Cardium Therapeutics Inc. has changed its corporate name and business to Taxus Cardium Pharmaceuticals Group Inc. in connection with its strategic collaboration and funding arrangement concluded with China-based Shanxi Taxus Pharmaceuticals Co., Ltd.
The strategic collaboration is designed to support the commercial development of Generx® and Excellagen® by Taxus Cardium, and also to provide new opportunities to explore the commercialization of these products for the emerging and rapidly growing advanced healthcare market in the People's Republic of China, and Shanxi Taxus oncology-focused product opportunities for the U.S. market.
In January 2014, Cardium Therapeutics reported encouraging initial clinical study findings from its ASPIRE international Phase 3 registration clinical study, which is designed to confirm the continued safety and effectiveness from four previously completed clinical studies of Generx as an interventional cardiology angiogenic gene therapy for the potential treatment of cardiac microvascular insufficiency, a condition that leads to myocardial ischemia due to advanced coronary artery disease. Cardium also recently reported on advances in the commercial development of Excellagen as an advanced wound care therapy. Excellagen is an FDA-cleared, acellular biological skin substitute designed as a professional-use advanced wound care product for the treatment of chronic non-healing diabetic foot, venous and pressure ulcers, which also has multiple additional potential tissue regeneration applications based on stem cells and other biologics.
In connection with the strategic collaboration, Shanxi Taxus will cooperate with Taxus Cardium to develop opportunities for the regulatory approval and commercialization of Generx and Excellagen in China, which has a rapidly growing market and needs for advanced healthcare including products for the treatment of heart disease and chronic wounds. Taxus Cardium will also have the opportunity to work with Shanxi Taxus on the development of new and innovative product opportunities for Taxol (Paclitaxel) based products in the United States. Mr. Jiayue Zhang, who is the Chairman of Shanxi Taxus, and an additional individual with U.S. corporate and financial experience, have agreed to join Taxus Cardium's Board of Directors.
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