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Medigen Biotechnology Corp.

Drug Names(s): PI-88, sulfonated monophosphorylated mannose oligosaccharide

Description: PI-88 retards the growth of primary tumours by inhibiting new blood vessel growth (angiogenesis) in three ways:

  • Heparan sulfate mimicry causes inhibition of heparanase, which prevents the release of angiogenic growth factors from the extracellular matrix (ECM),
  • Interaction with angiogenic growth factors VEGF (Vascular Endothelial Growth Factor), FGF-1 (Fibroblast Growth Factor -1) and FGF-2, reduces their functional activity. PI-88 binds with high (nanomolar) affinity to these growth factors,
  • Stimulation of the release of Tissue Factor Pathway Inhibitor (TFPI), an endogenous protein that has anti-angiogenic and anti-coagulation properties.
Inhibition of heparanase and stimulation of TFPI release are also jointly responsible for the antimetastatic activity of PI-88.

Deal Structure: Progen and Medigen
In May 2000, Progen and Medigen signed a strategic alliance. It required Medigen to undertake and complete certain clinical trials of PI-88. On completion of these PI-88 clinical trials, Medigen was entitled to a 15% royalty on PI-88 proceeds of commercialisation received by Progen.

In January 2007, Progen bought back the PI-88 royalty obligation from Medigen. The removal of the 15% royalty obligation means Progen now retains a larger portion of PI-88's proceeds of commercialisation. In consideration for Medigen agreeing to end the strategic alliance and to compensate Medigen for its contribution to the development of PI-88, Progen has agreed to return to Medigen the 19.9% equity it holds in Medigen and issue 500,000 Progen ordinary shares to Medigen on execution of the agreement. Medigen is not able to sell these shares until it completes a clinical milestone in relation to the current PI-88 Phase II HCC Trial. Progen will also pay Medigen...See full deal structure in Biomedtracker

Partners: TBG Diagnostics Limited

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