SAN DIEGO, Aug. 10, 2007 (PRIME NEWSWIRE) -- Pacific Beach BioSciences, Inc. (PB BioSciences), a development stage biopharmaceutical company that develops novel therapeutics for the treatment and prevention of infectious diseases, and Dong Wha Pharmaceutical Ind. Co., a Seoul, Korea-based, pharmaceutical company (Dong Wha), today announced an agreement granting PB BioSciences exclusive rights to develop and commercialize Zabofloxacin (PB-101, DW-224a). PB BioSciences plans to develop Zabofloxacin for the treatment of various respiratory tract infections. PB BioSciences was founded by Paramount BioSciences, LLC.
Zabofloxacin is a fluoroquinolone antibiotic with enhanced in-vitro activity against Streptococcus pneumoniae, including strains resistant to other antibiotics. The spectrum of activity of Zabofloxacin includes those bacterial strains that are responsible for most community-acquired respiratory infections. It is anticipated that Zabofloxacin will be available as both an intravenous and oral formulation.
Dong Wha has completed a Phase 1 multi-dose study of the oral formulation of Zabofloxacin in healthy patients.
"Zabofloxacin has the potential to become a new work-horse antibiotic for the treatment of community acquired respiratory infections. It will be especially useful because of the ability to conveniently switch patients from IV to oral therapy," said Matthew A. Wikler, M.D., President and Chief Executive Officer of Pacific Beach BioSciences. "Zabofloxacin is a significant acquisition for Pacific Beach BioSciences. We are thrilled by its potential and its fit with our company's focus on infectious diseases. Dong Wha has a long history of innovative discovery and development of compounds for the treatment of infectious diseases. We look forward to a successful partnership with our colleagues at Dong Wha."
Under the terms of the agreement, Dong Wha granted PB BioSciences exclusive development and marketing rights worldwide, except in Japan, Korea, China, Taiwan, Singapore, Indonesia, India, Thailand, Malaysia, Vietnam, Hong Kong, Australia, and New Zealand. In return, PB BioSciences will make a one-time up-front payment on the execution of the license followed by potential milestone payments of up to USD $56.5 million if Zabofloxacin is successfully developed and commercialized. In addition, Dong Wha will receive royalties on worldwide sales of Zabofloxacin.
"It is a major milestone in our process of becoming a global pharmaceutical company and this partnership will accelerate our process further," said Mr. Kil-Joon Yoon, President and Chief Executive Officer of Dong Wha. "Pacific Beach BioSciences' expertise in antibiotic development makes it an ideal partner. We are delighted that Pacific Beach BioSciences shares our objective to provide options for unmet medical needs in the anti-infective field."
About Pacific Beach Biosciences
Founded in 2006 by Paramount BioSciences, Pacific Beach BioSciences, Inc. is a San Diego, CA-based development stage biopharmaceutical company that develops novel therapeutics for the treatment and prevention of infectious diseases.
Matthew A. Wikler, MD, MBA, FIDSA, has over 25 years of drug development experience, primarily in the field of infectious diseases. Prior to joining PB BioSciences as its President and Chief Executive Officer in November of 2006, Dr. Wikler held senior level positions at numerous large and small pharmaceutical companies, including SmithKline, Burroughs Wellcome, Johnson & Johnson, Bristol-Myers Squibb, ViroPharma, Peninsula Pharmaceuticals and Mpex Pharmaceuticals. He has played a major role in the development of antibiotics (penicillins, cephalosporins, quinolones), antivirals (famciclovir, penciclovir, pleconaril), vaccines (Hepatitis A, Hepatitis B), and topical antimicrobials (Bactoban). Dr. Wikler spent two years at the U.S. Food and Drug Administration and was the Deputy Director, Division of Anti-Infective Drug Products. In addition, he has had successful collaborations with numerous Asian pharmaceutical companies.
Dr. Wikler earned an M.D. degree from Temple University, completed his Infectious Diseases Fellowship at the Hospital of the University of Pennsylvania and is a Fellow of the Infectious Diseases Society of America. He also received an M.B.A. from the Wharton School of Business.
About Paramount BioSciences
Paramount BioSciences, LLC is a global healthcare development firm that conceives, nurtures, and supports new biotechnology companies. For additional information about Paramount BioSciences, visit www.paramountbio.com.
About Dong Wha Pharmaceuticals
Dong Wha Pharmaceuticals is a Seoul, Korea-based pharmaceutical company. It has a 110 year history, and develops innovative drugs with a focus on several therapeutics fields, including antibiotics, anticancer, and antiosteporosis. Dong Wha Pharmaceuticals has five compounds in clinical development and several compounds in non-clinical development today. For additional information about Dong Wha Pharmaceutical, visit www.dong-wha.co.kr.