NEWS - news
Magainin Receives $5 Million Milestone Payment From SmithKline Beecham
08:52 a.m. Jun 02, 1997 Eastern
PLYMOUTH MEETING, Pa., June 2 /PRNewswire/ -- Magainin Pharmaceuticals Inc. (Nasdaq: MAGN) today announced receipt of a $5 million milestone payment from SmithKline Beecham (NYSE: SBH) (SB) pursuant to the development, supply and distribution agreement for Cytolex(TM). The milestone reflects successful completion of clinical testing of Cytolex, and the determination by SB that there is sufficient clinical data to support the U.S. Food and Drug Administration's (FDA) acceptance of a New Drug Application for Cytolex.
To date, SB has paid Magainin $10 million under the agreement, having also provided a $5 million upfront payment in February, 1997. SB may make additional payments to Magainin of up to $22.5 million for other product milestones.
Cytolex is a broad-spectrum topical antibiotic cream intended for the treatment of infection in diabetic foot ulcers. Magainin has completed two successful Phase III clinical trials of Cytolex.
"This milestone represents another significant step in the development of this promising treatment for diabetic foot ulcer infections," said Dr. Jerry Karabelas, Executive Vice President, SmithKline Beecham Pharmaceuticals. "We look forward to commercializing Cytolex and offering this novel therapy to the many diabetic patients who suffer from infected lesions of the foot."
"The achievement of this milestone with SB is reflective of the strong clinical data package we have assembled for Cytolex," said Jay Moorin, Chairman, President and Chief Executive Officer of Magainin. "Our companies continue to collaborate on the filing of a New Drug Application with the FDA and the commercialization of Cytolex."
Magainin Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development of breakthrough medicines for serious diseases. The Company isolates and develops compounds from the host-defense systems of animals and uses molecular techniques such as gene identification to understand the pathogenesis of disease. Magainin's development efforts are focused on anti-infectives, oncology and, pulmonary and allergic disorders.
This announcement contains certain forward-looking statements that are subject to risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from those currently anticipated as a result of a number of factors, including, but not limited to, the risks and uncertainties discussed under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 1996 Annual Report to Shareholders as filed with the Securities and Exchange Commission, as well as Item 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 1996 as filed with the Securities and Exchange Commission. The Company disclaims any intent or obligation to update these forward-looking statements.
Upon regulatory approvals, MSI-78 is expected to be marketed under the trade name Cytolex. SOURCE Magainin Pharmaceuticals Inc. |
