CRANBURY, N.J., Jan. 21, 2015 (GLOBE NEWSWIRE) -- Cornerstone Pharmaceuticals, Inc., a clinical stage company and leader in the field of cancer metabolism-based therapeutics, today announced that it has received funding through the State of New Jersey's Business Tax Certificate Transfer Program for the year 2014.
This is the fourth year that Cornerstone has been selected to participate in the program, which is a state initiative designed to encourage innovation and job creation by assisting promising, early-stage biotechnology, life sciences and technology companies that are not currently realizing a profit to turn net operating losses and R&D tax credits into capital.
Cornerstone intends to use the proceeds to further fund research and development of the Company's Altered Energy Metabolism Directed (AEMD) platform drug candidates, including lead drug CPI-613 which is designed to disrupt the altered energy-production pathways in cancer cells by targeting their altered mitochondrial metabolism.
Steve Carchedi, Cornerstone's Chief Executive Officer, said, "We are pleased that the New Jersey Economic Development Authority (NJEDA) has once again approved Cornerstone as a participant in this program. As a development stage company and leader in the field of cancer-metabolism therapies, the sale of these credits through the Technology Business Tax Certificate Transfer (NOL) Program will enable us to continue our research efforts as we work to reach our primary objective of developing and commercializing highly selective and effective anti-cancer agents, including our lead compound CPI-613. As an incentive-based state system, the NOL Program assists companies like ours to realize the potential of our R&D efforts and we appreciate the strong support for our Company as well as the entire biotechnology sector located in New Jersey."
CPI-613 is the lead drug candidate from Cornerstone's proprietary AEMD platform. Cornerstone's AEMD drug platform disrupts the metabolism (energy producing) pathways that support the growth and development of many types of cancer cells. CPI-613 has been shown in-vitro to be highly selective in inducing the simultaneous inhibition of two key mitochondrial enzymes involved in cancer cell metabolism: pyruvate dehydrogenase (PDH) and alpha ketoglutarate dehydrogenase (KGDH). Disruption of PDH and KGDH function cuts off the tumor's mitochondrial energy supply, culminating in cell death. CPI-613 is currently being evaluated in several Phase I, I/II and II human clinical trials in solid tumors and hematologic malignancies.
About Cornerstone Pharmaceuticals
Cornerstone Pharmaceuticals, Inc. is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells. The company's primary objective is to develop highly selective and effective agents with minimal toxic effects on normal cells and tissues. The company's unique approach to targeting cancer metabolism has led to two distinct technology platforms: altered energy metabolism directed, or AEMD, compounds and an Emulsiphan lipid nanoemulsion based drug delivery system.
Currently, Cornerstone's deep oncology portfolio of clinical trials evaluating CPI-613 at notable institutions includes ongoing studies in both hematologic malignancies and in solid tumors. Overall, CPI-613 has been shown to have broad utility in both solid tumors and hematologic malignancies.
For more information, visit www.cornerstonepharma.com .
This release contains forward-looking statements. These statements relate to future events or the company's future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the company, or any other person, that such forward looking statements will be achieved. The business and operations of the company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
Investor Contacts: David Burke The Ruth Group (646) 536 - 7009 Media Contact: Kirsten Thomas The Ruth Group (646) 536 -7014
