MILAN, March 26 Italy's MolMed is
close to presenting results from Phase III clinical trials of a
new cancer treatment that could represent a turning point for
the biotech company, its founder said on Wednesday.
The Milan-based company has developed the NGR-hTNF molecule
to treat mesothelioma, a cancer caused by asbestos, and expects
to announce results of the trials by the end of June, Claudio
Bordignon told Reuters.
"There is no competitor, there is no drug for the cure of
mesothelioma," Bordignon said, adding that MolMed is likely to
seek a partner to produce and market the product.
In a note broker Jefferies said it believed NGR to be an
attractive asset that could attract partners to fund further
A positive Phase III outcome could result in a licensing
deal that the company is likely to need to avoid a potential
cash shortfall by the first half of 2015, the broker said.
MolMed's pipeline also includes TK, a cell-based therapy
aimed at improving the success rate of bone marrow transplants
in patients with high-risk leukaemia.
On Wednesday the company said that the European Medicines
Agency had approved the submission of its request for
conditional approval of TK, effectively kicking off the approval
"Recent presentations confirm an impressive and durable
effect on survival (with TK). However, our primary concern
remains manufacturing capacity (due to) cash constraints,"
MolMed has asked shareholders to stump up about 5 million
euros ($6.9 million) in a capital increase that will end on
($1 = 0.7254 Euros)
(Reporting by Massimo Gaia; Writing by Stephen Jewkes; Editing
by David Goodman)