Draximage makes business moves

June 24, 1998

Radiopharmaceutical hopeful Draximage is laying the groundwork for its entry into the nuclear medicine market. The Montreal company this month signed an agreement with a biotechnology firm that should enable Draximage to expand its R&D pipeline. It

Radiopharmaceutical hopeful Draximage is laying the groundwork for its entry into the nuclear medicine market. The Montreal company this month signed an agreement with a biotechnology firm that should enable Draximage to expand its R&D pipeline. It also closed the acquisition of a pharmaceutical manufacturing facility in Quebec that will become its permanent headquarters.

In the first agreement, Draximage signed a deal with Molecular Targeting Technology (MTTI) of Malvern, PA, to develop, manufacture, and market new imaging agents. The first potential product covered by the relationship is Amiscan, a formulation of technetium-99m glucarate being developed for the early diagnosis of acute myocardial infarction. Preliminary results with the agent indicate that it could be used to diagnose and localize myocardial infarct within a few hours of onset.

In the other deal, Draximage's parent company, Draxis Health, completed the acquisition from IVX BioScience of a manufacturing facility in Kirkland, Quebec, that formerly was used by pharmaceutical giant Burroughs Wellcome. The facility will become the headquarters for Draximage and will assume manufacturing responsibilities for other Draxis products. Draximage is developing a range of peptide-based targeted radiopharmaceuticals for applications such as deep vein thrombosis, oncology, and lung and kidney scans (SCAN 2/18/98).