Exhibit 99.1
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COMPANY CONTACT: Thomas E. Klein, VP Finance & CFO
Vion Pharmaceuticals, Inc.
(203) 498-4210 ph
FINANCIAL COMMUNICATIONS CONTACT: Sue L. Yeoh (investors)
(201) 641-2408 ph
Lisa Bradlow (media)
(212) 579-7428 ph
CPR Financial Communications, LLC
VION ANNOUNCES STATUS OF PHASE III PROMYCIN(R) TRIAL
NEW HAVEN, CONN., June 22, 1999 -- VION PHARMACEUTICALS, INC. (NASDAQ NM: VION)
today announced that it had been informed by its licensee, Boehringer Ingelheim
(BI), Ingelheim, Germany, that an interim evaluation of a Phase III randomized
trial of Promycin(R) (porfiromycin) combined with radiotherapy versus
radiotherapy alone in patients with non-resectable head and neck cancer did not
meet the pre-determined criteria which would warrant continuation of accrual.
The analyses and recommendations were made by an Interim Analysis Review
Committee, which included independent external reviewers. Follow-up of all
patients enrolled to the trial is planned, and final results will be reported
when the study has surpassed the pre-determined number of events needed for full
analysis. At the same time, accrual into additional clinical studies with
Promycin sponsored by BI has been put on hold.
Promycin, an anticancer agent selective for hypoxic, or oxygen-depleted, cancer
cells, is licensed exclusively to Boehringer Ingelheim. Pursuant to the amended
agreement between the companies, BI maintains full managerial and financial
responsibility for Promycin's development and is conducting the Phase III
program. Under the amended agreement, Vion had accepted reduced milestone and
royalty payments on all future sales.
Alan Kessman, President and CEO of Vion stated, "We are disappointed with the
results of the interim evaluation of the Phase III trial. An extensive effort is
being made by BI to further analyze and understand the data. Vion continues to
focus its efforts on clinical development of TAPET(R), a platform technology for
drug delivery in cancer, and Triapine(R), a potent DNA synthesis and repair
inhibitor that has demonstrated substantial activity in animal tumor models. We
are also in late preclinical development with a Sulfonyl Hydrazine Prodrug
(SHP), a unique alkylating agent that also has broad antitumor activity in
animal models. We are in an excellent financial position to continue the
development of our extensive product pipeline, and believe TAPET, Triapine and
SHPs are the product technologies that will form the foundation for our future
success."
Vion Pharmaceuticals, Inc. is a biopharmaceutical company engaged in the
research, development and commercialization of cancer treatment technologies.
Vion's product portfolio consists of TAPET(R), a drug delivery platform, and
three cancer therapeutics (Promycin(R), Triapine and Sulfonyl Hydrazine
Prodrugs). TAPET has been shown in preclinical models to effectively deliver
anticancer agents while having a minimal toxic effect on healthy normal tissues.
TAPET uses genetically altered strains of Salmonella as a bacterial vector, or
vehicle, for delivering cancer fighting drugs preferentially to solid tumors.
Triapine, which is designed to prevent the replication of tumor cells by
blocking a critical step in the synthesis of DNA, is currently being evaluated
for its safety in Phase I clinical trials. Sulfonyl Hydrazine Prodrugs,
compounds that are designed to be converted to unique potent, alkylating agents,
are currently being evaluated in preclinical studies. For additional information
on Vion and its research and product development programs, visit the company's
Internet web site at http://www.vionpharm.com.
Statements included in this press release which are not historical in nature are
forward-looking statements made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
regarding the company's future business prospects, plans, objectives,
expectations and intentions are subject to certain risks, uncertainties and
other factors that could cause actual results to differ materially from those
projected or suggested in the forward-looking statements, including, but not
limited to those contained in the company's Registration Statement filed on Form
S-3/A (file no. 333-95671). The shares of Common Stock, described above, have
not been registered under the Securities Act of 1933, as amended, and may not be
offered and sold in the United States absent registration under such Act or an
applicable exemption from registration. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy its securities nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
