Guilford Pharmaceuticals Inc. today announced that it has entered into a transaction pursuant to which Angiotech Pharmaceuticals, Inc., obtains access to patents Guilford had previously licensed from the Massachusetts Institute of Technology (MIT) and the Johns Hopkins University (JHU). Guilford will receive net proceeds of approximately $6 million from Angiotech.
The patents (U.S. Patent Nos. RE 37,410, 5,626,862 and 5,846,565 and other corresponding foreign patents and patent applications) relate to the use of biocompatible polymers for delivery of chemotherapeutic drugs.
In connection with the transfer of these rights, Guilford has entered into a new license agreement with MIT and JHU that grants Guilford limited rights under these patents to develop PACLIMER(R) Microspheres (polilactofate/paclitaxel) for certain indications in oncology and women's health.
Craig R. Smith, M.D., Chairman, President and Chief Executive Officer of Guilford, stated, "We previously announced our intention to divest certain of our biopolymer-based drug delivery technology. Today's agreement is an important step toward achieving this goal. We have obtained fair value for the transfer of our rights to patents that no longer fit with our long-term corporate objectives while at the same time retaining rights to our PACLIMER(R) product candidate for several potential clinical indications."
PACLIMER(R) is an injectable biopolymer-based formulation of paclitaxel developed by Guilford that is designed to provide localized delivery of the drug directly to the site of a tumor, potentially offering significant advantages over traditional systemic treatment. Paclitaxel is one of the world's best selling chemotherapeutic agents and is used in the treatment of many forms of cancer, including ovarian, breast and lung cancers.
For more information on controlled drug release systems, click here.