[Marxism] YM Bio Says US Govt Decision Lessens Cuba "Burden"
walterlx at earthlink.net
Fri Jul 16 13:01:55 MDT 2004
(More exciting good news on the cancer-fighting
front. Expands our evidence to demonstrate the
cruelty and criminal absurdity of the US blockade.)
YM Bio Says US Govt Decision Lessens Cuba "Burden"
By ANDY GEORGIADES
July 15, 2004 1:54 p.m.
Of DOW JONES NEWSWIRES
TORONTO -- The U.S. government's approval of a licensing
pact between YM BioSciences Inc. (YM.T) and CancerVax Corp.
(CNVX) should go a long way towards lifting the "burden" of
YM BioSciences' Cuba-related assets, its top executive
As reported, the U.S. Treasury Department approved an
agreement in which CancerVax will develop two preclinical
immunotherapeutics, previously licensed by YM BioSciences,
from Havana's Center for Molecular Immunology, or CIM. In
addition, CancerVax is also free to license another product
directly from CIM.
The decision marks the first time a U.S. company has been
allowed to license a biological with Cuban origins. "When
you put that in the context of the U.S. administration's
increasingly tough approach to Cuba , it's an absolutely
astonishing event," David Allan, chairman and chief
executive of YM BioSciences, told Dow Jones.
He said that the company's Cuban assets have been seen as a
"burden" by investors for all of its 10 years in existence,
as investors assumed that any products that resuled from
its collaboration with the CIM wouldn't be allowed to be
sold in the U.S. market. But that appears to have changed
with the "stroke of the pen," he said.
Allan said the decision shows that human health transcends
politics, and that if an effective cancer therapy is out
there, its origins shouldn't stand in the way of its
He also said that the U.S. Treasury's decision "changes the
landscape" for its key pipeline drug, TheraCIM, licensed
from the same Cuban center. TheraCIM is functionally
equivalent to Erbitux, the ImClone Systems Inc. (IMCL)
"Up until (Thursday), the pharma industry and investors
have pretty much entirely discounted TheraCIM because it
comes from this Cuban source, and everyone thinks the
Americans will never let a Cuban drug into the U.S.," Allan
said. While there's no guarantee TheraCIM would receive the
same treatment, he hopes investors will start looking at YM
BioSciences with less focus on Cuba and more attention on
the company's merits, he said.
Company Web Site: http://www.ymbiosciences.com
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