Tuesday February 22, 10:22 am Eastern Time
Company Press Release
SOURCE: Neurogen Corporation
Neurogen Reports Progress in Installing AIDD
Technology at Pfizer Inc
BRANFORD, Conn., Feb. 22 /PRNewswire/ -- Neurogen Corporation (Nasdaq: NRGN - news), a leading drug discovery
and development company, today announced that it has completed the first phase of the installation of its AIDD (Accelerated
Intelligent Drug Discovery) system at Pfizer Inc triggering a $4 million payment from Pfizer. The installment is part of a
previously announced $27 million non-exclusive licensing arrangement with Pfizer.
''We have exceeded our internal goals for reaching this stage of the installation process,'' stated Dr. Ken Shaw, Neurogen's
Senior Vice President of Chemistry and Pre-Clinical Development. ''We have now trained several hundred of Pfizer's scientists
and are working closely with Pfizer to accomplish our mutual goals of quickly integrating the system into Pfizer's research
environment and enhancing the capabilities of AIDD.''
Neurogen's AIDD program integrates combinatorial compound synthesis, high throughput screening and advanced informatics
to generate drug discovery data in a two-week period, a process that can otherwise take several months. Scientists can use the
AIDD system, via a stand-alone system or incorporated into an existing drug discovery platform, to quickly and efficiently
direct the discovery of new drug leads. Using the AIDD program, Neurogen has generated hits over the last five years in each
of its drug discovery programs, including some programs where no drug leads were known to exist in the industry.
Pharmaceutical and biotech companies seeking to learn more about AIDD licensing opportunities are encouraged to visit
AIDD.com.
Neurogen and Pfizer are also collaborating in human drug development programs to treat Alzheimer's disease, anxiety,
depression, insomnia, and obesity. In addition, the two companies are collaborating on drugs to treat dementia and anxiety in
companion animals.
Neurogen is a leader in both the discovery and development of new drug candidates and in the development and integration of
new drug discovery technologies, most notably its AIDD system. Neurogen has generated a growing portfolio of compelling
new drug programs that promise improved efficacy and reduced side effects in the treatment of large market psychiatric,
metabolic and inflammatory disorders. Through strategic collaborations with world-class pharmaceutical companies, Neurogen
couples its ability to generate multiple drug candidates with the proven drug development and marketing expertise of its
partners. These collaborations help to finance the company's operations and hold the promise of valuable royalties and profit
sharing upon the commercialization of Neurogen's products. Neurogen also finances its activities via licenses of its AIDD
system to other companies.
The information in this press release contains certain forward-looking statements that involve risks and uncertainties as detailed
from time to time in Neurogen's SEC filings, including its most recent 10-K. Actual results may differ materially from the
statements made as a result of various factors, including, but not limited to, risks associated with the inherent uncertainty of
Company research, difficulties or delays in development, testing, regulatory approval, production and marketing of any of the
Company's drug candidates, adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates,
advancement of competitive products, dependence on corporate partners, difficulties or delays in development, delivery or
performance of the Company's AIDD-related systems and business, sufficiency of cash to fund the Company's planned
operations and patent, product liability and third party reimbursement risks associated with the pharmaceutical industry.
SOURCE: Neurogen Corporation |
