Coley Pharmaceutical Group Receives $3.0 Million Milestone Payment from GlaxoSmithKline
WELLESLEY, Mass., October 26, 2007 /PRNewswire-FirstCall/ -- Coley Pharmaceutical Group, Inc. , today announced that the company has received a $3.0 million milestone payment from GlaxoSmithKline (GSK) associated with the initiation of GSK's Phase III clinical trial in non-small cell lung cancer (NSCLC) of an immunotherapeutic cancer vaccine containing Coley's VaxImmune(TM) vaccine adjuvant.
In June 2007, GSK announced the launch of the largest Phase III clinical trial in lung cancer to evaluate the MAGE-A3 Antigen-Specific Cancer Immunotherapeutic (MAGE-A3 ASCI) in patients with early stage, completely resected NSCLC. VaxImmune is one of the components of MAGE-A3 ASCI, intended to increase an anti-tumor immune response. The randomized, double-blind, and placebo-controlled Phase III clinical trial, known as the MAGRIT trial (MAGE- A3 as Adjuvant Non-Small Cell Lung Cancer Immunotherapy) will target enrollment of about 2,270 patients with stage IB, II or IIIA resectable NSCLC. The primary endpoint of the trial is disease-free survival. The $3 million development milestone was triggered by the initiation of this Phase III trial.
VaxImmune is Coley's proprietary TLR9 agonist designed to induce both an enhanced antibody response and a potent killer T cell immune response when used in conjunction with vaccines in order to achieve and sustain a clinical response without compromising safety. Coley has granted GSK worldwide licenses for the use of VaxImmune in GSK's vaccines in development for certain cancers and infectious diseases.
About Coley Pharmaceutical Group
Coley Pharmaceutical Group, Inc. is an international biopharmaceutical company, headquartered in Wellesley, Massachusetts, USA, that discovers and develops TLR Therapeutics(TM), a new class of investigational drug candidates that direct the human immune system to fight cancers, asthma and allergy and to enhance the effectiveness of vaccines. Coley has established a pipeline of TLR Therapeutic product candidates currently advancing through clinical development either independently or with partners, and has additional product candidates in preclinical development. Coley has product development, research and license agreements with Pfizer, sanofi-aventis, GlaxoSmithKline, Merck, Novartis and the United States government. For further information on Coley Pharmaceutical Group please visit http://www.coleypharma.com.
Safe Harbor Statement
Certain statements in this news release concerning Coley's business are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any or all of the forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions Coley might make or by known or unknown risks and uncertainties, including, but not limited to: the early stage of product development; uncertainties as to the future success of ongoing and planned clinical trials; the risk that results from early stage clinical trials may not be indicative of results in later stage trials; the unproven safety and efficacy of products under development; intellectual property rights and litigation; competitive products; and other risks identified in Coley's filings with the Securities and Exchange Commission including, but not limited to, Coley's Annual Report on Form 10-K for the fiscal year ended December 31, 2006. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Coley undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.
CONTACT: Susan Hager, Senior Director of Investor Relations and CorporateCommunications of Coley Pharmaceutical Group, Inc., +1-781-431-9019,; Media, Karen L. Bergman, +1-650-575-1509,, or Michelle Corral, +1-415-794-8662,, both of BCC Partners for Coley PharmaceuticalGroup, Inc. firstname.lastname@example.org email@example.com firstname.lastname@example.org
Web site: http://www.coleypharma.com/
Ticker Symbol: (NASDAQ-NMS:COLY)
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Posted: October 2007