Tekmira Pharmaceuticals Releases 07 Operating Results
[2008-4-2]
Tekmira Pharmaceuticals Corporation ("Tekmira") (TSX: TKM) today released its 2007 audited operating results, including a summary of 2007 corporate and product development achievements and an update of objectives for 2008.
The Company said key achievements in 2007 included a corporate restructuring and an equity financing that strengthened the Company's balance sheet; a product development partnership with Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY: 24.90, +0.50, +2.04%) for the development of RNA interference (RNAi) therapeutics; Alnylam providing access to Tekmira's proprietary liposomal drug delivery technology to other alliance partners; and progress by partners and by Tekmira's internal research and development team that advanced the product pipeline.
Timothy M. Ruane, President and CEO of Tekmira, said these 2007 achievements will form a strong foundation for Tekmira's key 2008 objective, which is a business combination with Protiva Biotherapeutics Inc. announced in a separate news release earlier today.
"The combination with Protiva will provide Tekmira with significantly increased financial resources, strong management and scientific teams, a larger pipeline of products, and a leading position in the development of nucleic acid drugs, including RNAi therapeutics," said Ruane. "The new Tekmira will create more value for the shareholders of both Tekmira and Protiva than the companies could achieve independently."
Tekmira's corporate highlights of 2007 included:
- The May 1, 2007 completion of the Plan of Arrangement, overwhelmingly approved by shareholders in 2006, under which Tekmira was spun out from Inex Pharmaceuticals Corporation with Inex's entire biotechnology business, assets and intellectual property.
- Completion of a $16 million public equity financing.
Product development highlights of 2007 included:
- Signing of a partnership with Alnylam Pharmaceuticals under which the two companies will develop RNAi therapeutics utilizing Tekmira's proprietary liposomal delivery technology and Tekmira will develop products based on Alnylam's RNAi and RNA technology. Tekmira is eligible to receive milestone payments and royalties as products are commercialized.
Aradigm revenue / Tekmira entered into a licensing agreement with Aradigm on December 8, 2004 under which Aradigm licensed certain of the Company's technology for delivery of ciprofloxacin. Under this agreement, Tekmira is eligible to receive up to US$4.75 million in milestone payments for each disease indication, to a maximum of two, pursued by Aradigm for ciprofloxacin as well as royalties on product revenue resulting from products utilizing the licensed technology. In December 2007, Aradigm commenced a Phase 2 trial of inhaled liposomal ciprofloxacin and this triggered a milestone payment to Tekmira of $0.25 million.
The Company said key achievements in 2007 included a corporate restructuring and an equity financing that strengthened the Company's balance sheet; a product development partnership with Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY: 24.90, +0.50, +2.04%) for the development of RNA interference (RNAi) therapeutics; Alnylam providing access to Tekmira's proprietary liposomal drug delivery technology to other alliance partners; and progress by partners and by Tekmira's internal research and development team that advanced the product pipeline.
Timothy M. Ruane, President and CEO of Tekmira, said these 2007 achievements will form a strong foundation for Tekmira's key 2008 objective, which is a business combination with Protiva Biotherapeutics Inc. announced in a separate news release earlier today.
"The combination with Protiva will provide Tekmira with significantly increased financial resources, strong management and scientific teams, a larger pipeline of products, and a leading position in the development of nucleic acid drugs, including RNAi therapeutics," said Ruane. "The new Tekmira will create more value for the shareholders of both Tekmira and Protiva than the companies could achieve independently."
Tekmira's corporate highlights of 2007 included:
- The May 1, 2007 completion of the Plan of Arrangement, overwhelmingly approved by shareholders in 2006, under which Tekmira was spun out from Inex Pharmaceuticals Corporation with Inex's entire biotechnology business, assets and intellectual property.
- Completion of a $16 million public equity financing.
Product development highlights of 2007 included:
- Signing of a partnership with Alnylam Pharmaceuticals under which the two companies will develop RNAi therapeutics utilizing Tekmira's proprietary liposomal delivery technology and Tekmira will develop products based on Alnylam's RNAi and RNA technology. Tekmira is eligible to receive milestone payments and royalties as products are commercialized.
Aradigm revenue / Tekmira entered into a licensing agreement with Aradigm on December 8, 2004 under which Aradigm licensed certain of the Company's technology for delivery of ciprofloxacin. Under this agreement, Tekmira is eligible to receive up to US$4.75 million in milestone payments for each disease indication, to a maximum of two, pursued by Aradigm for ciprofloxacin as well as royalties on product revenue resulting from products utilizing the licensed technology. In December 2007, Aradigm commenced a Phase 2 trial of inhaled liposomal ciprofloxacin and this triggered a milestone payment to Tekmira of $0.25 million.
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