NaPro changes name to Tapestry Pharmaceuticals

NaPro BioTherapeutics has changed its name to Tapestry Pharmaceuticals.

'Our new name, Tapestry, was selected because it suggests the complex intricate interdisciplinary nature of pharmaceutical drug development. The name also reinforces our development and product strategy: to build a diverse portfolio of next generation, first in class, proprietary therapeutic products for the treatment of cancer and hereditary disease,' commented Leonard Shaykin, chairman and chief executive officer.

Tapestry currently has six programs in pre-clinical development: four in oncology and two in hereditary disease. The company expects to advance two compounds into the clinic in 2004 and two more compounds into the clinic in 2005.

In December 2003 the company sold its worldwide generic paclitaxel business for $71.7m minus balance sheet adjustments. The net proceeds from that sale, approximately $50m, is now funding the development of the company's proprietary therapeutic programs. The six programs that Tapestry currently has in pre-clinical development are:

• NBT-287. A proprietary third generation taxane designed to overcome multidrug (MDR-1) and mutant tubulin resistance in taxane refractory solid tumors

• NBT-273. A proprietary Quassinoid analogue which appears to selectively downregulate C-myc overexpressing tumours

• BBN Taxane. A proprietary Bombesin/paclitaxel conjugate which selectively targets and internalises to Bombesin overexpressing tumors

• HN-1 Taxane. A proprietary synthetic peptide/paclitaxel conjugate that selectively targets and internalises specifically to squamous cell carcinomas of the head and neck

• HD-1. A proprietary oligonucleotide which appears to break up the protein aggregates characteristic of Huntington's Disease

• SCD-1. A proprietary 'gene editing' oligonucleotide which is part of an ex vivo cell therapy treatment for sickle cell disease

'We are blessed with a rich and diverse portfolio of proprietary compounds to choose from as we transition, over the remainder of this year, the focus of our development activity into human clinical trials. Animal studies are currently underway in all but the Sickle Cell program. We will be selecting, over the next six months, two of our most advanced compounds to begin Phase I human trials. We are excited and optimistic about the future of our progress and the future of Tapestry Pharmaceuticals.' commented Mr Shaykin.