PharmaGap’s Drug Technology Well Positioned in Rapidly Growing Kinase Drug Development Space
Ottawa, Ontario/October 16, 2006 – PharmaGap Inc. (TSX-V: GAP) ("PharmaGap" or "the Company") is pleased to report that a recent study titled "Kinases: Advanced Strategies and Multiple Targets for Drug Discovery", predicts that the global kinase-targeted drug market is set to grow at a compound annual growth rate of approximately 36% over the next five years and is expected to reach US$58.6 billion in sales of kinase-targeted pharmaceuticals by the end of 2010. Cancer (mainly solid tumours) is expected to remain the dominant application for targeted kinase therapies throughout the forecast period, according to the study.
The study, which was released in September 2006 and prepared by D&MD Publications (Westborough, Massachusetts), its drug industry intelligence consultancy partners, Biophoenix (Coventry, UK), and Pharmaprojects (London, UK), indicates a rapidly expanding market for the Company’s lead drug program based on targeted-kinase therapies for cancer.
Robert McInnis, President of PharmaGap commented: "We were extremely pleased that this study confirms that protein kinase targeted therapies to treat cancer continue their momentum and acceptance in the clinic and represent the next wave of innovative patient treatment. The study highlights the fact that targeted-kinase therapies for cancer offers hope of less toxic treatments for the patient and the reduced use of chemotherapy, which are potential attributes of our lead drug program for cancer. PharmaGap’s novel program targeting protein kinase C alpha in tumours is directly aligned with the conclusions reached in this study. The decisions made by the scientific founders of PharmaGap to pursue kinase-targeted drug development in cancer have proven prescient. This study also confirms to us the potential for completing a technology licensing or similar transaction with a pharma-industry partner for our kinase inhibitor PhGalpha1", he concluded.
Other salient features from the report:
- 8 anticancer kinase inhibitor drugs have received FDA approval in the past 5 years, such as Gleevec (Novartis), Herceptin (Genentech) and Erbitux (ImClone)
- 41% of kinase drugs in development are focused on cancer
- The industry is moving toward balanced use of small molecule and biopharmaceutical (i.e. peptide) kinase inhibitors
- 80% of kinase drugs now in development are at the preclinical stage
About PharmaGap Inc.
PharmaGap Inc. (TSX-V: GAP), based in Ottawa, ON, is a biotechnology company with a core focus on developing novel therapeutic compounds for the treatment of cancer. PharmaGap's research platform targets cellular signalling pathways controlled by Protein Kinase C (PKC) isoforms. PharmaGap's lead drug compound, PhGalpha1, is in preclinical development and targets PKCalpha. The Company's strategy is to out-license drug compounds to larger life sciences companies at the preclinical stage. For more information on PharmaGap please visit the Company's website at www.pharmagap.com.