In December 2008, Avigen, an Alameda-CA-based company, announced that it sold its rights to AV513, the company’s early-stage blood coagulation compound, to Baxter Healthcare Corporation for $7 million. An orally administered drug, AV513 is being developed for the treatment of hemophilia A and related bleeding disorders. The drug contains fucoidan, a type of polysaccharide (carbohydrate that contains sugar molecules linked together chemically) extracted from sea algae, which has been shown to boost blood clotting.

The drug was first identified by Avigen in 2004 as an alternative delivery approach for patients with bleeding disorders. It is expected to serve as a stand-alone therapy or in combination with factors VIII or IX, to increase coagulation. While earlier studies designed to test the efficacy and safety of AV513 in dogs with severe hemophilia A showed promising results, further development of the therapy will depend on additional clinical research. “This technology acquisition supports Baxter’s efforts to research the application of novel technologies that will pioneer the next generation of hemophilia therapies,” said Hartmut Ehrlich, MD, vice president of global research and development for Baxter’s Bioscience division.

Source: Avigen news release dated December 18, 2008