SOUTH SAN FRANCISCO, Calif., and Albany, N.Y., May 31 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL - news) and Albany Molecular Research, Inc. (Nasdaq: AMRI - news) today announced that they have entered into an agreement for medicinal chemistry services to support and accelerate Rigel's product development program in the area of IgE receptor regulation on mast cells for asthma and allergy. Rigel intends to begin clinical trials in this program in 2002.
Under the terms of the agreement, Albany Molecular will provide Rigel with expertise to accelerate the optimization of compounds in Rigel's mast cell program. The goal of the mast cell program is to identify and develop small molecule compounds that inhibit the secretion of multiple inflammatory factors, such as histamine and leukotrienes, that occur when allergens bind to mast cells. Rigel will provide AMRI with compounds it has selected, and AMRI will utilize its medicinal chemistry expertise to enhance the pharmaceutical properties of the compounds.
``More than 100 pharmaceutical companies, including some of the largest in the world, have collaborated with AMRI for lead optimization, scale-up and other essential steps in the drug development process,'' said Donald G. Payan, M.D., Rigel's Chief Scientific Officer and Executive Vice President. ``We are confident that the significant experience and expertise of AMRI's chemists, combined with that of our in-house chemistry group, will ensure that this aspect of the mast cell program moves forward expeditiously. These efforts will also support our plans to selectively partner rights to this program in certain Asian markets in exchange for significant funding.''
``Fundamentally, this agreement underscores Rigel's goal to transition into a drug development organization,'' Dr. Payan said. ``We have built a solid portfolio of development programs that we plan to develop through Phase II clinical trials and then partner with pharmaceutical companies for the final stages of development and commercialization. This approach enables us to leverage our strong drug discovery and development capabilities while reducing the risks inherent in bringing drug candidates through the entire development and marketing process.''
``Albany Molecular Research is honored to begin this important collaboration with Rigel Pharmaceuticals,'' said AMRI Chairman and Chief Executive Officer Thomas E. D'Ambra, Ph.D. ``We have a strong track record in lead discovery and optimization. We also understand that the success of Rigel's efforts in this program will in part be due to the efforts of our scientists under this collaboration. We are committed to doing our very best to help Rigel succeed.''... |
