Feb. 8, 2000--Axys Pharmaceuticals, Inc. (Nasdaq:AXPH - news) today announced that it has received a $1.5 million milestone payment from Merck & Co., Inc. (NYSE:MRK - news) for meeting a pre-agreed milestone in the development of a compound being studied for use in the treatment of osteoporosis, a disease that affects 40 percent of women over age 50.
Axys is eligible to receive additional milestone and royalty payments as this compound and others from the collaboration proceed through the clinical development process and to commercialization, according to Paul J. Hastings, President and Chief Executive Officer of Axys.
``Meeting this key milestone sets an important precedent for accomplishing the series of 2001 goals Axys has set in both our partnered and our proprietary research programs, as well as in our growing development pipeline,'' Hastings said.
The compound selected by Merck is a potent and selective inhibitor of Cathepsin K, a cysteine protease that has been demonstrated to play a key role in bone resorption. The research collaboration between Merck and Axys was established in 1996 and was recently renewed for a fifth year. It will continue through November 2001, during which time additional compounds will be evaluated.
In February 1997, Axys published the three-dimensional crystal structure of Cathepsin K, a member of a large family of cysteine proteases that has been associated with the ability of osteoclasts to degrade bone. Bone resorption that exceeds bone formation is thought to underlie many forms of osteoporosis, including the most common form that affects postmenopausal women. Scientists believe that inhibiting the excessive activity of Cathepsin K may slow or reverse osteoporosis, thus providing a potential avenue for chronic therapy.... |
