Cambridge NeuroScience and Algos Pharmaceutical Establish Licensing Agreement For Pain Products
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I have NO Position in CNSI, just watch it
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CAMBRIDGE, Mass., and NEPTUNE, N.J., Jan. 4 /PRNewswire/ -- Cambridge
NeuroScience, Inc. (OTC Bulletin Board: CNSI) and Algos Pharmaceutical
Corporation (Nasdaq: ALGO) today announced the companies have entered into an
agreement to enhance each company's programs in the field of pain management.
Under the agreement, Cambridge NeuroScience has been granted a paid-up license
under three Algos patents to develop products discovered by or on behalf of
Cambridge NeuroScience for the treatment of pain, and, in exchange, Algos has
gained the right to negotiate to develop and/or commercialize these products.
"This agreement is attractive for several reasons," stated Harry Wilcox,
President and CEO of Cambridge NeuroScience. "As we advance our CNSI 5161
program towards Phase II trials over the next 12 to 18 months, we are
strengthening our position in the NMDA-receptor antagonist approach to pain.
Moreover, we are excited by the potential synergy in the future between the
drug discovery capabilities of Cambridge NeuroScience and the development
skills of Algos, especially as they merge with Endo Pharmaceuticals, another
major player in the pain field."
"This agreement further strengthens our position in the pain management
field and complements our recently announced merger with Endo
Pharmaceuticals," stated John Lyle, President and CEO of Algos. "Cambridge
NeuroScience will strengthen our drug discovery efforts for pain products and,
with Endo's top-notch manufacture and commercialization capabilities, we will
be well-positioned to bring our products to market."
Algos Pharmaceutical Corporation, based in Neptune, New Jersey, is a
leader in developing proprietary pain management products. The Company's
products combine existing analgesics and anesthetics with NMDA-receptor
antagonist drugs. Algos' products currently in development include opioid
analgesics for moderate-to-severe pain, non-opioid analgesics for mild-to-
moderate pain, long-lasting local anesthetics for post-operative pain, an
intranasal anesthetic for migraine and products for the treatment of opiate
and nicotine addiction. On November 29, 1999, Algos announced it had entered
into a merger agreement, pursuant to which it will merge into a subsidiary of
Endo Pharmaceuticals Holdings, Inc.
Cambridge NeuroScience, Inc. is a neuroscience company engaged in the
discovery and development of proprietary pharmaceuticals focusing on nerve
cell survival and function. The Company is developing products to treat pain,
as well as stroke and chronic neurodegenerative disorders, such as multiple
sclerosis, peripheral neuropathies and other degenerative diseases.
This news release contains "forward-looking" statements, within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, that are based on management's
beliefs and assumptions, current expectations, estimates and projections.
Statements that are not historical facts, including statements which are
preceded by, followed by, or that include the words "believes;" "anticipates;"
"plans;" "expects;" "estimates;" or similar expressions and statements about
Algos or Cambridge NeuroScience are forward-looking statements. Many of the
factors that will determine the future results of Algos and Cambridge
NeuroScience are beyond the ability of Algos or Cambridge NeuroScience to
control or predict. These statements are subject to risks and uncertainties
and, therefore, actual results may differ materially. The reader should not
rely on any forward-looking statement. Neither Algos nor Cambridge
NeuroScience undertakes any obligation to update any forward-looking
statements whether as a result of new information, future events or otherwise.
Important factors that may affect the future results of Algos and
Cambridge NeuroScience include, but are not limited to, uncertainty associated
with pre-clinical studies and clinical trials and regulatory approval,
uncertainty of market acceptance of new products, reimbursement policies of
government and private health insurers, impact of competitive products and
pricing, product development, changes in laws and regulations, customer
demand, possible future litigation, and availability of future financing.
Readers should evaluate any statements in light of these important factors.
See "Risk Factors" in Algos' Annual Report on Form 10-K and Quarterly Reports
on Form 10-Q. See "Risk Factors" in Cambridge NeuroScience's Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q.
SOURCE Cambridge NeuroScience, Inc.
-0- 01/04/2000
/Contact: Harry W. Wilcox, III, President and Chief Executive Officer of
Cambridge NeuroScience, Inc., 617-225-0600, x114 or John W. Lyle,
President and Chief Executive Officer of Algos Pharmaceutical Corporation,
732-938-5959 or Carol A. Ammon, President and Chief Executive Officer of
Endo Pharmaceuticals Holdings Inc., 610-558-9800 or Media: Theresa McNeely,
Director of Feinstein Kean Healthcare, 617-577-8110 or Linda Seaton or Kathy
Witz of Mentus, Inc., 858-455-5500, x133/x140/
(CNSI ALGO)
CO: Cambridge NeuroScience, Inc.; Algos Pharmaceutical Corporation
ST: Massachusetts, New Jersey
IN: BIO MTC
SU: LIC
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