Also, the Company announced that the exclusive option granted to Genentech for ALTU-238 development and commercialization outside North America has expired.
ALTU-238 is a subcutaneously administered, once-per-week formulation of human growth hormone, which employs Altus’ proprietary protein crystallization and formulation technology, for patients with growth hormone deficiencies.
“We continue to believe ALTU-238 can provide significant patient benefit with better dosing as a potential once-per-week treatment for growth hormone disorders,” stated Sheldon Berkle, President and CEO of Altus Pharmaceuticals.
“We intend to move this program forward. Our goal is to resume clinical trials by mid-2008 and we expect to provide additional details regarding the clinical development plan to investors during the first quarter. As a unified global program, we also believe significant strategic partnering opportunities exist for ALTU-238.”
Under the revised agreement, Altus regains control of its ALTU-238 assets and Genentech has agreed to provide, for a limited term, supplies of human growth hormone for future clinical development.
In addition, Genentech will provide Altus certain funding to support transition of the program. Upon commercialization, Genentech will be entitled to a nominal royalty on sales of ALTU-238.