Yatscoff RetiringEDMONTON, Sept. 25 /CNW/ - Dr. Robert Foster, Executive Chairman of the Board of Isotechnika, has announced that Dr. Randall Yatscoff will be retiring from his position as President and Chief Executive Officer. Dr. Yatscoff's resignation will be effective October 1, 2007. Dr. Yatscoff will remain on as a scientific consultant for six months to assist in scientific matters until the expected completion of the phase 2b kidney transplantation study. Dr. Yatscoff has been a member of the senior management within the company since 1996 and has been involved in the development of Isotechnika's lead drug, ISA247.
"My objective with the Company was to facilitate the scientific and clinical development of ISA247 prior to eventual commercialization efforts. As the drug is now well into Phase 3 trials in psoriasis and Phase 2b in kidney transplantation, I feel I have accomplished this objective. I remain a shareholder as I continue to be excited about the potential of ISA247 and look forward to its future progress," stated Dr. Yatscoff.
"Dr. Yatscoff's retirement coincides with moving the Company from its main emphasis on research and development (R&D) to an increasing emphasis on commercialization efforts. In the early stages of the company's evolution, Isotechnika focused on R&D, primarily due to its genesis as a University of Alberta spin-off company managed by former university professors. Now that the Company is on a path leading to commercial sales of ISA247, the management team must look to acquiring additional business expertise to assist with product launch and sales. Dr. Yatscoff's retirement from daily management and re-appointment as a scientific advisor will assist us with this transition. In the interim, the Board has asked that I reassume my role as CEO," stated Dr. Robert Foster, Isotechnika's current Executive Chairman. "Over the past 12 years we have been able to build a strong nucleus of senior scientists and clinicians specializing in all aspects of immunosuppressive drug development. These individuals are committed to the further development of our lead drug, ISA247, and to the development of additional drugs within our pipeline. My goal will be to continue to work with this team to ensure that Isotechnika continues to progress with our current partners and to focus our efforts on the timely completion of clinical trials leading to regulatory approvals."
About Isotechnika
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Edmonton-based Isotechnika Inc. is an international biopharmaceutical company focused on the discovery and development of novel immunosuppressive therapeutics that are designed to offer advantages over other currently available treatments while offering therapeutic choices to clinicians. Isotechnika looks to become the market leader of drug therapies for indications such as transplantation of solid organs (with Hoffman La Roche) and treatment of autoimmune disorders such as uveitis (with Lux Biosciences) and psoriasis.
Calcineurin inhibitors are used in the vast majority of all transplant patients from the time of transplant, continuing for the entire life of the patient. The market for these drugs currently exceeds $2 billion annually. Use of the only other two marketed calcineurin inhibitors, cyclosporin and tacrolimus, while both efficacious, is associated with various significant safety drawbacks.
Isotechnika's lead drug, ISA247, has successfully completed a Phase 3 Canadian trial for the treatment of moderate to severe psoriasis. ISA247 is currently being investigated in a Phase 3 European/Canadian psoriasis trial and a Phase 2b North American trial for the prevention of kidney graft rejection subsequent to transplantation. Our partner, Lux Biosciences, is currently conducting three separate Phase 2/Phase 3 trials investigating ISA247 as a treatment for uveitis.
Isotechnika Inc. is a publicly traded company on the Toronto Stock Exchange under the symbol "ISA". More information on Isotechnika can be found at www.isotechnika.com.
Partnerships with Isotechnika Inc.
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Isotechnika Inc. signed a collaboration agreement with Hoffman La Roche on April 9, 2002, which licensed the worldwide rights to develop and commercialize ISA247 for all transplant indications.
On September 30, 2005, Isotechnika Inc. entered into an exclusive worldwide licensing agreement with Atrium Medical Corporation for the use of ISA247 and TAFA93 specifically with drug eluting devices for the non-systemic treatment of vascular, cardiovascular, target vessel and tissue disorders.
Isotechnika Inc. and Cellgate Inc. signed an option agreement on April 25, 2006, granting Isotechnika the option to obtain an exclusive license to develop and commercialize conjugates consisting of Cellgate's patented transporter technology for the topical delivery of ISA247 in patients suffering from mild to moderate psoriasis.
On May 25, 2006, Isotechnika Inc. signed an agreement with Lux Biosciences, Inc. of Jersey City, New Jersey granting Lux Biosciences worldwide rights to develop and commercialize Isotechnika's lead drug, ISA247 for the treatment and prophylaxis of all ophthalmic diseases.