 percent), sporadic colorectal (50 percent), lung carcinomas (30 percent), myeloid leukemia (30 percent) and thyroid tumors (50 percent). OBI researchers successfully demonstrated that the virus could kill human cancer cells in vitro derived from breast, prostate, pancreatic and brain tumors.
Experiments published in the November 13, 1998 issue of Science titled "Reovirus Therapy of Tumors with Activated Ras Pathway" demonstrated that reovirus was effective in causing tumor regression in mouse models. It was reported that the use of this virus to treat mouse tumors as well as human brain tumors implanted in immuno-compromised mice yielded promising results - a single injection of reovirus was often enough to cause complete tumor regression. Moreover, the virus therapy was effective in causing tumor regression in immune competent animals regardless of the presence of neutralizing antibodies to the virus.
SYNSORB Biotech Inc. is dedicated to accelerated drug development from the acquisition of promising compounds emerging from basic research through clinical development, and ultimately to providing channels to market for new discoveries. Headquartered in Calgary, SYNSORB currently has two products in late stage clinical development, SYNSORB Pk(R) for the prevention of HUS and the treatment of verotoxigenic E. coli (VTEC) infections (including O157:H7), and SYNSORB Cd(R) designed to treat recurrent antibiotic-associated diarrhea (CDAD). SYNSORB has additional compounds in pre-clinical development, including potential cancer treatments and novel antibiotics, with inflammation and anti-virals targeted in the Company's research and development program.
This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. These factors include results of current or pending clinical trials, actions by the FDA/HPB and those factors detailed in the Company's registration statement on Form 20 F filed with the Securities and Exchange Commission.
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CONTACT: The Equicom Group
Jason Hogan, 416/815-0700 ex 222
416/815-0080 (FAX)
United States: 800-385-5451
or
SYNSORB Biotech Inc.
Dr. David Cox, 403/283-5900
403/283-5907 (FAX)
or
Oncolytics Biotech Inc.
Dr. Matt Coffey, 403/270-1301
403/283-5907 (FAX)
or
SYNSORB Biotech Inc.
For product licensing inquiries, 403/283-5900
403/283-5907 (FAX)
http://www.synsorb.com
KEYWORD: NEW YORK INTERNATIONAL CANADA
INDUSTRY KEYWORD: PHARMACEUTICAL BIOTECHNOLOGY MEDICINE MERGERS/ACQ
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