SIBI...
Bernard:
SIBI up 1/2 today on this news:
SIBIA Neurosciences, Inc. Announces License of
Patented Transcription-Based Assay Technology
to American Home Products Corporation
PR Newswire - June 24, 1999 08:45
LA JOLLA, Calif., June 24 /PRNewswire/ -- SIBIA Neurosciences, Inc. (Nasdaq:
SIBI) today announced that it has entered into a non-exclusive license
agreement for its transcription-based assay patent portfolio with American
Home Products Corporation (NYSE: AHP). The agreement grants American
Home Products and its affiliates a worldwide license to practice under
SIBIA's U.S. patents, 5,401,629 and 5,436,128, and their foreign
counterparts. The technology is a broadly enabling drug discovery method
that utilizes the transcription of a reporter gene to identify compounds that
modulate cell surface protein activity. SIBIA will receive annual
maintenance payments and will also receive royalties if compounds
discovered as a result of this technology lead to commercial products.
"American Home Products is the third major, multi-national pharmaceutical
company, joining Bristol-Myers Squibb and SmithKline Beecham, to have
taken a license to our transcription-based assay patents in the last few
months," says Stephen F. Keane, SIBIA's Vice President of Corporate
Development. "We feel that the license agreement with American Home
Products benefits both companies and further demonstrates the value of
this technology as a drug discovery tool for the pharmaceutical industry.
Negotiations are progressing with a number of additional companies that we
hope will generate additional short- and long-term revenues for SIBIA."
SIBIA Neurosciences, Inc. is engaged in the discovery and development of
novel small molecule therapeutics for the treatment of neurodegenerative,
neuropsychiatric and neurological disorders, many of which have large
patient populations and represent critical unmet medical needs. SIBIA is a
leader in the development of proprietary drug discovery platforms that
combine key tools necessary for modern drug discovery, including genomics,
high throughput screening, advanced combinatorial chemistry techniques
and pharmacology. The Company's proprietary molecular targets and drug
candidates, together with its drug discovery technologies and research
expertise, have enabled the Company to establish several corporate
collaborations, which currently include Eli Lilly and Company, Bristol-Myers
Squibb Company and Meiji Seika Kaisha, Ltd., and multiple technology
licensing arrangements.
This press release contains forward-looking statements that involve risks and
uncertainties. Actual results could differ materially from those discussed
herein due to a number of factors, including but not limited to risks and
uncertainties regarding the Company's ongoing litigations with Cadus and
Pfizer, including uncertainties regarding appeals, re-examinations and
related proceedings, the terms of the Company's license agreements with
AHP and other parties which permit termination and/or substantial
reduction in the Company's future revenues in the event of certain future
developments relating to the ongoing litigation with Cadus and Pfizer, the
Company's ability to enter into additional agreements with third parties to
generate additional short- and long-term revenues and the receipt of future
royalties for compounds discovered using the Company's technology. These
and other risks and uncertainties are more fully set forth in SIBIA's most
recently filed Forms 10-Q and 10-K.
SOURCE SIBIA Neurosciences, Inc.
/CONTACT: Stephen F. Keane, Vice President, Corporate Development of
SIBIA Neurosciences, Inc., 619-452-5892, ext. 223/
/Web site: sibia.com
Jim
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