On April 30, 2018 Altum Pharmaceuticals Inc. ("Altum" or "Altum Pharmaceuticals") reported that it has completed the acquisition of Lexi Pharma Inc. ("Lexi Pharma"), a Canadian pharmaceutical company focused on the development of AP-002, a new chemical entity (NCE) small molecule with an active US FDA IND (Investigational New Drug application) (Press release, Altum Pharmaceuticals, APR 30, 2018, View Source [SID1234598056]). AP-002, is a novel molecule, that selectively targets bone resorption while also demonstrating anti-tumor activity. Preclinical studies have shown that AP-002 selectively inhibits osteoclast differentiation and bone resorption with a novel mechanism of action distinct from other anti-bone resorption agents.
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The acquisition provides Altum with an enhanced pipeline by adding potential therapies for bone and oncology disorders, as well as, the addition of a world class management team. Lexi Pharma team members have collectively filed 15 New Drug Applications (NDAs) and have been involved in the development and launch of successfully marketed products including: Byetta, Bydureon, Camptosar, Dacogen, Ellence, Emcyt, Erbitux, Folotyn, Panretin, Symlin, Sutent, Targretin, Vidaza, Velcade, and Zarnestra.
"We are delighted to have the Lexi team join us at Altum to help us realize the goal of addressing unmet needs for women’s health with novel therapeutic approaches. As part of the merger, we are thrilled to have experienced and motivated female C-level executives joining Altum to help implement our novel strategies," said Altum Pharmaceuticals’ Chief Executive Officer, Dr. Ahmad Doroudian. "The merger represents another important step in the execution of our strategy to become a global player in women’s health."
As part of the Altum’s merger with Lexi Pharma:
Ali Ardakani, the Chief Executive Officer of Lexi Pharma, will join Altum’s board.
Dr. Angela Ogden, will join Altum as the new Chief Medical Officer.
Dr. Gina Stetsko will join Altum as the new Chief Development Officer.
Dr. Hooshmand Sheshbaradaran, will join Altum as Chief Operating Officer.
Lexi Pharma’s Chief Medical Officer Dr. Angela Ogden said, "We are excited to become part of Altum Pharmaceuticals. Our combined pipeline allows us to focus on specific therapeutic needs of women, such as, HPV and bone disorders. Our experienced and cohesive development team looks forward to bringing new treatment paradigms to women around the world."