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METHYLGENE TO PRESENT AT THE AMERICAN ASSOCIATION FOR CANCER RESEARCH (AACR) ANNUAL MEETING

Montreal, Quebec. March 28, 2012 – MethylGene Inc. (TSX:MYG) today announced that preclinical data for its multi-targeted kinase inhibitor, MGCD265, will be reported in a poster session at the 2012 American Association for Cancer Research (AACR) Annual Meeting to be held in Chicago, Illinois from March 31 to April 4, 2012. The poster will highlight novel mechanisms underlying anti-tumor activity observed when MGCD265 is combined with erlotinib, an inhibitor of EGFR.

In another session on science policy, MethylGene’s Chief Medical Officer, Dr. Rachel Humphrey, will give a presentation on the use of biomarkers in clinical development.

Poster Presentation

The Combination of MGCD265, a Met/VEGFR Inhibitor in Clinical Development, and Erlotinib Potently Inhibits Tumor Growth by Altering Multiple Pathways Including Glycolysis

Date and Time: Monday Apr 2, 2012 8:00 AM – 12:00 PM (CT)
Session:  Experimental and Molecular Therapeutics 11
Abstract No.: 1790
Location: Hall F, Poster Section 29

Science Policy Session

Dr. Humphrey’s presentation is entitled “Biomarkers in clinical development: Strategic considerations”.

Date and Time: Monday Apr 2, 2012 1:30 – 1:50 PM (CT)
Session: SP03. Scientific and Regulatory Challenges in Codevelopment of Predictive In Vitro Diagnostics
Location: McCormick Place South (Level 1), Room S103

About MGCD265

MGCD265 is a novel, oral small molecule inhibitor that targets a unique spectrum of receptor tyrosine kinases: Met, VEGFR 1, 2, and 3, Tie-2 and Ron. These kinases play key roles in tumor development, survival and metastasis as well as the inappropriate formation of blood vessels (angiogenesis) that nourish the tumor. MGCD265 has completed one Phase 1 single agent study, and is nearing completion of one Phase 1 single agent clinical trial and one Phase 1/2 combination clinical trial (with erlotinib and docetaxel) in solid tumors.

About MethylGene

MethylGene Inc. (TSX:MYG) is a small molecule drug development company that is advancing two novel therapeutics for cancer and infectious disease in human clinical trials. The Company’s lead product candidates are: MGCD290, an oral antifungal agent targeting the fungal Hos2 enzyme that is currently in Phase 2 trials for vulvovaginal candidiasis, and MGCD265, an oral Met/VEGF receptor kinase inhibitor that is in Phase 1/2 clinical trials for solid tumor cancers. MethylGene owns all rights to its lead product candidates, and has partnerships with Otsuka Pharmaceutical Co. Ltd., Taiho Pharmaceutical Co. Ltd., and EnVivo Pharmaceuticals, Inc. for its other pipeline programs.

Investor Relations Contacts

Mark J. Gergen
Executive Vice President & COO
MethylGene Inc.

Tel.: 858 546-2902
ir@methylgene.com
www.methylgene.com

Michael Wood
Managing Director
LifeSci Advisors

Phone: 646 597-6983
mwood@lifesciadvisors.com
www.lifesciadvisors.com

Tracey Rowlands, Ph.D.
Director of Investor Relations and Business Development
MethylGene Inc.

Tel.: 514-337-3333 ext. 512
ir@methylgene.com
www.methylgene.com

Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Such statements, based as they are on the current expectations of management of MethylGene, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond MethylGene’s control. These risks and uncertainties could cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Such results, performance or achievements include, but are not limited to, the timing and effects of regulatory action; the continuation of collaborations; the results of clinical trials; the timing of enrollment or completion of clinical trials; the success, efficacy or safety of MGCD265, MGCD290 or mocetinostat (MGCD0103); the ability to scale up, formulate and manufacture sufficient GMP, clinical or commercialization quantities of MGCD265, MGCD290 or mocetinostat, and the relative success or the lack of success in developing and gaining regulatory approval and/or market acceptance for any compound or new product including MGCD265, MGCD290 or mocetinostat. Such risks include, but are not limited to, the impact of general economic conditions, economic conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which MethylGene does business, stock market volatility, fluctuations in costs, expectations with respect to our intellectual property position and our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others, changes in the competitive landscape including changes in the standard of care for the various indications in which MethylGene is involved, and changes to the competitive environment due to consolidation, as well as other risks, as described in MethylGene’s Annual Information Form under the heading ”Risk Factors” which you are urged to read, and all other documents filed by the Company that can be found at www.sedar.com. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. The reader should not place undue reliance on the forward-looking statements included in this presentation. These statements speak only as an update on the date they are made and MethylGene is under no obligation to revise such statements as a result of any event, circumstance or otherwise except in accordance with law.

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