Nuvelo holds off on partner for anticoagulant

By Deena Beasley

NEW YORK (Reuters) - Nuvelo Inc. (NUVO.O: Quote, Profile, Research, Stock Buzz) will hold off on seeking a development partner for its experimental anticoagulant until it finds out whether the drug has potential as a cancer treatment, the biotechnology company's chief executive said on Wednesday.

"We need to reconcile the drug's potential in cancer ... If there is no potential, we would find a partner in ACS (acute coronary syndrome)," Ted Love said at the Reuters Health Summit in New York.

The San Carlos, California-based company reported in September results from a mid-stage trial of the anticoagulant, known as rNAPc2, showing that it reduces the risk of ischemic blood clots by 50 percent in patients with ACS, an umbrella term for chest pain associated with heart attacks and angina.

Nuvelo expects to begin next year a trial of rNAPc2 as a treatment for colon cancer.

Should the drug show promise as a cancer treatment, Love said the company would seek a partnership along the lines of the deal it has with Bayer AG (BAYG.DE: Quote, Profile, Research, Stock Buzz) to develop alfimeprase, an experimental blood clot dissolver.

Under that $385 million deal, Nuvelo retained U.S. rights, with Bayer getting commercial rights outside of the U.S. in exchange for 40 percent of global funding and tiered royalties ranging from 15 percent to 37.5 percent.

Love said Nuvelo still expects to unveil results from Phase III trials of alfimeprase in peripheral arterial occlusion and catheter occlusion by the end of this year or early next year.

Alfimeprase is also being studied as a treatment for ischemic stroke and deep vein thrombosis.