Algeta US Celebrates Official Opening of Operational Center in Cambridge, MA, USA
Oslo, Norway, 18 September 2012 - Algeta ASA (OSE: ALGETA), a company focused on the development of novel targeted cancer therapeutics, today celebrates the official opening of the offices and facilities of Algeta US in Cambridge, Massachusetts.
Jeff Albers, President Algeta US, and senior management colleagues will be joined by local leaders including, Lieutenant Governor of Massachusetts, Timothy Murray, Massachusetts Life Sciences Center President and CEO, Susan Windham-Bannister, Ph.D., and MassBio Director of Economic Development & Global Affairs, Peter Abair, for an official ribbon cutting ceremony this afternoon. In September 2009, Algeta signed an agreement with Bayer for the development and commercialization of radium-223 dichloride. Under the terms of the agreement, Bayer will develop, apply for global health authority approvals and commercialize radium-223 dichloride globally, and Algeta will co-promote it with Bayer in the US.
“We are very pleased to mark the occasion of the official opening of our operational center in Cambridge in the presence of such distinguished guests,” said Jeff Albers, President Algeta US. “Algeta Group’s expansion to the US is an important step toward realizing our vision for building a global oncology company commercializing innovation. We have brought on experienced sales, marketing and medical affairs executives to build our US commercial operation and plan to deliver a phased build-up of resources in anticipation of a US commercial launch, with Bayer, of radium-223 dichloride if approved by FDA. We look forward to contributing to the commercial success of the Massachusetts biotech economy and joining the region’s growing group of commercial-stage companies.”
“Algeta is an example of the type of fast-growing company that makes Massachusetts a global leader in the life sciences,” said Lieutenant Governor Murray. “As Governor Patrick and I focus on creating jobs in every region of the Commonwealth, I am encouraged by Algeta Group’s decision to establish its commercial operations in Cambridge and join other life sciences companies that are bringing the economic benefits of this industry to communities across Massachusetts.”
“We are excited to welcome Algeta US to the Massachusetts life sciences community,” said Dr. Windham-Bannister, who heads the agency charged with implementing Gov. Patrick’s 10-year, $1 billion Life Sciences Initiative. The Massachusetts Life Sciences Center worked with Algeta Group to encourage their decision to locate in Massachusetts. “Algeta is focused on bringing novel targeted therapies to patients with cancer, and Massachusetts has an especially robust oncology community. The company’s presence will further strengthen that community and I am confident that the team at Algeta US will find the full array of resources and partners in Massachusetts that they need to thrive.”
“Algeta Group’s decision to expand in Massachusetts highlights the strength of the growing cluster of commercial-stage life sciences companies here in the Commonwealth,” said Robert Coughlin, President & CEO of MassBio. “We’re thrilled tohave such an innovative, growing, global company join the Massachusetts supercluster.”
Algeta is a company focused on developing novel targeted therapies for patients with cancer based on its alpha-pharmaceutical platform.
Algeta's lead product radium-223 dichloride is being evaluated as a potential new treatment for cancer patients with bone metastases. Submissions seeking marketing approval for the treatment of castration-resistant prostate cancer (CRPC) patients with bone metastases are expected to be made, by Bayer, in the second half of 2012 to regulatory authorities in both the US and Europe. Radium-223 dichloride is being evaluated and will be commercialized, if approved, under a global agreement with Bayer Pharma AG. If approved, Bayer will lead the commercialization of radium-223 dichloride worldwide, and Algeta will co-promote it with Bayer in the US. Radium-223 dichloride is not currently approved by the US Food & Drug Administration (FDA), the European Medicines Agency (EMA) or any other health authority.
The Company is also developing Thorium-Targeted Conjugates (TTCs), which are based on conjugating the alpha-emitter thorium-227 to tumor-targeting molecules, and has four preclinical programs underway, including a collaboration with Sanofi.
Algeta is headquartered in Oslo, Norway, and has a US subsidiary, Algeta US, LLC, based in Cambridge, MA, performing commercial marketing operations in the US. Algeta is listed on the Oslo Stock Exchange (Ticker: ALGETA). For more information please visit www.algeta.com.
This news release contains certain forward-looking statements that are based on uncertainty, as they relate to events and depend on circumstances that will occur in the future and which, by their nature, may have an impact on results of operations and the financial condition of Algeta. Such forward-looking statements reflect our current views and are based on the information currently available to Algeta. Algeta cannot give any assurance as to whether such forward looking statements will prove to be correct. These forward looking statements include statements regarding expected timing of regulatory filings and the expected commercial launch of radium-223 dichloride. There are a number of factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements. These factors include, among other things, unforeseen delays in the timing of expected regulatory filings, the ability to identify and hire a sufficient number of qualified employees for the US field force, growth management, general economic and business conditions and the pricing environment.