Infinity Pharmaceuticals Inc. (INFI) is planning for the future, while many of its biotech peers are struggling to survive.

The Cambridge, Mass., drug developer is creating a number of treatments for cancer and has an aggressive growth plan that includes selling its first drug by 2012, as well as having three other treatments in pivotal trials by that time. Though many small drug companies seek to partner with larger companies in order to survive the current funding drought, Infinity has cash to last it through 2012 and has every intention of selling its own drugs in the U.S.

"I challenge people to point to any company that has produced exceptional shareholder value that didn't maintain marketing rights in the U.S.," Infinity Chief Executive Steven Holtzman said.

Infinity's stock, recently down 2.3% to $8.04, rose 22% over the past 12 months, compared to a 39% drop in the S&P 500 and a 16% fall in the Amex Biotechnology Index in the same period.

Infinity has an agreement with Purdue Pharma LP and its affiliate, Mundipharma International Corp., that gives it overseas rights to its early pipeline.

The company retains all the rights to its most advanced program, which attempts to inhibit hsp90, a key protein which are involved in protecting and supporting the growth of cancer cells. The drug is in a late-stage trial for a form of cancer of the stomach and intestines and the company expects a 2011 launch.

AstraZeneca PLC (AZN) formerly held worldwide rights the program, but returned them in December, citing a market evaluation of the therapy, which was a legacy from the U.K. drug maker's acquisition of MedImmune.

Holztman said the company is in discussions to find another overseas partner, but he doesn't feel any pressure and he won't budge on holding rights to the U.S. market.

"I don't think commercialization is rocket science," he said, noting that an effective cancer drug, prescribed by a specialist, should easily attain support from prominent and influential physicians.

Furthermore, he expects to price the drug in relation to its effectiveness, a departure from the current environment of high prices for cancer treatments regardless of the patient benefit.

By the 2011 launch, Holztman sees the overall pricing environment changing and the U.S. moving to a system that resembles that of Britain, where government drug reimbursement depends on showing a clear benefit in relation to cost, even if patients have no other options.

Until that time, Infinity intends to continue internal drug development and meet its 2012 corporate goals set earlier this year.

Holztman admits that the plan is similar to the long-range plan laid out by former industry titan, Genentech Inc., before it was taken over by majority shareholder Roche Holding AG (RHHBY) for $46.8 billion last month.

"There is so much that Genentech got right," Holztman said. He called himself a "student of Genentech" and admired its innovative culture, strong financial structure and effective drug development.

-By Thomas Gryta, Dow Jones Newswires; 201-938-2053; thomas.gryta@dowjones.com