Q1 2011: achievement of key milestones in BioAlliance Pharma's clinical development program
Recurring revenue streams reflect the international deployment of Loramyc®
BioAlliance Pharma SA (Euronext Paris –BIO), a company dedicated to specialty and orphan pharma products in oncology and supportive care, today reported a consolidated turnover of €604,000 for the first quarter of 2011. This turnover is constituted for €560,000 of recurring revenues from licensing agreements for Loramyc®.
These revenues are similar to the Q1 2010 figure for Loramyc® but are now constituted by revenues from licensing agreements rather than direct sales. "On the basis of our current agreement structure, our partners are highly committed to promoting the added value of this innovative product”, commented CFO Nicolas Fellmann."In parallel, BioAlliance is pursuing its partnering strategy for Loramyc®, notably via the recently signed agreement with Sosei for Japan. Loramyc® is the lead product in our "Specialty Products" business unit, which constitutes strong foundations for our future growth", he added.
The company also announced significant progress concerning its “Orphan Oncology Products” business unit in Q1 2011:
- An update of the results of the Phase II clinical trial for Livatag® (doxorubicin Transdrug™) showed a significant 17-month improvement in median survival for primary liver cancer patients, when compared with the standard of care. These remarkable results and a new regimen for administration of Livatag® (validated in animal models and which reduces the previously observed pulmonary adverse events) will be presented to the French Drug Agency by Q2 2011. They will form the basis for reactivation of the clinical development program that had been put on hold in mid-2008.
- An international extension of the ongoing clonidine Lauriad™ Phase II clinical trial in chemoradiation therapy-induced oral mucositis in patients with head and neck cancer. The extension will help accelerate patient recruitment in a disease with unmet medical needs.
"Our pipeline of products for orphan diseases and rare and severe cancers is a huge reservoir of value", commented BioAlliance Pharma CEO Dominique Costantini. "Livatag®, clonidine Lauriad™ and AMEP® (being developed in metastatic melanoma) are all in clinical phase and offer high therapeutic value and the potential for significant sales. These objectives will notably be championed by Judith Gréciet, who joined us in early March as Chief Operating Officer, Operations and R&D of BioAlliance Pharma", she added.
BioAlliance Pharma's cash reserves stood at €16.2 million as of March 31st 2011. Furthermore, incoming payments of over €8.5 million are due this year, including non-conditional milestones from existing licensing agreements.