Newly listed company's purchase adds new products and increases R&D strength
TORONTO, ON AND BANNOCKBURN, IL, Dec. 24, 2013 /CNW/ - Concordia Healthcare Corp., an integrated, specialty healthcare company focused on the acquisition of legacy pharmaceutical products and medical devices and the acquisition and/or development of orphan drugs, announced today that it has acquired Pinnacle Biologics, Inc., a U.S.-based biopharmaceutical company specializing in legacy pharmaceuticals which have the potential for development as orphan drugs to treat cancer indications in addition to those for which they have previously been approved.
Concordia is completing a year of rapid, strategic growth culminating with this acquisition and the conditional approval of the listing of Concordia's common shares on the Toronto Stock Exchange (Ticker Symbol: CXR).
"The completion of our $34.5 million equity raise last week and listing approval on the TSX were major milestones for Concordia, enabling the completion of this transaction," said Mark Thompson, chief executive officer of Concordia. "The addition of Pinnacle Biologics begins an exciting new phase of growth for the Company. Concordia will be able to support the further development of Pinnacle's unique oncology products as well as new indications for rare forms of cancer and, potentially, other diseases."
One of Pinnacle's on-market products includes PHOTOFRIN®, a photosensitizer used in photodynamic therapy (PDT) of tumors. PDT with PHOTOFRIN® is a two-stage process. The first stage is the intravenous injection of PHOTOFRIN®. Clearance from a variety of tissues occurs over 40-72 hours, but tumors retain PHOTOFRIN® for a longer period. Illumination with 630 nm wavelength laser light constitutes the second stage of therapy. Tumor selectivity in treatment occurs through a combination of selective retention of PHOTOFRIN® and selective delivery of light.
Pinnacle's PDT with PHOTOFRIN is FDA approved for multiple indications including the treatment of non-small cell lung cancer (NSCLC) and esophageal cancer. PHOTOFRIN also is approved for high-grade dysplasia (HGD) in Barrett's esophagus (BE) in North America. It has Orphan Drug Designation (ODD) for cholangiocarcinoma (cancer of the bile duct) and as adjuvant therapy to surgery for the treatment of malignant pleural mesothelioma. The product is available in the USA, several major European countries, Japan, several Latin American and Southeast Asian markets.
"Being a part of Concordia and supported by re-invested revenue from its existing products, Pinnacle can continue to develop its world class science and, in particular, move forward with a pivotal Phase 3 clinical trial using PDT with PHOTOFRIN to treat a very rare form of bile duct cancer for which we have Orphan Drug Designation in the United States," said Robert S. Altman, Ph.D., president of Pinnacle Biologics.
Concordia is an integrated healthcare company with three separate, but inter-related business divisions: legacy pharmaceutical products that generate predictable cash-flow, a specialized healthcare distribution (SHD) division servicing the diabetic market, and a division focusing on the acquisition and/or development of orphan drugs. The SHD division also intends to provide a specialty pharmaceutical distribution capability, through its licenced pharmacy, for orphan drugs/approved medicines, and will do so in support of the just acquired Pinnacle Biologics, Inc. and its current oncology products.
Concordia Healthcare is a diverse healthcare company focused on legacy pharmaceutical products, medical devices and orphan drugs. Concordia Healthcare was founded in December, 2012 by Mark L. Thompson.
The company's legacy pharmaceutical business was acquired in May, 2013 and consists of an ADHD-treatment drug, Kapvay® (clonidine extended release tablets), a Head Lice Treatment, Ulesfia® (benzyl alcohol) Lotion, and an Asthma-related medication, Orapred ODT® (prednisolone sodium phosphate orally disintegrating tablets). Concordia's SHD division (Complete Medical Homecare) was acquired in October, 2013. Pinnacle's therapeutic technology is the latest strategic acquisition by Concordia.
Concordia operates out of facilities in Oakville, Ontario, Lenexa, Kansas (near Kansas City, Missouri), Chicago, Illinois and Bridgetown, Barbados.
Pinnacle Biologics, Inc., a U.S. based subsidiary of Concordia, is a biopharmaceutical research and development company specializing in orphan diseases. The company is headquartered in Bannockburn, (suburban Chicago) Illinois. Its European subsidiary, Pinnacle Biologics BV, is headquartered in Amsterdam and is the holder of the European Marketing Authorizations for Pinnacle products.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Concordia Healthcare Corp. and its business. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of Concordia's management. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, the integration of Pinnacle Biologics, Inc. with the business of Concordia, the further development of Concordia's products, the growth of Concordia, failure to obtain regulatory approvals, economic factors, the equity markets generally and many other factors beyond the control of Concordia. Although Concordia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Concordia undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Concordia Healthcare Corp.