MELBOURNE, AUSTRALIA -- (Marketwired) -- 06/26/17 -- Propanc Biopharma Inc. (OTCQB: PPCB) ("Propanc Biopharma" or "the Company"), a clinical stage biopharmaceutical company focusing on development of new and proprietary treatments for cancer patients suffering from solid tumors such as pancreatic, ovarian and colorectal cancers, today announced the Company received Orphan Drug Designation (ODD) from the FDA for the use of its lead product, PRP, a solution for once daily intravenous administration of a combination of two pancreatic proenzymes trypsinogen and chymotrypsinogen, for the treatment of pancreatic cancer. The approved indication is one of the most lethal malignancies with a median survival of 6 months and a 5-year survival rate of less than 5%. The lethal nature of this disease stems from its propensity to rapidly disseminate to the lymphatic system and distant organs, and is a major unmet medical issue.
"I am extremely proud of my team for this achievement, which has been a number of years in the making," said James Nathanielsz, Propanc Biopharma's Chief Executive Officer. "We are now firmly focused on the hard work ahead of us to proceed into First-In-Human studies as soon as possible. Receiving ODD from the FDA provides us with tremendous confidence we are on the right path, and the potential benefits to fast track the development process and receive attractive benefits for up to seven years when we achieve market approval, is very exciting for an emerging biopharmaceutical company like ours. I am truly grateful to our shareholders who continue to support our company. I hope this encourages investors to see the true value of our technology."
Under the Orphan Drug Act (ODA), drugs, vaccines, and diagnostic agents qualify for orphan status if they are intended to treat a disease affecting less than 200,000 American citizens. Under the ODA, orphan drug sponsors qualify for seven-year FDA-administered market Orphan Drug Exclusivity (ODE), tax credits of up to 50% of R&D costs, R&D grants, waived FDA fees, protocol assistance and may get clinical trial tax incentives.
"PRP is truly a unique and exciting technology, and I am really pleased we achieved this important milestone," said Dr Julian Kenyon, Propanc Biopharma's Chief Scientific Officer. "My experience tells me that our drug has the potential to extend life meaningfully, free from the severe side effects inflicted by standard treatment approaches. Our drug is unique because it reprograms cancer cells to become benign and essentially forces them to behave as a normal cell. I look forward to seeing how PRP works in the clinic, in a controlled clinical trial."
Recent development progress for PRP includes successful completion of a GLP-compliant, 28-day repeat-dose toxicity study with no toxicological findings after administration, indicating a broad safety margin and providing sufficient data to support a safe starting dose for First-In-Human studies. The Company has also commenced development of the GMP-compliant investigational medicinal product (IMP) manufacture of PRP to support preparation of a planned clinical trial application in the UK.
Responsible for 331,000 deaths worldwide in 2012, the aggressive biology and resistance to conventional therapeutic agents leads to a typical clinical presentation of incurable disease at the time of diagnosis. Propanc Biopharma intends to introduce a new therapy which targets and eradicates cancer stem cells, the cells responsible for the aggressive dissemination, resulting in a meaningful life extension for patients.
Currently progressing towards First-In-Human studies, PRP aims to prevent tumor recurrence and metastasis from solid tumors. Eighty percent of all cancers are solid tumors and metastasis is the main cause of patient death from cancer. According to the World Health Organization, 8.2 million people died from cancer in 2012. Consequently, a report by IMS Health states innovative therapies are driving the global oncology market to meet demand, which is expected to reach $150 Billion by 2020. The Company's initial target patient populations are pancreatic, ovarian and colorectal cancers, representing a combined market segment of $14 Billion predicted in 2020, by GBI Research.
To view Propanc Biopharma's "Mechanism of Action" video on anti-cancer product candidate, PRP, please click on the following link: http://www.propanc.com/news-media/video
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About Propanc Biopharma:
Propanc Biopharma is a clinical stage biopharmaceutical company developing new cancer treatments initially for patients suffering from pancreatic, ovarian and colorectal cancers. We have developed a formulation of anti-cancer compounds, which exert a number of effects designed to control or prevent tumors from recurring and spreading throughout the body. Our products involve or employ pancreatic proenzymes, which are inactive precursors of enzymes. In the near term, we intend to target patients with limited remaining therapeutic options for the treatment of solid tumors. In future, we intend to develop our lead product to treat (i) early stage cancer and (ii) pre-cancerous diseases and (iii) as a preventative measure for patients at risk of developing cancer based on genetic screening. For more information, visit: www.propanc.com.
All statements other than statements of historical fact contained herein are "forward-looking statements" for purposes of federal and state securities laws. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "plan" or "anticipate" and other similar words. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties including those regarding our earnings, revenues and financial condition, our ability to implement our plans, strategies and objectives for future operations, our ability to execute on proposed new products, services or development thereof, our ability to establish and maintain the proprietary nature of our technology through the patent process, our ability to license from others patents and patent applications, if necessary, to develop certain products, our ability to implement our long range business plan for various applications of our technology, our ability to enter into agreements with any necessary manufacturing, marketing and/or distribution partners for purposes of commercialization, the results of our clinical research and development, competition in the industry in which we operate, overall market conditions, and any statements or assumptions underlying any of the foregoing. Other risks, uncertainties and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including our reports on Forms 10-K, 10-Q and 8-K. We do not intend, and undertake no obligation, to update any forward-looking statement contained herein, except as required by law.
Source: Propanc Biopharma, Inc.
Released June 26, 2017