IRVINE, Calif., Dec. 31 / IDM Pharma, Inc.
(Nasdaq: IDMI) today announced that as part of the Company’s recent
decision to evaluate strategic alternatives, the Company initiated
discussions with sanofi-aventis. Following this, sanofi-aventis has
notified the Company of its decision to discontinue participation in the
development of UVIDEM, its investigational therapy being studied for the
treatment of melanoma, with all rights to the product reverting to the
Company.
In connection with this decision, the Company announced it expects to
restructure, which it anticipates will involve staff reductions in the
Company’s workforce and a review of the assets and costs associated with
products under development. The Company’s restructuring plan is expected to
be finalized and approved by the Company’s Board of Directors during the
first quarter of 2008. The Company expects to retain a core team in key
functional areas and, as part of the Company’s previously announced
strategic initiatives, will continue to evaluate the UVIDEM clinical
program, which recently completed Phase 2 studies with promising results.
The Company believes that these decisions have the following potential
benefits:
– IDM Pharma now has full rights to its product candidates including
mifamurtide (L-MTP-PE), IDM-2101 and UVIDEM
– The anticipated restructuring is expected to enable the Company to
significantly reduce its infrastructure and operating expenses
– The restructured company may be a more attractive partner in any
potential strategic transaction going forward
“These decisions provide the company with increased flexibility in our
assessment of strategic options,” said Timothy P. Walbert, president and
chief executive of IDM Pharma. “In addition, we are continuing to pursue
potential regulatory approvals for mifamurtide (L-MTP-PE) and the possible
further clinical development of IDM-2101.”
The Company will work with sanofi-aventis to conclude the UVIDEM
collaboration within the three month timeframe prescribed in their
agreement. As of September 30, 2007, sanofi-aventis owned approximately
7.9% of the Company’s outstanding common stock.
About UVIDEM
UVIDEM is a therapeutic specific immunostimulant developed to date by
IDM Pharma in partnership with sanofi-aventis. UVIDEM consists of mature
dendritic cells loaded with lysates from melanoma tumor cell lines. UVIDEM
has been administered to 143 patients in clinical development.
About IDM Pharma
IDM Pharma is focused on the development of innovative cancer products
that either destroy cancer cells by activating the immune system or prevent
tumor recurrence by triggering a specific adaptive immune response. IDM
Pharma is dedicated to maximizing the full therapeutic and commercial
potential of each of its innovative products to address the needs of
patients and the physicians who treat these patients.
For more information about the company and its products, visit
http://www.idm-pharma.com.
Forward-Looking Statements
This press release and the presentation described in this press release
include forward-looking statements that reflect management’s current views
of future events including statements regarding the strategic alternatives
available to the Company, the Company’s anticipated restructuring, benefits
that may be derived from the discontinued development of UVIDEM and the
anticipated restructuring, regulatory approval for L-MTP-PE, further
development plans for the Company’s clinical products and the timing for
conclusion of the UVIDEM collaboration. Actual results may differ
materially from the forward-looking statements due to a number of important
factors, including, but not limited to, whether the Company will be able to
identify and complete any strategic transaction that would benefit the
Company and its stockholders on a timely basis, if at all, the possibility
that the discontinuation of development of UVIDEM will not provide expected
benefits and may have a negative effect on regulatory approvals for UVIDEM,
the possibility that the Company may not obtain regulatory approval for
L-MTP-PE and the possibility that delays in the anticipated restructuring
will have a negative impact on the Company’s operating results,. Other
risks affecting the Company and its drug development programs include
whether the Company or any of its collaborators will be able to develop
pharmaceutical products using the technologies of the Company, whether
clinical trial results to date are predictive of results of any future
clinical trials, risks associated with completing clinical trials of
product candidates, risks involved in the regulatory approval process for
the Company’s product candidates, the possibility that clinical testing may
reveal undesirable and unintended side effects or other characteristics
that may prevent or limit the commercial use of proposed products, whether
the cash resources of the Company will be sufficient to fund operations as
planned, including any further clinical trials of any of the Company’s
product candidates, and the Company’s dependence on intellectual property.
These factors and others affecting the Company’s business are more fully
discussed in the Company’s Quarterly Report on Form 10-Q filed with the SEC
for the quarter ended September 30, 2007 and other periodic reports filed
with the SEC. The Company expressly disclaims any intent or obligation to
update these forward-looking statements, except as required by law.
SOURCE IDM Pharma, Inc.