GTC Biotherapeutics (fka GTCB)

[Lewis R Goudy]

PAION AG acquires world-wide rights to anticoagulant flovagatran from UK company Trigen

From the PharmaLive.com News Archive - Apr. 23, 2008

Direct thrombin inhibitor further strengthens PAION's development pipeline


AACHEN (Germany), 23 April 2008 - PAION AG (Frankfurt Stock Exchange, Prime Standard: PA8) today announced that it has acquired the world-wide rights to flovagatran, a direct thrombin inhibitor, from UK-based Trigen Limited for an upfront payment of approximately EUR 0.3 million. PAION will be required to make a milestone payment in the event flovagatran receives regulatory approval or is licensed or sold in a major market but will not be required to pay ongoing royalties.

Flovagatran is a chemically synthesized anticoagulant for intravenous administration. It directly blocks the activity of thrombin, thereby preventing the formation of blood clots. The substance has been tested in two small Phase IIa clinical trials for dialysis and percutaneous transluminal coronary angioplasty (PTCA), which is one of the most common procedures for opening damaged or obstructed coronary arteries.

Wolfgang Söhngen, CEO of PAION AG commented: "Flovagatran nicely complements our current portfolio in the area of antithrombotics. We believe that it has potential as an anticoagulant for use in a variety of hospital-based interventions. As an initial step, we intend to conduct additional preclinical studies, on the basis of which we will formulate a clinical development strategy for flovagatran."

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