WPD Pharmaceuticals Completed the Acquisition of Two Pancreatic Cancer Drug Candidates
WPD Pharmaceuticals Inc., a clinical stage pharmaceutical company, provides this update on the completed acquisition of exclusive sublicenses for two drug candidates from Moleculin Biotech, Inc. (Nasdaq: MBRX) a leading global pharmaceuticals company focused on the treatment of highly resistant cancers. The territory covered by the patents includes 30 countries in Europe and Asia, including Russia.
The licensed drug candidates, WP1122 and WP1732, are both considered promising potential therapies for treating pancreatic cancer, among other highly resistant tumors. WP1732 appears capable of a disproportionately high accumulation in the pancreas, making it a promising candidate for treating pancreatic cancer. WP1122 is capable of inhibiting glycolysis, a process by which cells convert glucose into energy and one on which many tumor cells are known to be much more dependent for their survival than normal cells. In particular, pancreatic cancer is known to be highly dependent on glycolysis.
The incidence of and number of deaths caused by pancreatic cancer have been gradually rising, even as the incidence and mortality of other common cancers have been declining. Removal of the pancreatic cancer tumor is currently the only chance of cure. Unfortunately, 80% to 85% of patients diagnosed with pancreatic cancer are at an advanced stage and the tumor has overtaken the pancreas and even surrounding tissues. Furthermore, pancreatic cancer responds poorly to most chemotherapeutic agents.
Mariusz Olejniczak, CEO of WPD commented, “The Acquisition of these two pancreatic cancer drug candidates is an important step for WPD, and continues to demonstrate our ability to execute on our long term strategy of developing novel treatments for cancer. Working with some of the world’s leading cancer scientists, we are diligently focused on developing our portfolio of eight drugs across five different indications. We will continue working with Moleculin to further develop these drug candidates in our ongoing effort to create improved treatments for pancreatic cancer and other highly resistant tumors.”
The Company also announces that on January 29, 2020 it granted 200,000 options to a new member of its scientific advisory board. The options are exercisable for 5 years at an exercise price of $1.23 per share.