Adamis acquires prostrate drug candidates from Colby Pharmaceuticals

Adamis Pharmaceuticals Corporation (OTCBB:ADMP), today announced the completion of the acquisition from Colby Pharmaceuticals of the remaining exclusive license agreements relating to two drug product candidates for the treatment of prostate cancer (PCa). On February 25, 2010, Adamis announced the signing of a definitive agreement to acquire exclusive licenses covering three small molecule compounds, named APC-100, APC-200 and APC-300. Adamis acquired APC-300 as part of the original transaction and has now completed the acquisition of APC-100 and APC-200. 

The first of the three drugs to enter the clinic will be APC-100. Collectively, greater than $18 million has been spent on the development of these three new drug candidates for the treatment of prostate cancer. The development of APC-100 has been funded by Michael Milken's Prostate Cancer Foundation (PCF, formerly CapCure), the Department of Defense's Congressionally Directed Medical Research Programs' (CDMRP) Prostate Cancer Research Program (PCRP), as well as grants and contracts from the National Cancer Institute (NCI). Patents have been issued in the United States and in certain foreign markets and other foreign applications are in progress. 

APC-100 received the National Cancer Institute's (NCI) multi-year, multi-million dollar Rapid Award. This award is given annually by the NCI Division of Cancer Prevention to what it believes are the most promising new preventative/therapeutic anti-cancer drugs. APC-100 is an orally available anti-androgenic/anti-inflammatory, signal transduction inhibitor drug. APC-100 has demonstrated to have higher therapeutic activity than the current marketed Standard of Care anti-androgens. When tested side by side in the TRAMP prostate cancer mouse model (spontaneous prostate cancer model), APC-100 gave 90% efficacy versus the marketed Standard of Care giving 55% efficacy. In addition to increasing time to tumor progression and survival, APC-100 also induces a significant decrease in PSA production. Adamis believes these characteristics make APC-100 a first-in-class compound for the potential treatment of castrate-sensitive and castrate-resistant prostate cancer.

Adamis has recently contracted for the manufacture, formulation and fill of APC-100. A portion of this material will be used in the upcoming Phase I/IIa planned clinical trial in prostate cancer. Dr. Dennis J. Carlo, President and CEO of Adamis stated "The next few months should be an exciting time for Adamis; some of the near term milestones will include filing the IND for APC-100 Phase I/IIa prostate cancer clinical trial, filing an IND for a Phase II telomerase cancer vaccine clinical trial, begin manufacturing of our second prostate drug APC-200 and publication and announcement of the Phase III efficacy results of our C31G contraception product.