Concordia Healthcare, a diverse healthcare company, has announced the acquisition of US-based biopharmaceutical company Pinnacle Biologics.
Concordia CEO Mark Thompson said the completion of its $34.5m equity raise last week and listing approval on the Toronto Stock Exchange were major milestones for the company, enabling the completion of this transaction.
"The addition of Pinnacle Biologics begins an exciting new phase of growth for the Company. Concordia will be able to support the further development of Pinnacle's unique oncology products as well as new indications for rare forms of cancer and, potentially, other diseases," Thompson added.
Photofrin, a photosensitizer used in photodynamic therapy (PDT) of tumors, is one of the products which Pinnacle Biologics is currently selling in the market.
Pinnacle's PDT with Photofrin is a two-stage process. Photofrin is given intravenously in the first stage. Clearance from a variety of tissues occurs over 40-72 hours, but tumors retain Photofrin for a longer period.
The second stage of therapy constitutes illumination with 630nm wavelength laser light. Tumor selectivity in treatment occurs through a combination of selective retention of Photofrin and selective delivery of light.
The US Food and Drug Administration has approved Pinnacle's PDT with Photofrin for multiple indications which include the treatment of non-small cell lung cancer (NSCLC) and esophageal cancer.
Photofrin has orphan drug designation for cholangiocarcinoma (cancer of the bile duct) and as adjuvant therapy to surgery for the treatment of malignant pleural mesothelioma.
The product is available in the US, Japan, several European countries and several Latin American and Southeast Asian markets.
Pinnacle Biologics president Robert S Altman said: "Being a part of Concordia and supported by re-invested revenue from its existing products, Pinnacle can continue to develop its world class science and, in particular, move forward with a pivotal Phase 3 clinical trial using PDT with PHOTOFRIN to treat a very rare form of bile duct cancer for which we have Orphan Drug Designation in the United States."
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