Thursday December 20, 9:16 am Eastern Time
Press Release
SOURCE: Neurogen Corp. and Aventis Pharma
Neurogen and Aventis Pharma Announce Worldwide Collaboration To Develop CRF1 Drugs
First Studies to Target Depression and Anxiety
BRANFORD, Conn., Dec. 20 /PRNewswire/ -- Neurogen Corp. (Nasdaq: NRGN - news), a leading small molecule drug discovery and development company, and Aventis Pharma (NYSE: AVE - news), today jointly announced an exclusive worldwide collaboration to develop new drugs for treatment of depression, anxiety, and other stress-related disorders based on Neurogen's innovative portfolio of pre-clinical corticotrophin releasing factor (CRF1) antagonist compounds. Aventis Pharma has licensed this entirely new class of compounds, including Neurogen's lead candidate NGD 98-2. Neurogen and Aventis have also entered into a three-year research collaboration designed to bring forward additional CRF1 candidates for a wider spectrum of disorders.
Under the terms of the agreement, Neurogen will receive an initial payment of $10 million from Aventis and will also receive cash payments based upon the achievement of certain milestones in the drug research and development process. Also under the agreement, Aventis receives exclusive worldwide development, manufacturing, marketing and sales rights to collaborative compounds which come to market, and agrees to pay Neurogen royalties on these sales. Aventis will also assume the full responsibility for the development and commercialization of compounds emerging from this program. Although complete financial terms have not been disclosed, the total collaborative value makes it the largest collaboration in Neurogen's history.
The compounds being licensed are CRF1 receptor antagonists. Antagonists are compounds which block or inhibit the effects of a neurotransmitter on neural receptors. Corticotrophin releasing factor is a neurotransmitter that mediates physiological and behavioral responses to stress. Blocking CRF1 receptors represents a promising and innovative target for treatment of stress-related disorders.
William H. Koster, Ph.D., President and Chief Executive Officer of Neurogen, said, ``The combination of Neurogen's novel CRF1 chemotype, the substantial quantity of promising chemical leads from our Accelerated Intelligent Drug Discovery (AIDD) system, and Aventis' impressive development and commercial expertise comprise all the right elements for a successful effort. We will have one of the largest research and development teams in the industry focused in this area, and certainly one of the most talented. We're very excited about the potential of this collaboration, both from business and scientific perspectives.''
Dr. Koster will host a conference call to discuss the collaboration with Aventis, as well as the Phase IIA Clinical Trial Results for Treatment of Generalized Anxiety Disorder, also announced today. The call will take place at 10:30 a.m. EST on Thursday, December 20, 2001 and will be broadcast live via the internet at neurogen.com. An archive will be available on the website for at least one week following the call. A replay of the call will also be accessible by telephone after 1 p.m. EST, available through midnight, December 27, 2001. To replay the call, dial 800.945.0822 (direct dial is 402.220.0668).
About Neurogen Corp.
Neurogen Corp. (Nasdaq: NRGN - news) is a leader in the discovery and development of new drug candidates targeted at improving the lives of patients suffering from psychiatric, metabolic and inflammatory disorders. The Company has generated a portfolio of compelling new drug programs, and through strategic collaborations with world-class pharmaceutical companies, accesses proven drug development and marketing expertise. Neurogen's Accelerated Intelligent Drug Discovery (AIDD) system is a key discriminator in the Company's ability to rapidly and cost effectively screen for active compounds during the drug discovery process.
About Aventis
Aventis (NYSE: AVE - news), a world leader in pharmaceuticals and agriculture, is dedicated to improving life through the discovery and development of innovative products. In 2000, Aventis generated group sales of 22.3 billion euros and employed approximately 92,500 people in its Pharma and Agriculture businesses. Aventis announced in November 2000 that it intends to focus on pharmaceuticals and plans to divest its activities in agriculture. Aventis was launched in December 1999 through the merger of Hoechst AG of Germany and Rhone-Poulenc SA of France. Corporate headquarters are in Strasbourg, France. For more information, please visit: aventis.com.
Aventis Pharma AG is the pharmaceutical company of Aventis. Aventis Pharma is dedicated to treating and preventing human disease through the discovery, development, manufacture and sale of innovative pharmaceutical products aimed at satisfying unmet medical needs. Aventis Pharma focuses on important therapeutic areas such as cardiology, oncology, infectious diseases, arthritis, allergies and respiratory disorders, diabetes and central nervous system disorders. Aventis Pharma has its corporate headquarters in Frankfurt, Germany. Aventis Pharma encompasses Aventis Pasteur, a world leader in vaccines based in Lyon, France, and Aventis Behring, a world leader in therapeutic proteins headquartered in King of Prussia, Pennsylvania.
For Neurogen:
The information in this press release contains certain forward-looking statements that involve risks and uncertainties as detailed from time to time in Neurogen's SEC filings, including its most recent 10-K. Actual results may differ materially from the statements made as a result of various factors, including, but not limited to, risks associated with the inherent uncertainty of drug research and development, difficulties or delays in development, testing, regulatory approval, production and marketing of any of the Company's drug candidates, adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates, advancement of competitive products, dependence on corporate partners, difficulties or delays in development, delivery or performance of the Company's AIDD-related systems and business, sufficiency of cash to fund the Company's planned operations and patent, product liability and third party reimbursement risks associated with the pharmaceutical industry.
For Aventis:
Statements in this news release other than historical information are forward-looking statements subject to risks and uncertainties. Actual results could differ materially depending on factors such as the availability of resources, the timing and effects of regulatory actions, the strength of competition, the outcome of litigation and the effectiveness of patent protection. Additional information regarding risks and uncertainties is set forth in the current Annual Report on Form 20-F of Aventis on file with the Securities and Exchange Commission.
SOURCE: Neurogen Corp. and Aventis Pharma |
