Monday May 6, 6:49 pm Eastern Time
Press Release
SOURCE: PPD, Inc.
PPD Discovery Regains Rights to Targets for Oncology
Furthers its vertically integrated oncology program
WILMINGTON, N.C., May 6 /PRNewswire-FirstCall/ -- PPD Discovery, the drug discovery technology subsidiary of PPD, Inc. (Nasdaq: PPDI - news), today announced it will regain research, development and licensing rights to targets for selectively eradicating cancer cells following a decision by Agouron Pharmaceuticals, Inc. to conclude the research collaboration agreement with PPD Discovery in June 2002. The collaboration was initiated in July 2000 by PPD Discovery and Agouron, which was acquired by Pfizer Inc in June 2000.
Fred Eshelman, chief executive officer of PPD, said, "Over the last two years, our GSX(TM) system has contributed to the discovery of genetic suppressor elements (GSEs) associated with approximately 200 genes using assays developed to study induction of programmed death of tumor cells." He pointed out that this change creates options for PPD Discovery to select and further develop some of these targets for oncology and seek relicensing opportunities for the other targets.
"Regaining the rights to these targets adds another dimension to our vertically integrated oncology program spanning from early discovery through clinical development," said Eshelman. "Building on the progress made to date through the Agouron collaboration, we will continue efforts to validate the oncology targets and pursue opportunities for risk-sharing partnerships with pharmaceutical and biotechnology companies."
The conclusion of the collaboration is not expected to have an impact on PPD's previously released guidance as reconfirmed on the quarterly earnings call held on April 18, 2002. The collaboration agreement of 2000 focused on discovery and validation of novel drug targets that control the survival of cancer cells using the GSX system to select genetic suppressor elements capable of inducing programmed death of a tumor cell. The GSX system is the PPD Discovery proprietary high-throughput genomics platform.
PPD Discovery serves as the drug discovery technology subsidiary of PPD, Inc., a leading global provider of discovery and development services and products for pharmaceutical and biotechnology companies. PPD Discovery applies functional genomics, integrated chemistry resources and preclinical strategy technologies in collaboration with biopharmaceutical companies to identify and prioritize novel drug targets and help identify and optimize high quality drug candidates for clinical evaluation.
As a leading global provider of discovery and development services and products for pharmaceutical and biotechnology companies, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help clients maximize the return on their R&D investments. With proven early discovery through post-market resources, the company also offers unique partnerships and alliances for virtual drug development. PPD has more than 4,700 professionals in 21 countries around the world. For more information on PPD, visit our Web site at ppdi.com.
Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions about the value of the intellectual property regained by PPD as a result of the conclusion of the research collaboration agreement, contained in this news release are forward- looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making those forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: economic conditions in the pharmaceutical and biotechnology industries; outsourcing trends in the pharmaceutical and biotechnology industries; dependence on collaborative relationships; rapid technological advances that make our products and services less competitive; risks associated with acquisitions and investments; loss of large contracts; competition within the outsourcing industry; continued success in sales growth; the ability to attract and retain key personnel; and the other risk factors set forth from time to time in the SEC filings for PPD, copies of which are available upon request from the PPD investor relations department.
Contacts:
Media
Nancy Zeleniak
+919 462 4088
nancy.zeleniak@rtp.ppdi.com
Analysts/Investors
Jimmy Sloan
+910 772 7168
jimmy.sloan@wilm.ppdi.com
SOURCE: PPD, Inc. |
