Inex Pharmaceuticals Corporation has formed a joint venture with Elan Corporation, plc for the development and commercialisation of INEX’s lead product, Onco TCS, now being evaluated in human clinical trials as a treatment for a number of cancers.
INEX and Elan have both contributed assets to the joint venture including worldwide rights to Onco TCS and complementary intellectual property.
David Main, INEX’s President and CEO said, “This agreement meets our objectives for a partnership for Onco TCS,” Main said.
“It brings considerable funds to complete and expand the development of Onco TCS and INEX retains a profit sharing arrangement with an international pharmaceutical company committed to oncology.”
Dr. Ivan Lieberburg, Chief Medical and Scientific Officer of Elan Corporation plc, said “We are pleased to join with INEX in this joint venture as they have demonstrated that their advances with TCS delivery technology provides a strong competitive advantage for Onco TCS. Onco TCS has the potential to become an important therapy for a number of cancers and complements other cancer drugs in our product portfolio including Myocet and Abelcet.”