Covidien Ltd. (NYSE:COV) (BSX:COV) and BioSynthema Inc. yesterday announced the signing of agreements to develop and commercialize a nuclear medicine remedy for the benefit of neuroendocrine cancer patients. Under the terms of an exclusive sanction agreement, BioSynthema will gain access to specific Covidien proprietary peptide technology. The license will enable BioSynthema to licence this technology in conjunction with its own technology and proprietary clinical research to further demonstrate a strange targeted radionuclide therapy product. Under the terms of a separate deal, Covidien purposefulness suffer with exclusive marketing rights to the resulting cancer group therapy technology.
We are very pleased to be working with BioSynthema on this superior technology, said Steve Hanley, President of Covidien Imaging Solutions. This concoct reflects Covidiens commitment to the to be to come of atomic medicine and to the improvement of new and unexcelled radiolabeled products.
The redone technology utilizes a radiolabeled peptide that targets specific somatostatin receptors on neuroendocrine cancer cells. If approved, this hypnotic candidate will add to Covidiens portfolio of nuclear pharmaceutical oncology agents, including OctreoScan (kit for the preparation of indium In-111 pentetreotide), a molecular imaging agent which is indicated for the scintigraphic detection and localization of primary and metastatic neuroendocrine tumors bearing somatostatin receptors. The safety and effectiveness of OctreoScan imaging representative in pediatric patients have not been established, and use in patients with impaired renal function should be carefully considered.
Covidien Imaging Solutions, based in St. Louis, is a paramount provider of imaging products used by physicians to detect and diagnose various diseases. BioSynthema is a drug discovery and development company focusing on unique pharmaceuticals that target cell concrete receptors overexpressed in cancer cells. BioSynthema is based in St. Louis and Amsterdam, The Netherlands.
Using this technology, BioSynthema has collaborated with Eric Krenning, M.D., Ph.D., FRCP, and Professor of Nuclear Medicine at the Erasmus Medical Centre in The Netherlands, for the purpose more than five years on a clinical analysis study, which has enrolled over 600 patients.
I am very encouraged that Covidien and BioSynthema keep agreed to cooperate in the increase and commercialization of this product, said Professor Krenning.
The incidence of neuroendocrine tumors is approximately 20,000 late-model cases per year in the U.S. and Europe, said Jack Erion, Ph.D., President and CEO of BioSynthema. If approved, this technology would provide a late restorative tranquillizer in spite of those patients who currently have rather narrow treatment options.
Under the terms of the agreements, BioSynthema will develop and manufacture the outcome and Covidien will be stable benefit of worldwide marketing, sales and parcelling. The companies plan to pursue marketing authorization in Europe and the U.S. initially.
ABOUT COVIDIEN
Covidien is a leading global healthcare products company that creates innovative medical solutions for better dogged outcomes and delivers value through clinical operation and distinction. Covidien manufactures, distributes and services a diverse range of perseverance-leading merchandise lines, including Surgical Devices, Determination-Based Devices, Respiratory and Monitoring Solutions, Patient Care and Cover Products, Imaging Solutions, Pharmaceutical Products, Medical Supplies and Retail Products. With 2006 revenue of approximately $10 billion, Covidien has more than 43,000 employees worldwide in 57 countries, and its products are sold in throughout 130 countries.
Choose by http://www.covidien.com to learn more about our commerce.
ABOUT BIOSYNTHEMA
BioSynthema Inc. was founded in 2001. Its headquarters and research and development laboratory are located in St. Louis, Missouri at the Center for Emerging Technologies. The companys European office is located in Amsterdam, The Netherlands. BioSynthema specializes in the discovery and maturing of unique molecular targeted biopharmaceuticals since oncology based diagnostic and therapeutic applications especially in the field of Nuclear Pharmaceutical.
More information is available at http://www.biosynthema.com.
COVIDIEN, COVIDIEN with Logo and apparent brands are trademarks of Covidien AG or its affiliate. 2007 Covidien AG or its affiliate. All rights reserved.

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