JAN 04,2000 14:18 PACIFIC 17:18 EASTERN
( BW)(CA-LIGAND-PHARMACEUTICALS)(LGND) Ligand Receives Second
Milestone from AHP's Wyeth-Ayerst on WAY160910; AHP Declares Compound
a Development Candidate
Business Editors/Health and Medical Writers
SAN DIEGO--(BW HealthWire)--Jan. 4, 2000--Ligand Pharmaceuticals
Incorporated (Nasdaq:LGND) announced today that it has received an
undisclosed milestone payment from Wyeth-Ayerst Laboratories, the
pharmaceutical division of American Home Products Corporation
(NYSE:AHP), as a result of AHP declaring the compound WAY160910 a
development candidate.
Wyeth-Ayerst will pay Ligand additional milestone payments and
royalties if WAY160910 continues through IND filing (expected in 2000)
and clinical development and receives marketing approval.
WAY160910, a non-steroidal progesterone receptor (PR) antagonist,
was identified in the AHP alliance out of the Ligand portfolio of PR
antagonist compounds. WAY160910 may be useful in the development of an
estrogen-free oral contraceptive, providing a novel approach to oral
contraception for women.
The Ligand/Wyeth-Ayerst research and development collaboration
was initiated in September 1994 to discover and develop drugs for use
in hormone replacement therapy, anti-cancer therapy, gynecological
diseases, central nervous system disorders associated with menopause,
contraception, and osteoporosis. The research phase of the
Wyeth-Ayerst collaboration ended in 1998, having brought forward for
further development three compounds to date: WAY160910 as well as two
tissue selective estrogen receptor modulators, or "SERMs." These are
TSE424 for the treatment of osteoporosis in post-menopausal women, now
in Phase II clinical trials, and ERA923 for breast cancer in women,
nearing completion of Phase I clinical trials.
Wyeth-Ayerst Laboratories
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.
Ligand Pharmaceuticals Incorporated
Ligand Pharmaceuticals Incorporated discovers, develops and
markets new drugs that address critical unmet medical needs of
patients in the areas of cancer, skin diseases, and men's and women's
hormone-related diseases, as well as osteoporosis, metabolic disorders
and cardiovascular and inflammatory diseases. In addition to the
recently approved Targretin capsules, Ligand had two drugs approved
during 1999 for marketing in the U.S. -- ONTAK(R) and Panretin(R) gel
-- that are being marketed through its specialty cancer and HIV-center
sales force in the U.S. Targretin(R) gel is currently under review by
the FDA for marketing approval in the U.S., and two additional
oncology-related products -- Morphelan(TM) (licensed from Elan) and
Panretin(R) capsules -- are in late-stage development. Ligand's
proprietary drug discovery and development programs are based on its
leadership position in gene transcription technology, primarily
related to Intracellular Receptors (IR) and Signal Transducers and
Activators of Transcription (STATs).
This news release may contain certain forward-looking statements
by Ligand and actual results could differ materially from those
described as a result of factors outside of the control of Ligand.
There can be no assurance that (a) Ligand will receive any further
milestone payments for the discovery and/or development of any
compounds, (b) any compounds will be discovered and/or be deemed
appropriate for further testing, pre-clinical development or clinical
development, (c) any products under development by Ligand or any of
its collaborative partners will receive approval from the FDA or other
authorities to market any of these products; (d) if successfully
developed and thereafter approved, there will be a market for the
drugs. Additional information concerning these and other factors
affecting Ligand's business can be found in press releases as well as
in Ligand's public periodic filings with the Securities and Exchange
Commission, available at our website at ligand.com. Ligand
disclaims any intent or obligation to update these forward-looking
statements beyond the date of this release.
Note: Panretin(R) and Targretin(R) are registered trademarks of
Ligand Pharmaceuticals Incorporated, and ONTAK(R) is a registered
trademark of Seragen, Inc., a wholly owned subsidiary of Ligand.
For information about Wyeth-Ayerst, contact: Douglas Petkus,
(610) 971-4980.
Ligand Pharmaceuticals' releases are available on the World Wide
Web at www.businesswire.com/cnn/lgnd.htm. |
