|  Under
the terms of the agreement, Samaritan is to receive $10 million
upfront in two tranches. The first funding of $1.4 million
was received by Samaritan, and a remaining $8.6 million is
payable on September 16, 2007. Pharmaplaz will be responsible
for clinical development, clinical trial costs and manufacturing.
Upon successful commercialization, Samaritan and Pharmaplaz
will co-market SP-01A and will share 50-50 in its revenue
royalty stream.
Samaritan,
in looking at costly Phase III clinical trials, decided to
partner its lead HIV drug SP-01A to allow Samaritan's resources
to be allocated to the development of numerous late-stage
preclinical programs, with the objective of achieving FDA
investigational new drug (IND) status for several drugs.
Samaritan intends
to focus its efforts on developing and commercializing its
promising blockbuster drugs in order to maximize valuations
with potential partnering deals. Samaritan's current plans
include moving its Alzheimer's drug SP-233 forward so it can
advance its IND application to commence a Phase I clinical
trial; and to move ahead with late-stage preclinical trials
for its acute-care cardiovascular disease drug, SP-1000 and
its ``oral'' Hepatitis C drug, SP-10.
Dr.
Greeson, CEO of Samaritan Pharmaceuticals stated, ``Samaritan
and Pharmaplaz have had a working relationship for five years
now. They have a proven track record in pharmaceutical research,
drug development, regulatory affairs, and clinical trial manufacturing.
Through the years, we have grown to respect and trust them.
We believe this is going to be an excellent partnering relationship
and anticipate doing great things together to make SP-01A
a viable affordable drug for suffering HIV patients.''
Michael
J. Macken, CEO of Pharmaplaz Ltd., commented, ``Ireland has
a huge commitment to the global fight against HIV. Ireland
is also a major supporter of former President Bill Clinton's
work to fight HIV. Our Taoiseach (Prime Minister) Bertie Ahern,
while visiting our facility in Ireland, heard about our relationship
with Samaritan and the development of SP-01A and commented,
he hoped an Irish company would be part of finding a real
and affordable cure for HIV/AIDS in sub-Saharan Africa. At
Pharmaplaz, we believe this agreement lays the foundation
for that.''
About
SP-01A
SP-01A is a viral
replication inhibitor that acts in a dose-dependent manner
by reducing the levels of the rate-limiting enzyme HMG-CoA
reductase mRNA, leading to decreased intracellular cholesterol
and corticosteroid biosynthesis. In a Phase I/II Proof of
Concept Study, SP01A was associated with reductions in HIV-1
viral load in patients with measurable HIV-1 in a dose dependent
manner. In the high dose group, mean HIV-1 viral load reduction
of 1.34 log10 copies/ml was observed; 100% of the patients
achieved HIV-1 viral loads below the limit of detection and
a greater than 1.0 log reduction was observed in 80% of the
patients by Week 8. This level of reduction in viral load
is clinically relevant, particularly since patients continued
on background antiretroviral therapy throughout the clinical
trial.
 About
Pharmaplaz
Pharmaplaz is a
fully integrated pharmaceutical company located in Athlone,
Ireland. Pharmaplaz develops patented pharmaceutical technologies
and products for our partners, providing access to revenue
streams that are exempt from taxation on a worldwide basis
-- a benefit enjoyed by all Irish-based high-technology companies.
Our dynamic approach to customer requirements ensures success
in all areas including initial research, process development,
clinical trials, regulatory submissions and product manufacturing.
Pharmaplaz Web site: http://www.pharmaplaz.com.
Samaritan
Pharmaceuticals: ``We LIV....to Save Lives.''
Samaritan
is a small-cap BioPharma, driven to commercialize its innovative
therapeutics for AIDS, Alzheimer's, Cancer and Cardiovascular
disease. In addition, Samaritan has acquired the marketing
and sales rights to sell nine approved revenue generating
products in niche overlooked territories.
Disclaimer
The company
disclaims any information that is created by an outside party
and endorses only information that is communicated by its
press releases, filings and Website. This news release contains
forward-looking statements that reflect management's current
beliefs about the potential for its drug candidates, science
and technology. However, as with any biopharmaceutical under
development, there are significant risks and uncertainties
in the process of development and regulatory review. There
are no guarantees that products will prove to be commercially
successful. For additional information about the factors that
affect the company's business, please read the company's latest
Form 10-K/A filed November 2, 2006. The company undertakes
no duty to update forward-looking statements.
Contact:
The Investor Relations Group
Investor Relations:
Adam Holdsworth
Erica Ruderman
Rachel Colgate
212-825-3210
Samaritan
Pharmaceuticals, Inc.
Kristi Eads
702-735-7001
|
Samaritan
Pharma Partners PII HIV Drug to Pharmaplaz;
Upfront Payment $10 Million
