Thursday, October 16, 2008

Royal Philips, Celsion collaborate on cancer drug delivery

By Mass High Tech Staff

Dutch technology firm Royal Philips Electronics NV, which has its North American headquarters in Andover, and Celsion Corp., a Columbia, Md., biotech, have entered into a multi-year partnering agreement to combine their technologies in the fight against cancer.

The companies will combine Royal Philips Electronics’ (NYSE: PHG) magnetic resonance imaging guided ultrasound technology and Celsion’s drug delivery platform. The systems will be used to administer high concentrations of drugs to target cancerous tumors. Celsion’s (Nasdaq: CLSN) primary drug in development is a cancer-fighting product called ThermoDox. The drug is a heat-sensitive liposomal encapsulation of the chemotherapy agent doxorubicin. The drug is released when hyperthermia is induced.

In July, Royal Philips Electronics moved its North American headquarters from New York City to Andover, the site of Philips Healthcare, a medical device manufacturer and subsidiary of Royal Philips Electronics that employs 2,200 workers.