TWST: What are your leading therapies? Mr. Culley: We currently have two programs, both of which are new formulations of cancer chemotherapeutics. One of them is a new formulation of vinorelbine, a drug commonly used to treat breast cancer and non-small cell lung cancer. This product candidate, known as ANX-530, was designed to reduce phlebitis, a severe injection site reaction, which is a common problem with off-the-shelf generic versions of vinorelbine. Our formulation was designed to reduce this side effect without affecting the underlying pharmacokinetics or efficacy of vinorelbine. The other product that we are developing is ANX-514, which is a detergent-free formulation of docetaxel. Docetaxel is widely known by its brand name, Taxotere, and is used to treat solid tumors such as breast, lung, prostate and gastric cancers. A big problem with Taxotere is that it's formulated with detergent, and the detergent can cause side effects such as hypersensitivity reactions. To mitigate these side effects, physicians often pre-treat patients with steroids, but these have costs and themselves have side effects. Our formulation, known as ANX-514, is completely detergent-free, so we obviously wouldn't expect to observe any of the side effects which are caused by detergent. We're trying to provide alternatives to currently available chemotherapies but without starting from scratch and reinventing the wheel, so to speak.
Much of the $100 million lost by ANX has gone into the pockets of people on the payroll of ANX over the years, including the 20 or so consultants who have been on again off again payroll, board members, financiers, lawyers, public relations, emeritus university science professors, etc. of ANX over the years. It's a club. If you are in this club it's a gravy train. If you are an outside retail shareholder (like all of yous!), you are not part of the party and you stand to lose in a crushing way, just like the last batch of Co-Factor believers.