CAMBRIDGE, Mass. & EMERYVILLE, Calif.--(BUSINESS WIRE)--April 15, 2003--Dyax Corp. (Nasdaq: DYAX - News) and Alnis BioSciences, Inc. announced today a research collaboration and licensing agreement for the discovery, development and commercialization of therapeutic peptides against an undisclosed oncology target provided by Alnis.
Under the terms of the agreement, Dyax will utilize its proprietary phage display technology to identify and characterize peptides that bind specifically to the Alnis target. Alnis will have a specified time period to evaluate the therapeutic potential of the peptides identified by Dyax's technology. The peptides may be used as therapeutics or as delivery agents when conjugated to nanoparticles discovered from Alnis's proprietary technology platform. After this evaluation period, Alnis may obtain an exclusive license from Dyax to further develop and commercialize the peptides as therapeutic product candidates.
Alnis will provide research funding to Dyax for development of the peptides, and has also agreed to pay a research-based milestone payment should the peptides identified meet established criteria. Should Alnis proceed with clinical development of any of the peptides identified, Dyax will receive contingency-based milestone payments, as well as royalties upon successful product commercialization. Financial terms were not disclosed.
"Alnis believes that Dyax's phage display technology can greatly facilitate and accelerate the development of potent therapeutic compounds. We look forward to the successful outcome of the present collaboration and to the potential for future collaborations," said Stephen Barry, President of Alnis BioSciences, Inc.
"We are very pleased to be working on the development of therapeutic peptides against Alnis's cancer target, and hope that success with this initial agreement will result in an expanded collaboration involving additional Alnis targets," commented Henry E. Blair, Chairman, President and Chief Executive Officer of Dyax Corp. "Since our inception we have utilized our phage display technology to rapidly discover high affinity, highly specific peptides and small proteins against a broad range of disease targets. During the past year, we have also advanced our antibody phage display capabilities to a level that today is state-of-the-art and producing exquisite in vitro results. Given our continuing commitment to peptides, it is encouraging to witness the growing interest in the peptide-based approaches to drug development that I have long believed can confer important advantages over small molecules and even monoclonal antibodies."
Dyax Corp.
Dyax Corp. is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic antibodies, small proteins and peptides to be used as anti-inflammatory agents and in oncology. Dyax currently has two recombinant proteins in phase II clinical trials. DX-88 is in phase II studies for the potential treatment of hereditary angioedema, and in phase I/II studies for use during cardiopulmonary bypass surgery. DX-890 is in phase II clinical trials for the potential treatment of cystic fibrosis. The Company uses its patented phage display technology to rapidly identify compounds that bind with high affinity and specificity to targets of interest, with the objective of advancing those with the greatest therapeutic potential into clinical development. Dyax leverages its technology broadly through revenue generating licenses and collaborations in therapeutics and in non-core areas of affinity separations, diagnostic imaging, and research reagents. Through its subsidiary, Biotage, Inc., Dyax develops, manufactures and sells its novel cartridge-based chromatography drug purification and separations systems as tools to speed the drug discovery process at pharmaceutical companies worldwide. For more information on Dyax Corp., please visit the Company's website at www.dyax.com.
Alnis BioSciences, Inc.
Based in Emeryville, CA, Alnis is a biopharmaceutical company that is developing therapeutics from its nanoparticle technology platform. Alnis believes that these medicines will exhibit several outstanding attributes, including optimized pharmacokinetics and strong, specific binding to intended targets. In addition to drug discovery, Alnis is also investigating targeted delivery of bioactive entities using its nanoparticle materials. Alnis' efforts are focused on oncology, inflammation, and infectious diseases. |
