Tuesday April 17, 3:54 pm Eastern Time
Press Release
SOURCE: Lexicon Genetics Incorporated
Lexicon Genetics Delivers Discoveries to
Bristol-Myers Squibb for New Drug Development
THE WOODLANDS, Texas, April 17 /PRNewswire/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - news) announced
today that it has delivered to Bristol-Myers Squibb Company (NYSE: BMY - news) the second installment of the LexVision
database containing in vivo mammalian gene function information for potential new drug targets. These gene functions are being
analyzed for pharmaceutical product potential in the areas of cancer, cardiovascular disease, immune disorders, neurological
disease, diabetes and obesity. The installment, which was delivered during the first quarter of 2001, triggered a further payment
from Bristol-Myers Squibb for its first year of access to LexVision.
``We are delighted with the acceleration of the quality and quantity of
mammalian gene function data that is represented in LexVision,'' said James
R. Piggott, Ph.D., Senior Vice President of Pharmaceutical Biology at
Lexicon Genetics. ``Using Lexicon's gene targeting and gene trapping
technologies, we have made exciting discoveries for use in the development
of new drugs, and we anticipate many more medically important discoveries
to result from this collaboration.''
Bristol-Myers Squibb became Lexicon's first collaborator for the LexVision
program in September of 2000. Under the agreement, Bristol-Myers
Squibb has access to Lexicon's LexVision database and OmniBank library
for the discovery of small molecule drugs. Lexicon could receive between
$15 million and $25 million in access and delivery fees under this
agreement, in addition to milestone payments and royalties on products Bristol-Myers Squibb develops using Lexicon's
technology. The agreement calls for in vivo characterization of 250 genes each year and has a term of five years, although either
party may terminate the agreement after three years.
The LexVision program was created to discover the physiologic functions and medical importance of genes that are thought to
be potential drug targets. Lexicon analyzes thousands of mouse gene knockouts using an integrated platform of leading-edge,
medically-relevant tests. This state-of-the-art technology platform enables Lexicon to assess the phenotype, or physiological
effects, of the knocked-out gene across a variety of parameters relevant to human disease. The information resulting from this
analysis is captured in the LexVision database for use by Lexicon and its collaborators for the discovery of genomics-based
pharmaceutical products.
Lexicon Genetics Incorporated is a drug discovery company of the post- genome era, using gene knockout technology to
define the functions of genes for the discovery of pharmaceutical products. Lexicon is using this technology to fuel drug
discovery programs in cancer, cardiovascular disease, immune disorders, neurological disease, diabetes and obesity. Lexicon
has established drug discovery alliances and functional genomics collaborations with leading pharmaceutical and biotechnology
companies, research institutes and academic institutions throughout the world to commercialize its technology and further
develop its discoveries. Additional information about the Company is available through Lexicon's corporate website,
www.lexicon-genetics.com.
This press release contains ``forward-looking statements,'' including statements about Lexicon's growth and future operating
results, discovery and development of products, strategic alliances, and intellectual property, as well as other matters that are
not historical facts or information. These forward-looking statements are based on management's current assumptions and
expectations and involve risks, uncertainties and other important factors, specifically including those relating to Lexicon's future
performance under its agreements with collaborators, that may cause Lexicon's actual results to be materially different from any
future results expressed or implied by such forward-looking statements. Information identifying such important factors is
contained under ``Factors Affecting Forward-Looking Statements'' and ``Business - Risk Factors'' in our annual report on
Form 10-K for the year ended December 31, 2000, as filed with the Securities and Exchange Commission. Lexicon
undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE: Lexicon Genetics Incorporated |
