Adherex to advance development of ADH-1, calls regaining rights from GlaxoSmithKline positive

By Jennifer Lanning Drey

Portland, Ore., Oct. 12 - Adherex Technologies Inc. will move forward with development of ADH-1 (Exherin) and believes that regaining the full rights to the compound was a positive event for the company, Dr. William Peters, chairman and chief executive officer of Adherex, told investors during a company conference call on Thursday.

Adherex announced on Wednesday that GlaxoSmithKline plc's one-time option to license ADH-1 had expired unexercised.

"We believe that this is a good drug. It was a good drug with GlaxoSmithKline and it's a good drug without GlaxoSmithKline. We've worked very hard to generate significant momentum with this drug, and we intend to work hard to continue that momentum and move the drug forward," Peters said.

ADH-1 is a novel and proprietary molecule that targets N-cadherin, a protein present on certain tumor cells and established blood vessels that feed solid tumors. Adherex believes the market opportunity for the molecule could be in excess of $1 billion.

Peters said the company expects to complete enrollment in an ongoing phase 2 clinical trial of the compound by the end of the year.

Adherex has also begun a three-arm trial of ADH-1 in combination with chemotherapy and expects early data from the trial to be available in the beginning of 2007, according to Peters.

When asked during the call about Adherex's plans to avoid running out of cash in 2007, Peters said the company's management and board of directors are reviewing options including possible collaborations or a public stock offering.

In addition, he said the company's financial expenditures were not affected by GlaxoSmithKline's decision.

"We continue to live by the guidance we have provided for going forward with our financial resources," Peters said.

Peters also told investors that the company has fielded interest from a variety of possible future collaborators for the ADH-1 program.

"There are no other drugs in the clinic to our knowledge targeting N-cadherin, and based upon the molecular expression in human cancers, we believe that the relevant patient population can approach 200,000 patients annually," Peters said.

Adherex, located in Research Triangle Park, N.C., is a biopharmaceutical company focused on developing treatments for cancer.

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