MGI PHARMA and SuperGen Announce Signing of a Worldwide License Agreement for Dacogen(TM)
01 Septiembre 2004 - 6:01AM
PR Newswire (US)
MGI PHARMA and SuperGen Announce Signing of a Worldwide License
Agreement for Dacogen(TM) MINNEAPOLIS and DUBLIN, Calif., Sept. 1
/PRNewswire-FirstCall/ -- MGI PHARMA, INC. (NASDAQ:MOGN), and
SuperGen, Inc. (NASDAQ:SUPG), today announced that they have signed
a definitive agreement granting MGI PHARMA exclusive worldwide
rights to the development, manufacture, commercialization and
distribution of Dacogen(TM) (decitabine), SuperGen's
investigational anti-cancer therapeutic for the treatment of
patients with myelodysplastic syndromes or MDS. Under the terms of
this agreement, MGI PHARMA will make a $40 million equity
investment in SuperGen at $10.00 per share and will pay SuperGen up
to $45 million based upon achievement of specified regulatory and
commercialization milestones. SuperGen will continue with its
filing of the MDS applications for regulatory approval in the U.S
and Europe with assistance from MGI PHARMA. SuperGen will receive a
royalty on worldwide net sales starting at 20% and escalating to a
maximum of 30%. MGI PHARMA has also committed to fund further
development costs associated with Dacogen, at a minimum of $15
million. The transaction is subject to customary closing conditions
and regulatory approval. Additional financial terms and details of
the agreement were not disclosed. UBS Investment Bank acted as
exclusive advisor to MGI PHARMA in this transaction. The Kriegsman
Group, A Division of QA3 Financial Corp, acted as exclusive advisor
to SuperGen. "We are very pleased to announce this agreement with
SuperGen and to advance the development of this important product
candidate, Dacogen," said Lonnie Moulder, President and Chief
Executive Officer of MGI PHARMA. "We believe that it may eventually
offer patients with a variety of hematologic cancers an important
treatment option." "MGI PHARMA is a strong commercialization
partner for Dacogen, and we are very pleased to have reached this
agreement," said Dr. James Manuso, President and Chief Executive
Officer of SuperGen. "We believe Dacogen now has the resources and
support of a premier oncology biopharmaceutical company with the
expertise to facilitate it reaching the cancer patients who most
need it as expeditiously as possible." SuperGen completed Phase III
clinical trials of Dacogen in patients with MDS in March 2004.
SuperGen and MGI will collaborate on the regulatory development
process for Dacogen in MDS, and SuperGen expects to complete the
NDA filing within the first 30 days of the fourth quarter of 2004.
MGI PHARMA plans to evaluate Dacogen for further development in
several additional indications, including acute myeloid leukemia
(AML), chronic myelogenous leukemia (CML), and sickle cell anemia,
as well as its use in combination with other anticancer agents for
the treatment of various solid tumors. Alternative dosing schedules
for Dacogen, including subcutaneous administration and more rapid
intravenous infusions, are currently being evaluated in clinical
studies. MGI PHARMA Conference Call and Webcast Details MGI PHARMA
will host a conference call today, September 1, 2004 at 9:30 a.m.
Eastern Time to discuss the three news releases issued by the
Company this morning and the Company's updated financial guidance,
and to answer questions from investors and analysts. Lonnie
Moulder, president and chief executive officer of MGI PHARMA, will
host the call. All interested parties are welcome to access the
webcast via the Company's Web site at http://www.mgipharma.com/ .
This audio webcast will be archived on the Company's Web site for a
limited period of time. About Dacogen Dacogen is an investigational
drug. It has not yet been approved for marketing in the U.S. or by
other regulatory agencies in their respective countries; therefore,
safety and efficacy have not yet been established in any patient
population. In clinical trials, Dacogen has been shown to have a
broad spectrum of activity in several hematological malignancies as
well as solid tumors. Dacogen belongs to a class of drugs called
hypomethylating agents, with a unique mechanism of action.
Methylation is a process in which methyl (CH3) groups are added to
DNA to inactivate or "silence" genes. About MDS MDS is a cancer of
the bone marrow that is often fatal. Some cases of MDS progress to
leukemia. According to the Aplastic Anemia and MDS International
Foundation (http://aamds.org/), 20,000 to 30,000 new cases of MDS
are diagnosed annually in the United States. The number of new
cases diagnosed each year is increasing. The average life
expectancy for patients diagnosed with MDS is 6 months to 5 years,
depending on the severity of the disease. About MGI PHARMA MGI
PHARMA, INC. is an oncology-focused biopharmaceutical company that
acquires, develops and commercializes proprietary products that
address the unmet needs of cancer patients. MGI PHARMA has a
portfolio of proprietary pharmaceuticals, and intends to become a
leader in oncology. MGI PHARMA markets Aloxi(R) (palonosetron
hydrochloride) injection, Salagen(R) Tablets (pilocarpine
hydrochloride) and Hexalen(R) (altretamine) capsules in the United
States. The Company directly markets its products in the U.S. and
collaborates with partners in international markets. For more
information about MGI PHARMA, please visit
http://www.mgipharma.com/ . About SuperGen Based in Dublin,
California, SuperGen is a pharmaceutical company dedicated to the
acquisition, rapid development and commercialization of therapies
for solid tumors, hematological malignancies and blood disorders.
SuperGen's product portfolio includes Orathecin(TM) (rubitecan)
capsules, an investigational drug intended for the treatment of
pancreatic cancer; Nipent(R) (pentostatin for injection); Mitomycin
(generic brand of Mitomycin(R)); and SurfaceSafe(R) cleaner. For
more information about SuperGen, please visit
http://www.supergen.com/ . This news release contains certain
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
typically preceded by words such as "believes," "expects,"
"anticipates," "intends," "will," "may," "should," or similar
expressions. These forward-looking statements are not guarantees of
MGI PHARMA's or SuperGen's future performance and involve a number
of risks and uncertainties that may cause actual results to differ
materially from the results discussed in these statements. Factors
that might cause either Company's results to differ materially from
those expressed or implied by such forward-looking statements
include, but are not limited to, whether a submission for
regulatory approval for Dacogen will be made in either the U.S. or
Europe, in a timely fashion, if at all; if a regulatory submission
for Dacogen is made whether the drug will be timely approved, if at
all; whether the drug if approved will be successfully
commercialized; continued sales of MGI PHARMA's or SuperGen's other
marketed products; development or acquisition of additional
products; reliance on contract manufacturing and third party
supply; changes in strategic alliances; and other risks and
uncertainties detailed from time to time in either Company's
filings with the Securities and Exchange Commission, including
their most recently filed Form 10-Q or 10-K. MGI PHARMA and
SuperGen undertake no duty to update any of these forward- looking
statements to conform them to actual results. CONTACT: For further
information about MGI PHARMA, please contact: Jennifer Davis David
Melin MGI PHARMA - Investors MGI PHARMA - Media Tel: (212) 697-1976
Tel: (952) 346-4749 E-mail: E-mail: For further information about
SuperGen, please contact: Timothy L. Enns Sharon Weinstein
SuperGen, Inc. Euro RSCG Life NRP Tel: (925) 560-0100 x111 Tel:
(212) 845-4271 E-mail: E-mail: DATASOURCE: MGI PHARMA, INC.;
SuperGen, Inc. CONTACT: MGI PHARMA: Investors, Jennifer Davis of
MGI PHARMA, +1-212-697-1976 or , Media, David Melin of MGI PHARMA,
+1-952-346-4749 or ; or SuperGen: Timothy L. Enns of SuperGen,
Inc., +1-925-560-0100, ext. 111 or ; or Sharon Weinstein of Euro
RSCG Life NRP, +1-212-845-4271 or Web site:
http://www.mgipharma.com/ http://www.supergen.com/
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