ctober 20, 1999 10:02
Interneuron Receives Milestone Payment From Lilly; Payment
Follows Approval of Prozac for PMDD in U.K.
LEXINGTON, Mass.--(BW HealthWire)--Oct. 20, 1999--Interneuron Pharmaceuticals, Inc. (NASDAQ:IPIC) today announced that it has received a milestone payment from Eli Lilly and Company based on the regulatory approval in the U.K. of Prozac (R) (fluoxetine hydrochloride) for the treatment of premenstrual dysphoric disorder (PMDD), a severe form of premenstrual syndrome (PMS).
This payment was made under a June 1997 license agreement between the companies, which provided Lilly with U.S. and global patent application rights covering the use of Prozac for the treatment of PMDD. Prozac is the first prescription-only drug approved for this indication in the U.K. An application for FDA approval in the U.S. is pending before federal regulators.
Interneuron already has received up-front fees and a clinical milestone payment from Lilly based on the license agreement and could receive future payments, if additional milestones are met, and royalties. The agreement is based on technology developed at the Massachusetts Institute of Technology and licensed by Interneuron showing that people suffering from mood disorders related to severe PMS can be helped by medications that increase brain serotonin levels.
Interneuron Pharmaceuticals is engaged in the development and commercialization of a portfolio of products and product candidates for central nervous system, cardiovascular and other disorders, including multiple compounds in late-stage clinical development.
Except for the descriptions of historical facts contained herein, this press release contains forward-looking statements that involve risks and uncertainties as detailed from time to time in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934, including in particular, risks relating to the withdrawal of Redux and Redux-related litigation, including risk relating to the finalization of the proposed related settlement; uncertainties relating to regulatory approvals and clinical trials; need for additional funds and corporate partners; product liability; dependence on third parties for manufacturing and marketing; the early stage of products under development; government regulation, patent risks and competition.
CONTACT: Interneuron
Glenn L. Cooper, M.D.
President and CEO
(781) 402-3410
or
William B. Boni
VP, Corp. Communications
(781) 402-3410 |
