Genentech Ends PARP Inhibitor Collaboration With Inotek
This article was originally published in The Pink Sheet Daily
Executive Summary
Inotek focuses on two clinical candidates and consolidating operations.
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Genentech is ending a development collaboration with Inotek for poly-ADP-ribose polymerase (PARP) inhibitors for the treatment of cancer, the Beverly, Mass., biotech announced April 8. The companies entered into the collaboration in 2006, with Genentech paying $20 million upfront and offering a potential $405 million in milestone payments (1 (Also see "Genentech Gains PARP Inhibitor Through Inotek Deal" - Pink Sheet, 25 Jul, 2006.)). Inotek Exec VP and Chief Business Officer Jeffrey Walsh attributed the ending of the deal to pipeline prioritization in an interview with "The Pink Sheet" DAILY. Inotek will gain the rights to assets in the PARP inhibitor program, including all compounds and intellectual property discovered or developed by either company. The firm said it will continue to evaluate the potential of next-generation PARP inhibitors and establish development priorities in oncology and non-oncology indications. The lead PARP inhibitor in the program had been INO-1001, in clinical studies for malignant melanoma with temozolomide. However, Walsh said INO-1001 is no longer a candidate for oncology. Coincident with the announcement, Inotek said it is focusing resources on two main clinical programs in its pipeline and consolidating its operations into its Massachusetts headquarters. In connection with the consolidation, the company has closed several international offices and will sell its pilot manufacturing plant in Dimona, Israel, the firm said. As a result, the firm has reduced its workforce from 120 employees to 35. The reorganization was fueled by several factors, including the return of the PARP program, a decision to move toward an outsourcing model and new data generated from other pipeline candidates. The two priority compounds in clinical development are INO-4885, in Phase I safety trials for various acute, peroxynitrite-mediated hospital conditions, and INO-8875 for the treatment and management of glaucoma, for which Inotek recently filed an IND. Overseeing Inotek's strategy is Michael Loberg, acting president and CEO, who was appointed to the interim post last November after serving on the board since 2005; he succeeded Andrew Salzman, who resigned to relocate to Israel. The company also has recruited two Sepracor executives: Rudolf Baumgartner, former VP of clinical research, who will serve as chief medical officer, and William McVicar, former VP of product development, who will be exec VP of pharmaceutical development. James Ham, previously the chief financial officer at NitroMed, has been hired as chief financial officer. -Jessica Merrill ([email protected]) |