Singapore, Sep 2, 2010: Concordia Pharmaceuticals, US has signed a licensing agreement with Japanese company Ono Pharmaceutical, for salirasib, a first-in-class, targeted agent for the treatment of pancreatic, non-small cell lung and colorectal cancers. The agreement grants Ono the exclusive rights to develop and commercialize salirasib in Japan.

Terms of the deal include an upfront payment to Concordia by Ono, followed by additional payments based on the successful completion of clinical and regulatory milestones, as well as royalties on sales of salirasib in Japan.

"We are enthusiastic about this agreement with Ono, which marks an important milestone for both salirasib and Concordia," said Mr Reginald Hardy, President, Concordia Pharmaceuticals. "Salirasib holds exciting promise for some of the most difficult-to-treat cancers, and we are actively pursuing all opportunities to bring this compound to the next stage of clinical development and ultimately, commercialization."

"Salirasib represents a truly novel approach for cancer treatment and we are encouraged by the clinical benefit which has been demonstrated to date," said Mr Gyo Sagara, Ono's President. "Because its mode of action is different from existing therapies, salirasib is expected to offer a new option for pancreatic cancer patients, who currently have few effective treatments."