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Wyeth-Ayerst Takes License to Develop Novel Gene Transcription
Modulators to Treat Diabetes
UNIONDALE, N.Y. Jan. 26 /PRNewswire/ -- OSI Pharmaceuticals, Inc.
(Nasdaq: OSIP) announced today that American Home Products Corporation
(NYSE: AHP) has exercised an option, under terms of a collaborative
research
agreement between OSI and American Home Products' Wyeth-Ayerst
Laboratories
division, to obtain an exclusive worldwide license to develop a series
of
novel, small molecule, gene transcription-based compounds that modulate
the
expression of phosphoenol pyruvate carboxy kinase, or PEPCK, a novel
target
for the treatment of non-insulin dependent diabetes mellitus, or Type II
diabetes.
Type II diabetes is a disorder of metabolism that results in
aberrant
regulation of blood glucose. Worldwide it is estimated that as many as
100 million people are afflicted by Type II diabetes, with an estimated
10 million patients in the U.S. Complications of the disease include
loss of
limbs, blindness, and kidney failure resulting from increased blood
glucose
levels and also cardiovascular disease resulting from atherosclerosis.
Reduction of blood glucose levels has been demonstrated to significantly
reduce the incidence of these complications. The small molecule,
transcription-based compounds derived from the OSI/Wyeth collaboration
effectively regulate blood glucose in a variety of animal models by
modulating
the expression of PEPCK.
"We believe that Wyeth's decision to take the license represents a
further
validation of our novel, patented approach targeting the modulation of
gene
transcription," stated Gary E. Frashier, Chief Executive Officer of OSI
Pharmaceuticals. "Continued development of the compounds targeting
PEPCK for
the treatment of Type II diabetes may result in effective new therapies
for
this chronic, often devastating disease."
"We are pleased with this positive outcome of the collaboration
between
OSI and Wyeth," stated Richard L. Jackson, Ph.D., Senior Vice President,
Discovery Research, Wyeth-Ayerst Research. "We look forward to the
successful
development of one or more of the compounds that have emerged from the
collaboration, which could result in a clinical development candidate in
the
next 12 to 18 months."
Wyeth-Ayerst Laboratories is a major research-oriented
pharmaceutical
company with leading products in the areas of women's health care,
cardiovascular, and metabolic disease therapies, central nervous system
drugs,
anti-inflammatory agents, vaccines, and generic pharmaceuticals.
American
Home Products Corporation is one of the world's largest research-based
pharmaceutical and health care products companies. It is a leader in
the
discovery, development, manufacturing, and marketing of prescription
drugs and
over-the-counter medications. It is also a global leader in vaccines,
biotechnology, agricultural products, and animal health care.
The statements in this press release that are not in historical
facts are
forward-looking statements that involve risks and uncertainties
including,
without limitation, risks associated with the inherent uncertainty of
pharmaceutical research, product development and commercialization, the
impact
of competitive products, and patent, and other risks and uncertainties,
including those detailed from time to time in AHP's periodic reports,
including quarterly reports on Form 1O-Q and the annual report on Form
O-K,
filed with the Securities and Exchange Commission. Actual results may
differ
from the forward-looking statements.
OSI Pharmaceuticals, Inc. is a leading drug discovery company,
utilizing a
platform of proprietary, broadly enabling technologies to rapidly and
cost
effectively discover and develop novel, small molecule compounds for the
treatment of major human diseases. The Company conducts the full range
of
drug discovery activities, from target identification to drug candidate,
while
building and sustaining a pipeline of significant product opportunities.
Additional information on OSI Pharmaceuticals is available on the
World
Wide Web at: osip.com.
SOURCE OSI Pharmaceuticals, Inc.
CONTACT: Matthew D. Haines, Director, Corporate Communications at
OSI Pharmaceuticals, 516-222-0023, or mhaines@osip.com; or
Douglas Petkus, Sr. Director, U.S. Communications of Wyeth-Ayerst
Laboratories, 610-971-4980, or petkusd@labs.wyeth.com
Company News On Call: prnewswire.com or fax,
800-758-5804, ext. 111280
Web Site: osip.com
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