Axys Advanced Technologies Announces Combinatorial Chemistry Agreement with Elitra Pharmaceuticals
SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--Oct. 8, 1999--Axys Pharmaceuticals, Inc. (Nasdaq:AXPH) today announced an agreement between Axys Advanced Technologies, Inc. (www.axystech.com), its combinatorial chemistry subsidiary, and privately held Elitra Pharmaceuticals.
During the collaboration Axys Advanced Technologies (AAT) will supply diverse compound screening libraries and chemistry services for use by Elitra in proprietary target based assays in bacteria and fungi. Under the terms of the agreement AAT will be paid by Elitra for the delivery of compounds, as well as future payments if Elitra utilizes AAT for chemistry support and services.
"We are very excited to have Elitra join our growing list of combinatorial chemistry customers, combining our excellent chemistry and Enabled Compounds with their novel and proprietary anti-microbial and anti-fungal assays," commented Bob Reed, president of Axys Advanced Technologies. "Enabled Compounds are designed to have high performance in high throughput screening (HTS) and for rapid follow up by medicinal chemistry programs.
"Our business model is very appealing to biotech companies. Depending on the per compound price, AAT receives either a small royalty on future product sales, or no royalty at all. This allows our biotech customer to retain control over their programs, and make a straightforward financial decision to either pay now or later."
Harry Hixson, chief executive officer and chairman of Elitra Pharmaceuticals, stated, "While we integrate forward and build our own internal chemistry capabilities, acquiring good diverse compounds for screening in our proprietary assays will be key to our future success. The AAT compounds should greatly enhance Elitra's integrated target and drug discovery platform, allowing Elitra to more rapidly advance our proprietary anti-infective programs."
Axys Advanced Technologies, Inc. (AAT), a subsidiary of Axys Pharmaceuticals, Inc., is a world leader in the design and production of innovative combinatorial chemistry.
AAT expertise focuses on creating high quality, diverse compound libraries for HTS that yield novel chemotypes as hits. AAT offers fully validated chemistries that allow partners to rapidly progress their hits to lead compounds through a synergistic combination of combinatorial and medicinal chemistry techniques and strategies. AAT products include Enabled Compounds, Technology Transfer programs, and Custom Chemistry Services.
AAT partners include Pharmacia and Upjohn, Parke-Davis, Rhone-Poulenc Rorer, Daiichi Pharmaceuticals, Allergan, Signal Pharmaceuticals, Protein Design Labs, Novalon Pharmaceuticals, and Elitra Pharmaceuticals.
Axys Pharmaceuticals is a leader in the integration of life science technologies with a focus on transforming gene discoveries into drugs. Axys is building shareholder value through (1) a broad and diversified pipeline of research and development programs partnered with world-class pharmaceutical companies; (2) expansion of a non-partnered research and development franchise in oncology; and (3) the spin out of affiliated businesses that leverage the company's technologies in order to provide capital for Axys' drug discovery and development programs.
Axys' technology-leveraging businesses are: Axys Advanced Technologies, a combinatorial chemistry oriented business; PPGx, a majority owned pharmacogenomics company; and Akkadix, an agricultural biotechnology company.
Headquartered in San Diego, Elitra Pharmaceuticals seeks to identify, develop, and commercialize anti-microbial drugs that target essential gene products of pathogenic organisms. The company utilizes its proprietary technologies to rapidly identify essential genes in bacterial and fungal pathways and quickly covert these novel drug discovery targets into HTS assays.
Elitra has already identified and validated over 260 essential targets compatible with HTS in a range of pathogenic organisms. Founded in June of 1998, Elitra has raised a total of $19 million in venture capital investments.
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties which could cause Axys' actual results to differ materially from those discussed here, including Axys' reliance on the efforts of its collaborative partners, the risk that Axys' collaborations will not be successful, the risk that clinical trials will not proceed as anticipated or may not be successful, the risk of Axys' early stage of development, the risk that Axys will not be successful in entering into new collaborations, competition and marketing risk, the risk of unexpected difficulties and delays in the development of new technologies and in expanding its manufacturing capabilities, and general economic conditions that may affect Axys' actual results and developments. Additional factors that could cause or contribute to such differences include, but are not limited to, those discussed in the sections entitled "What Factors Could Cause Our Results to Differ Significantly from Those You Might Expect?" and "Additional Risk Factors" in the company's SEC Reports, including the company's report on Form 10-K for the fiscal year ended Dec. 31, 1998.
For more information on Axys Pharmaceuticals, Inc., please visit the company's website at axyspharm.com.
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CONTACT:
Axys Pharmaceuticals, Inc., South San Francisco
John Walker, 858/410-3030 (Chairman & CEO)
Kathleen Stafford, 650/829-1000 (Senior VP & CFO)
or
Elitra Pharmaceuticals, San Diego
Ed Baracchini, 858/410-3030 |
