SNAP announced the initiation of Phase II clinical trials for migraine today. This is an important step forward for SNAP. But, they present it in a characterisitc low key way. IMHO this is an example of a nearly perfect Press release. It is honest, informative, forthright, and utterly lacking in hype.
John de C
Synaptic Pharmaceutical Announces Commencement of Efficacy trials for Migraine Compound
PARAMUS, N.J., June 24 /PRNewswire/ -- Synaptic Pharmaceutical Corporation (Nasdaq: SNAP) announced today that Eli Lilly and Company ("Lilly") has begun clinical efficacy trials of its migraine compound LY334370 in Europe. The trial will attempt to determine whether a drug that selectively stimulates the serotonin ("5HT") 1F receptor will relieve the symptoms of migraine headaches.
The new compound, which was synthesized by Lilly using Synaptic's serotonin assay technology, is a first of a new class of agents that act at this receptor.
Migraine headache is a condition which involves periodic throbbing headaches often accompanied by nausea and vomiting. It is believed that the prevalence of migraine in the general population may be as high as 10 percent. Loss in work productivity provides an economic reason for improved therapies in this underserved market. The market for migraine therapies is estimated to be about $1.2 billion today and could grow to approximately $3.0 billion by the year 2000 because awareness of existing therapies will increase as new drugs enter the marketplace.
"While we are pleased that one of our collaborative projects has reached this stage, we remain extremely cautious at this early stage of development," said Robert I. Taber, Ph.D., senior vice president for research and development at Synaptic. "Even though the compound has proven to be safe and bioavailable in early dose ranging studies, we have not yet proven that drugs which act through this specific serotonin receptor mechanism will alleviate the pain and sickness caused by migraine headaches."
"Drug development in the pharmaceutical business requires patience and resources," said Kathleen P. Mullinix, Ph.D., chairman, president and chief executive officer of Synaptic. I am pleased that our investors have had the patience and that Lilly has the resources to do what small biotechnology companies can not do on their own."
Synaptic Pharmaceutical Corporation has developed "human receptor-targeted drug design technology," in which cloned human receptors are used as targets for the design of potential drugs. The company is engaged in collaborations with four pharmaceutical companies: Eli Lilly and Company for migraine headache, depression, obesity and smoking cessation; Merck and Co., Inc. for benign prostatic hyperplasia (BPH); Novartis Pharma A.G. for obesity; and The Dupont Merck Pharmaceutical Company for undisclosed therapeutic applications.
Except for the historical information contained herein, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Certain important factors that could cause actual results to differ materially from the company's expectations include the "Cautionary Statements" contained in the company's annual report on Form 10-K for the year ended December 31, 1996, under the caption "Disclosure Regarding Forward Looking Statements," or detailed from time to time in filings that the company makes with the Securities and Exchange Commission. Attention is drawn specifically to the following Cautionary Statements: Absence of Developed Products; Early Stage of Product Development; Dependence on Collaborative Partners for Development, Regulation, Approvals, Manufacturing, Marketing and Other Resources; Risk of Technological Obsolescence and Highly Competitive Industry; and Stringent Government Regulation and Need for Product Approvals.
SOURCE Synaptic Pharmaceutical Corporation
CONTACT: Kathleen P. Mullinix, Ph.D., Chairman, President and Chief Executive Officer of Synaptic Pharmaceutical Corporation, 201-261-1331, ext. 103; or Emmanuelle A. Thiney of Ruder Finn, Inc., 212-715-1549 |
