Isotechnika receives $21.9M milestone from Roche

Isotechnika Inc, Edmonton, has received $21.9 million from Roche following the completion of its Phase II clinical trial of a new psoriasis drug. The $8.355 million in cash and $13.545 million in equity represents one of the largest milestone payments for a Canadian biotech company. The payment was triggered following positive results from Isotechnika’s trial of ISA247 in patients with moderate to severe psoriasis. A separate Phase II trial using the same immunosuppressant drug is being tested on kidney transplant patients. Study results are expected in late June. Isotechnika entered into a collaborative agreement with Roche in April 2002 for the global co-development and commercialization of ISA247. Under the deal, Isotechnika could receive up to US$215 million in various fees, payments and investment....