SOURCE: Coserics

April 17, 2008 09:00 ET

Coserics Announces Company Formation Including Spin-Out of Phase 2 Clinical Asset From Serenex

DURHAM, NC--(Marketwire - April 17, 2008) - Coserics, LLC today announced its formation following a successful spin-out from Serenex, Inc. The new company commences operations with a clinical stage compound, SNX-1012, that is in phase 2 testing for treatment of chemotherapy induced oral mucositis in solid tumor patients.

Coserics was formed by Intersouth Partners, Ritchie Capital Management, Mediphase Ventures, Lilly Ventures and other former shareholders of Serenex, Inc. (Serenex was acquired by Pfizer, Inc. on April 14, 2008).

"The promise and potential of SNX-1012 led to the spin-out of Coserics," said Garheng Kong, manager of Coserics and general partner at Intersouth Partners. "We look forward to top-line data from the ongoing phase 2 trial and progressing SNX-1012 further into development as a treatment for patients who suffer from oral mucositis, a frequent and potentially severe side effect in patients receiving chemotherapy and in certain patients receiving radiation therapy."

The ongoing phase 2 clinical trial is a randomized, double-masked, placebo-controlled study to evaluate the efficacy and safety of SNX-1012. The completion of patient enrollment is expected shortly.

About Oral Mucositis:

Oral Mucositis ("OM"), also referred to as stomatitis or mouth sores, is the most common painful and debilitating side effect occurring in patients undergoing anticancer chemotherapy and radiation treatment. Nearly half a million patients develop OM each year and approximately 90% of these are patients with solid tumors. OM is a frequent cause for the interruption of chemotherapy or radiation cycles and there is currently no approved drug treatment for OM in solid tumor patients.

About SNX-1012:

SNX-1012 is a convenient oral therapy that has demonstrated significant pre-clinical efficacy and excellent clinical safety and tolerability. Additionally, it showed strong hints of efficacy in a study of stem cell transplant patients who develop oral mucositis after receiving chemotherapy. SNX-1012 is a small molecule that inhibits multiple inflammatory and tissue destruction pathways that underlie the pathophysiology of oral mucositis.

SNX-1012 has completed four phase 1 clinical trials. A phase 2 clinical trial is currently underway at multiple cancer treatment centers across US and India and is scheduled to be completed in mid 2008.

About Coserics:

Coserics is a Durham, North Carolina-based, privately held biotechnology company developing treatments for unmet medical needs. Its lead compound, SNX-1012, is in phase 2 clinical testing for treatment of chemotherapy induced oral mucositis in solid tumor patients.

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