REDWOOD CITY, Calif., Feb. 9 /PRNewswire/ -- Anergen, Inc. (NASDAQ:ANRG)
announced today that its collaboration with Novo Nordisk (NYSE:NVO) for
AnergiX(TM) would be terminated, with all rights returning to Anergen. Novo
Nordisk will reimburse Anergen for the cost of the ongoing multiple sclerosis
Phase I clinical trial. The trial is expected to be completed in the third
quarter of 1998. The Company also announced that it will be restructuring its
workforce to meet anticipated future needs in research and development.
"Novo Nordisk has previously publicly disclosed its move away from
research and development in the central nervous system arena. Continuing the
collaboration between the two parties did not seem to be in the best interests
of either Anergen or Novo Nordisk," commented Barry Sherman, M.D., President
and Chief Executive Officer of Anergen.
"We continue to have a high regard for Anergen and its technology. Our
decision is based solely on changes in Novo Nordisk's strategic direction and
not any lack of confidence in the AnergiX technology," remarked Dr. Claus
Kuhl, President of ZymoGenetics, Inc., Novo Nordisk's U.S. research affiliate.
Under the terms of the agreement, all rights return to Anergen and the
Company will not have any future obligations to Novo Nordisk. Therapeutic
areas covered in the collaboration included multiple sclerosis, myasthenia
gravis and Type I diabetes mellitus.
"We view this as an important opportunity for Anergen to move forward in
the development of our AnergiX products, and to find new corporate partners
more closely aligned with our efforts in multiple sclerosis and other
autoimmune diseases. We will conclude the Phase I trial in multiple sclerosis
and, pending a favorable outcome, begin planning for Phase II trials," said
Dr. Sherman. "Anergen will also restructure its operations to maintain our
current burn rate, reducing our current workforce by approximately 15 persons.
We are continuing our clinical development efforts with both AnergiX and
AnervaX(TM), as well as emphasizing new research efforts for treating
autoimmune disease."
Anergen, Inc. is a biotechnology company focused on advancing the
treatment of autoimmune diseases. It is developing proprietary
biopharmaceutical compounds designed to selectively interrupt antigen
presentation or inactivate T cells in the immune system that mediate the
disease process.
NOTE: Certain statements in this press release about the Company's
utilization of resources, product development activities, clinical trials, and
product pipelines, other than statements of historical fact, are forward
looking statements, and are made pursuant to the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Such statements involve
risks and uncertainties. The Company's actual results could differ materially
from the results discussed in these forward looking statements. Factors that
could cause or contribute to such differences include dependence upon
collaborative partners for the advancement of the company's research and
development activities and future requirements for additional capital. These
items are discussed in the Company's Form 10-K filed for fiscal year 1996 and
the reports filed on Form 10-Q.
SOURCE Anergen Inc.
-0- 02/09/98
/CONTACT: David V. Smith, Vice President, Finance, and Chief Financial
Officer, or Barry M. Sherman, M.D., President & Chief Executive Officer of
Anergen, Inc., 650-361-8901; or media, Peter Steinerman of SBC, 516-374-3031,
for Anergen, Inc.; or investors, Jonathan Fassberg of The Trout Group,
212-477-9007, ext. 16, for Anergen, Inc./ |
