AGI announces positive results in a Phase II proof of concept study of AGI-004 in chemotherapy-induced diarrhoea Dublin, Ireland, 12 March, 2009 - AGI Therapeutics plc ("AGI" or the"Company") (AIM, IEX: AGI), a speciality pharmaceutical development company focused on gastrointestinal drug products, today announces positive results in a Phase II proof of concept study of AGI-004 in the control of chemotherapy-induced diarrhoea (CID). AGI-004 is a once-daily controlled release transdermal patch containing the nicotinic antagonist mecamylamine. The study was conducted in 64 patients across seven sites in Europe and evaluated two doses of AGI-004 compared to placebo. The results showed a statistically significant difference in the primary endpoint of reducing the incidence of patient-recorded diarrhoea (response defined as less than 4 bowel movements per day). This was observed at the higher of two doses of AGI-004 when compared with placebo. The robust response for the higher dose of AGI-004 was further supported by a statistically significant difference in the secondary endpoint of patient recorded severity of diarrhoea, while positive trends were observed in the other secondary measurement of reduction in the use of rescue anti-diarrhoeal medications. Non-significant benefit in the primary endpoint was also observed with the lower dose and, when diarrhoea was rated by the physician using the National Cancer Institute (NCI) grading system, both doses demonstrated positive improvements. Similarly, positive trends were also observed for the higher dose in the co-primary endpoint of reducing the number of bowel movements per day. While some benefit was seen with the lower dose in treating individual symptoms, the overall results are consistent with a dose response effect. In addition to the full cycle results described above, an analysis of acute (first day of chemotherapy) data, confirmed the robust control of diarrhoea at the higher dose. AGI-004 treatment was well tolerated across both doses and there were no drug-related serious adverse events. Commenting on the results of the study, Dr. John Devane, CEO, said ''We are pleased with the outcome of this study which we believe supports the continued development of AGI-004 as a novel anti-diarrhoeal agent. CID is a common and debilitating side effect which affects many patients undergoing chemotherapy. Although designed as an exploratory study, we observed a strong signal of efficacy for AGI-004 across multiple measurements of diarrhoea, in particular with the higher dose used in the study. The development of AGI-004 in a convenient transdermal patch, which can reduce the occurrence of diarrhoea in chemotherapy patients, offers a significant therapeutic advantage over current standard of care.'' Contact Information: AGI Therapeutics plc. Tel: +353 1 449 3254 David Kelly, Chief Financial Officer FD - UK Tel: +44 (0) 20 7269 7205 Jonathan Birt/John Dineen FD - Ireland Tel: +353 1 663 3607 Niamh Lyons Piper Jaffray Limited Tel: +44 (0) 20 3142 8700 Neil Mackison Will Carnwath Davy Tel: +353 1 614 8761 John Frain For further information please see www.agitherapeutics.com. Notes to Editors: About AGI-004 and chemotherapy-induced diarrheoa (CID) AGI-004, a controlled release form of mecamylamine, is a potent, non-competitive specific antagonist at nicotinic acetylcholine receptors (nAChR). More specifically, AGI-004 has been shown to be selectively active on certain nAChR sub-types which are the predominant form found on enteric neurons, where nAChR is known to regulate a range of gut functions, including modulation of secretory and motility effects. AGI-004 is formulated in a proprietary controlled release transdermal patch which is applied once-daily. CID is a prevalent and severe side-effect associated with cancer chemotherapy treatment which occurs in up to 50% of patients receiving chemotherapy and can affect up to 80% of patients receiving certain chemotherapy regimens. CID may range from troublesome (NCI grade 1) to life-threatening (NCI grade 4). CID can negatively impact a patient's health to the point that they are unable to tolerate their prescribed chemotherapy, commonly leading to delay or reduction in treatment which may diminish the effect of treatment. Loperamide is the current drug of choice for the management of mild to moderate CID, but is limited in terms of its effectiveness and dosing flexibility, and there are currently few effective alternative therapies available. Clinical Trial Design and Conduct The Phase II study was a randomised, double-blind, placebo-controlled, balanced, parallel-group trial in 64 cancer patients across 7 sites in Europe. The study evaluated the efficacy of two doses of AGI-004 in controlling diarrhoea resulting from the administration of 5-Fluourouracil, including capecitabine and/or irinotecan or cisplatin, compared with placebo, in patients with NCI grade 1 or 2 CID. Patients were randomly allocated to active treatment or placebo. Treatment was initiated 24 hours prior to chemotherapy and patients continued to self-administer AGI-004 or placebo patches once daily during and after chemotherapy for the duration of the cycle of chemotherapy. Patients were allowed free access to loperamide or other appropriate medications on a rescue basis to treat any active episodes of diarrhoea. Treatment with AGI-004 or placebo was for two consecutive cycles of chemotherapy. The dose of mecamylamine was escalated over the two cycles from the lower dose in the first cycle to the higher dose in the second cycle. About AGI Therapeutics plc AGI is a speciality pharmaceutical company which is focused on the development and commercialisation of differentiated drug products for gastro-intestinal (GI) diseases and disorders. AGI's common shares are listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Irish Enterprise Exchange of the Irish Stock Market (IEX) as AGI. The Company's lead product candidate, RezularTM, is an orally administered multiple mechanism intestinal regulator, a first-in-class mechanism for the treatment of diarrhoea-predominant irritable bowel syndrome (IBS-D). The Company announced in January that a total of 711 patients have been randomised in 123 clinical centres in the United States, Europe and South America for ARDIS 1. This study is the first of two ongoing Phase III studies which will be included in a future New Drug Application (NDA) submission to the Food and Drug Administration (FDA) for approval of RezularTM in the U.S. Of the total patients randomised, 63% are in the United States. The Company has a portfolio of product candidates derived from its Known Molecular Entity (KME) approach to drug re-profiling and development. KME is a re-profiling methodology used by the Company to identify existing therapeutic drugs which typically have been marketed for a number of years, have established safety profiles and can be developed for new clinical indications or with improved profiles in their existing clinical indications. In this way, the Company seeks to reduce the risk, time and cost of new product development as compared to the development of new chemical entities. AGI is developing a range of product candidates to treat a variety of prevalent GI diseases and disorders, including irritable bowel syndrome (IBS), dyspeptic symptoms, gastroparesis, ulcerative colitis, gastro-esophageal reflux disease (GERD) and diarrhoea-related conditions such as chemotherapy-induced diarrhoea (CID). The Company is targeting areas of the GI therapeutic drug products market for its product candidates where there are currently unmet medical needs or where the effectiveness of existing drug therapies can be further improved. The Company has five active clinical stage product candidates which are either isomers or novel drug delivery formulations of existing approved drugs and which have established safety and tolerability profiles in their currently approved clinical indications. For further information please see www.agitherapeutics.com. 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