Pilot Therapeutics Signs Licensing Agreement With Bristol-Myers Squibb For Oral Retinoid

16-Oct-2001

Pilot Therapeutics, Inc., (Nasdaq: ILRG.OB), which develops proprietary natural and pharmaceutical therapeutic strategies for chronic diseases, and Bristol-Myers Squibb (NYSE: BMY) signed an agreement on October 3, granting Pilot a worldwide exclusive license to develop and market a Bristol-Myers Squibb patented class of oral retinoids. The company will initially pursue approval for its use in the treatment of severe acne. The current worldwide prescription acne market is valued at more than $1.2 billion.

This follows Pilot's recent announcement (9/4/01) that it has become a wholly owned subsidiary of Interallied Group, Inc. (ILRG), a New York-based publicly traded company. ILRG will change its name to Pilot Therapeutics Holdings, Inc., and will be managed by Pilot's existing directors and officers.

"The agreement with Bristol-Myers Squibb gives Pilot access to an oral retinoid compound that has promising potential as an improved medication for nodular cystic acne," said Floyd "Ski" H. Chilton, Ph.D., founder, chief executive officer and chief scientific officer of Pilot Therapeutics. "We look forward to applying our expertise in bioactive lipid technologies to develop an acne drug with potentially fewer side effects and greater efficacy than currently available acne medications."

According to the agreement, Pilot Therapeutics will pursue development and, if successful, FDA approval and marketing. Pilot plans to conduct early stage clinical research to Phase IIA clinical proof-of-principle studies to determine product safety and efficacy. Pilot will seek a pharmaceutical partner for late-stage development, FDA approval and marketing. In the future, Pilot may develop the product for cancer treatment.

https://www.chemeurope.com/en/news/5462/pilot-therapeutics-signs-licensing-agreement-with-bristol-myers-squibb-for-oral-retinoid.html