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                Below 
                  is the edited text of a press release issued by drug developer 
                  Kowa Company describing the trial and the subgroup analysis 
                  findings.  
               
                Kowa 
                  Announces Subgroup Analyses of Peretinoin (NIK-333) Phase II/III 
                  Trial in Patients Following Curative Therapy for Hepatocellular 
                  Carcinoma (HCC) Indicate Populations Who May Gain Most Benefit 
                  from Peretinoin Therapy 
                  
                  
                     
                      |  | Peretinoin 
                        may reduce de novo carcinogenesis |   
                      |  | Presented 
                        at American Society of Clinical Oncology Gastrointestinal 
                        Cancers Symposium 2011 |   Tokyo 
                    -- January 24, 2011 -- Kowa Company, Ltd. announced today 
                    that the results of subgroup analyses in the peretinoin (generic 
                    name; code, NIK-333) Phase II/III clinical trial, which evaluated 
                    its suppressive efficacy on recurrence of hepatocellular carcinoma 
                    (HCC), were presented at the General Poster Session of the 
                    American Society of Clinical Oncology Gastrointestinal Cancers 
                    Symposium 2011 (ASCO-GI 2011) on January 21, 2011 in San Francisco, 
                    USA (Abstract number #165). 
 The analyses were performed in two subgroups (patients with 
                    mild [Child-Pugh A*] liver impairment or patients with Child-Pugh 
                    A impairment with a major tumor diameter of less than 20 mm 
                    prior to the curative therapy).
 
 In these subgroups, peretinoin 600 mg/day showed a significantly 
                    greater reduction in the risk of HCC recurrence or death (the 
                    primary endpoint) compared to placebo. These results were 
                    better than in the study as a whole and appear to indicate 
                    subgroups of patients who may benefit from peretinoin therapy. 
                    The observation gives a clue to its mode of action in that 
                    it suggests that peretinoin may prevent the occurrence of 
                    new liver tumors. These results reinforce the analysis in 
                    the phase II/III study suggesting that peretinoin suppresses 
                    HCC recurrence.
 
 [*Child-Pugh scoring system, which corresponds to A, B or 
                    C, classifies hepatic impairment in patients with liver cirrhosis 
                    and is used to assess the prognosis of the patients.]
 
 About the subgroup analyses of the 
                    Phase II/III trial
 
 In these subgroup analyses, Child-Pugh A patients, who have 
                    relatively preserved liver function, were selected to evaluate 
                    the efficacy (recurrence free survival rate; RFS) of peretinoin. 
                    The evaluation of the efficacy endpoints for HCC or HCC-related 
                    disease (including overall survival and RFS) can be confounded 
                    by the inclusion of patients with moderate or severe (Child-Pugh 
                    B or C) hepatic impairment because these patients have higher 
                    rates of adverse events, including death, due to the underlying 
                    hepatic cirrhosis.
 
 Recurrence of HCC is generally divided into two types: intrahepetic 
                    metastasis and de novo (multicentric) carcinogenesis. 
                    Almost all recurrences occurring among patients who have had 
                    treatment for a major tumor with a diameter less than 20 mm 
                    are due to de novo carcinogenesis, so patients with 
                    a previous tumor diameter of less than 20 mm were selected 
                    to assess the effect of peretinoin on de novo carcinogenesis.
 
 Among the 401 patients in the Phase II/III trial, 310 patients 
                    had Child-Pugh A liver impairment, and 144 patients had Child-Pugh 
                    A liver impairment and a previous major tumor with a diameter 
                    less than 20 mm. In the Child-Pugh A subgroup, peretinoin 
                    600 mg/day (n=100) reduced the risk of HCC recurrence or death 
                    approximately 40% compared to placebo (n=106) [HR=0.60 (95% 
                    CI: 0.40-0.89)]. In the subgroup with Child-Pugh A and previous 
                    major tumor size less than 20 mm, peretinoin 600 mg/day (n=49) 
                    showed a 62% reduction in the risk of HCC recurrence and death 
                    compared to placebo (n=49) [HR=0.38 (95% CI: 0.20-0.71)].
 
 Adverse events considered related to peretinoin were mainly 
                    albuminuria, hypertension, and headache, but all of these 
                    were tolerable.
 
 The subgroup analyses in patients with Child-Pugh A hepatic 
                    impairment showed a clearer suppressive effect on HCC recurrence 
                    than in the phase II/III trial, which was greater in the subgroup 
                    of patients who had previous had a major tumor with a diameter 
                    less than 20 mm. It is considered that the efficacy may be 
                    due to the suppression de novo carcinogenesis.
 
 These results reinforced the suppressive effect of peretinoin 
                    on HCC recurrence suggested by the phase II/III study.
 
 About the phase II/III trial
 
 This trial evaluated the ability of peretinoin to suppress 
                    the recurrence of HCC in patients who had undergone curative 
                    therapy for hepatitis C virus (HCV) positive HCC.
 These results were also presented at ASCO 2010 held in Chicago, 
                    USA, in June 2010 and ILCA 2010 held in Montreal, Canada, 
                    in September 2010.
 
 The results of the Phase II/III trial indicated that peretinoin 
                    600 mg/day given daily for up to 96 weeks reduced the recurrence 
                    of HCC after curative therapy when compared to placebo.
 
 Expert comments on this trial
 
 Dr. Kiwamu Okita (superintendent at Shimonoseki Kohsei Hospital, 
                    and professor emeritus at Yamaguchi University), the chairperson 
                    of the coordinating committee for the Phase II/III trial, 
                    said, "In these subgroup analyses of our trial, we could 
                    see clearer effect of peretinoin and it supports our Phase 
                    II/III clinical trial data. And we strongly suggest that peretinoin 
                    suppress de novo carcinogenesis of HCC. Considering 
                    with this, we suppose that peretinoin can suppress not only 
                    HCC recurrence but also carcinogenesis from cirrhosis."
 
 About Peretinoin
 
 Peretinoin is an oral acyclic retinoid with a vitamin A-like 
                    structure, and its main targeting molecule is the retinoid 
                    nuclear receptor.
 
 About Kowa
 
 Kowa Company, Ltd. (Headquarters: Nagoya, Japan, President 
                    & CEO: Yoshihiro Miwa, "Kowa") is a privately 
                    held multinational company headquartered in Nagoya, Japan. 
                    Established in 1894, Kowa is actively engaged in various manufacturing 
                    and commercial activities in the fields of pharmaceutical, 
                    life science, information technology, textiles, machinery 
                    and various consumer products. In its ethical pharmaceutical 
                    business section, the company offers the hypercholesterolemia 
                    drug Livalo (pitavastatin), among other products, to the Japanese, 
                    US and other markets worldwide, and is in the process of global 
                    expansion of Livalo.
 
 Kowa's US subsidiaries include Kowa Research Institute, Inc., 
                    for the research and development of pharmaceutical products, 
                    and Kowa Pharmaceuticals America, Inc., which markets their 
                    pharmaceutical products. European subsidiaries include Kowa 
                    Research Europe, Ltd., for the research and development of 
                    pharmaceutical products, and Kowa Pharmaceutical Europe Co. 
                    Ltd., which markets their pharmaceutical products. Kowa is 
                    organizing its global network from Japan-Europe-US trilateral 
                    bases.
  
               
                
                   
                    |  |   
                    | 
                         
                          | Liver 
                            cancer begins in the cells of the liver. The most 
                            common form of liver cancer begins in cells called 
                            hepatocytes and is called hepatocellular 
                            carcinoma. |  |  1/28/11
 
 
              Kowa 
                Company. Kowa Announces Subgroup Analyses of Peretinoin (NIK-333) 
                Phase II/III Trial. Press release. January 24, 2011.
 
 
              
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