CHARLOTTESVILLE, Va., April 1, 2013 /PRNewswire/ -- Adenosine Therapeutics, LLC, a drug discovery and development company founded in 1999, announced today that it has engaged Needham & Company to explore strategic options for Stedivaze®, a highly selective adenosine A2A agonist being developed as a pharmacological stress agent for use in Myocardial Perfusion Imaging.
"We are seeking regional or global collaborators to rapidly conclude our Phase 3 clinical trials, which are more than halfway complete, and to pursue the approval, distribution, and marketing of Stedivaze®," said Adenosine Therapeutics Co-Founder and CEO Robert Capon. "Clinical trial data to date suggests Stedivaze® has the potential to demonstrate equivalent efficacy, compared to the standard of care, plus best-in-class product attributes, with the potential to expand the market for Cardiac Stress Agents."
"Stedivaze® has a strong patent estate with a long life," continued Robert Capon, "The pharmacological stress agent market is established, large (presently over $700 million in the United States), and growing. We believe that, with its potential best-in-class product characteristics, strong patent estate, and a large and growing market, that Stedivaze® represents an exceptional opportunity for the right partner. We are pleased to be working with Needham and Company to find such partner for this late-stage Specialty Pharma opportunity."
Adenosine Therapeutics, LLC is a drug discovery and development company founded in 1999. Adenosine Therapeutics holds the exclusive, worldwide license to the investigational compound apadenoson, the active pharmaceutical ingredient of Stedivaze®. The company re-acquired the exclusive, worldwide license to Stedivaze® on December 31, 2012. Two Phase 3 clinical trials for Stedivaze® are 52% complete. The company is headquartered in Charlottesville, Virginia.
Needham & Company, LLC, a wholly owned subsidiary of The Needham Group, Inc., is a privately held, full-service investment bank that has focused exclusively on growth companies since it was founded 28 years ago. It concentrates on private companies and on public companies that have market capitalizations of up to $5 billion, and provides its clients with the resources to achieve their financing and strategic objectives. The Firm has capital raising expertise in IPOs, follow-on public equity offerings, confidentially marketed equity offerings, and private placements and in Mergers & Acquisitions and Corporate & Venture Services (including share repurchases). In addition to investment banking, Needham's activities include institutional sales and trading and asset management. To serve its institutional clients, Needham & Company, LLC produces comprehensive equity research on more than 350 companies in clean technology and industrial growth, communications and enterprise infrastructure, consumer, healthcare, semiconductors and semiconductor equipment, and software. The firm is headquartered in New York City with offices in Boston, MA, Menlo Park, CA, and San Francisco, CA. Needham & Company, LLC is a member of FINRA, SIPC & SIFMA.
Contact: Robert Capon, Chief Executive Officer, (434) 466-7812
SOURCE Adenosine Therapeutics, LLC