Concordia Healthcare acquired Pinnacle Biologics to boost its offerings of oncology products. “The completion of our $34.5 million equity raise last week and listing approval on the TSX were major milestones for Concordia, enabling the completion of this transaction,” explained Mark Thompson, CEO of Concordia.
One of Pinnacle’s on-market products includes Photofrin®, a photosensitizer used in photodynamic therapy (PDT) of tumors. Pinnacle's PDT with Photofrin is FDA approved for multiple indications, including the treatment of non-small cell lung cancer and esophageal cancer. The product also is approved for high-grade dysplasia in Barrett's esophagus in North America. It has Orphan Drug Designation for cholangiocarcinoma (cancer of the bile duct) and as adjuvant therapy to surgery for the treatment of malignant pleural mesothelioma.
“Being a part of Concordia and supported by re-invested revenue from its existing products, Pinnacle can continue to develop its world-class science and, in particular, move forward with a pivotal Phase III clinical trial using PDT with Photofrin to treat a very rare form of bile duct cancer,” said Robert S. Altman, Ph.D., president of Pinnacle Biologics.
Toronto-based Concordia is composed of three separate but inter-related business divisions: legacy pharmaceutical products, a specialized healthcare distribution (SHD) division servicing the diabetic market, and a division focusing on the acquisition and/or development of orphan drugs. The SHD division also intends to provide a specialty pharmaceutical distribution capability, through its licensed pharmacy, for orphan drugs/approved medicines.