Panmira and FLAP LLCs Spun Out of Amira Pharmaceuticals

SAN DIEGO, Sept. 8, 2011 /PRNewswire/ -- Panmira Pharmaceuticals, LLC and FLAP, LLC, today announced their formation around certain assets spun out immediately preceding the acquisition of Amira Pharmaceuticals, Inc. (Amira) by Bristol-Myers Squibb Company (NYSE: BMY).  Panmira Pharmaceuticals received a number of assets, including Amira's DP2 antagonists, AM211 and AM461, both of which have successfully completed Phase I clinical studies.  FLAP, LLC is a non-operating company with rights to future milestones and royalties from Amira's 2008 licensing deal with GlaxoSmithKline related to the 5-lipoxygenase-activating protein (FLAP) inhibitor program.

"Now that we have successfully completed the sale of Amira to Bristol-Myers Squibb Company, a subset of the former Amira team will focus on completing our partnership efforts for the DP2 program," said Bob Baltera, Chief Executive Officer of Panmira Pharmaceuticals.  "We believe that spinning out these assets will be the best way to maximize their value for Amira's shareholders, and we look forward to accomplishing this goal."

Hari Kumar, Ph.D., Chief Business Officer, added, "Clinical trial results have demonstrated a dose proportional pharmacodynamic (PD) effect and good safety profiles for both AM211 and AM461.  These compounds are primed and ready for Phase II exploration in a number of clinical settings, including asthma, chronic obstructive pulmonary disease (COPD) and eosinophillic esophagitis.  We look forward to having the right partner to help make these plans come to fruition."

While there are no DP2 selective antagonists approved for therapeutic use, there is a strong scientific rationale for the target to be a novel, potentially disease-modifying treatment of asthma, COPD and allergic rhinitis. DP2, also known as chemoattractant receptor-homologous molecule expressed in Th2 lymphocytes (CRTH2), is a high affinity receptor for the prostaglandin D2 and is implicated in humans in Th2-dependent allergic inflammation.

About Panmira

Founded in 2011 and headquartered in San Diego, Panmira Pharmaceuticals, LLC is a small molecule pharmaceutical company focused on partnering clinical candidates for inflammatory diseases.  Panmira was spun out of Amira Pharmaceuticals prior to Amira's acquisition by Bristol-Myers Squibb. For more information, visit www.panmira.com.

SOURCE Panmira Pharmaceuticals, LLC