Some news today:
Pharmacopeia, Inc. Receives $5 Million Payment From NV Organon
PRINCETON, N.J., June 13 /PRNewswire/ -- Pharmacopeia, Inc. (Nasdaq:PCOP) today announced that it received
a $5 million payment from Akzo Nobel's pharmaceutical business unit, NV Organon (``Organon''). The payment, which
consisted of a technology access fee and the second and final equity purchase, was in accordance with the original
agreement signed between the two companies in May 1996.
Pharmacopeia and Organon are conducting a collaborative drug discovery program.
The program focuses on several undisclosed molecular targets in the therapeutic areas of depression, anxiety, psychosis,
and human reproduction.
Pharmacopeia, Inc. is a leader in the field of drug discovery employing small molecule combinatorial chemistry. Using
Encoded Combinatorial Libraries on Polymeric Support (ECLiPS(TM)), its proprietary tagging technology, the
Company generates large libraries, now consisting of more than 2.8 million diverse small molecules. Utilizing these
libraries, Pharmacopeia is developing three potential profit centers: 1) the licensing of libraries to pharmaceutical
companies for evaluation in multiple drug discovery programs, 2) the identification and optimization of lead compounds
for specific targets provided by customers, and 3) the licensing to pharmaceutical companies of drug development
candidates developed in the Company's internal drug discovery programs. Pharmacopeia currently has collaborative
agreements with Bayer Corp., Berlex Laboratories, Inc., Daiichi Pharmaceutical Co., Ltd., Novartis, Organon,
Schering-Plough Corp., and Zeneca, Ltd. Pharmacopeia also has a research partnership with Regeneron
Pharmaceuticals and research arrangements with several biotechnology companies and academic and government
laboratories.
SOURCE: Pharmacopeia, Inc.
Contact: Sue Rodney, Investor Relations Manager of Pharmacopeia, 609-452-3600; or Amy Martini, investors, ext. 255, or Renee Solano,
media, ext. 227, both of Noonan |
