<p>Pfizer Inc (NASDAQ: PFE) is a top 5
biopharmaceutical company that develops and produces medication and vaccines
for life-threatening diseases in immunology, oncology, cardiology,
endocrinology, and neurology. Pfizer’s Product X inhibits a novel target in the
treatment of a resistant type of prostate cancer. Abingworth and Pfizer entered
into a clinical co-development funding agreement worth up to $200M. The capital
will be used to support Pfizer’s Phase 3 study, investigating Product X in
combination with another drug for patients with who have failed a certain prior
treatment. Substantial unmet need exists in this
setting of prostate cancer as many patients do not respond adequately to
existing therapies or develop resistance to them. A Joint Steering Committee
with representatives from Abingworth and Launch Therapeutics, Abingworth’s wholly
owned clinical development portfolio company, has been established to oversee
the Phase 3 development program.</p>
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