ICOS Regains Full Rights to LFA-1 Program
Friday June 6, 7:01 am ET
Moves Forward with Preclinical Development of More Potent Compounds
BOTHELL, Wash.--(BUSINESS WIRE)--June 6, 2003--ICOS Corporation (Nasdaq:ICOS - News) today announced that it and Biogen Inc. (Nasdaq:BGEN - News) will conclude their LFA-1 program collaboration, with ICOS to acquire sole rights to the program. IC747, one of the LFA-1 antagonists within the collaboration, recently concluded a small exploratory Phase 2a clinical study in patients with psoriasis.
"We believe in the potential of the LFA-1 program and are excited to have regained full development and marketing rights," Paul Clark, ICOS' Chairman and Chief Executive Officer, stated. "The contributions by the team members from Biogen and ICOS expanded our understanding of the influence of LFA-1 in chronic, inflammatory diseases and established a strong foundation from which ICOS will independently pursue small molecule treatments based on antagonism of LFA-1. We have truly valued the opportunity to collaborate with Biogen."
Jim Mullen, Biogen's Chairman and Chief Executive Officer, noted, "The strength of our collaboration and ICOS' ability to move rapidly and efficiently, places ICOS in a strong position to move forward with the LFA-1 program. We look forward to considering other opportunities to work with ICOS in the future."
As a result of the termination, in the second quarter of 2003, ICOS will recognize as revenue approximately $21 million (34 cents per share) of upfront fees and forgiven loans that have previously been recorded as deferred revenue.
About LFA-1:
LFA-1 is a cell adhesion molecule found on certain immune cells. LFA-1 plays a major role in the activation and trafficking of T-cells at sites of inflammation. In the last decade a large body of preclinical data has accumulated to establish the importance of LFA-1 as a biological target, particularly in chronic, T-cell driven inflammatory conditions like psoriasis. ICOS scientists have expanded their understanding of how LFA-1 is regulated and have demonstrated that LFA-1 antagonists bind to LFA-1 and inhibit T-cell migration and activation.
"An exploratory Phase 2a trial was conducted with IC747. The results of this 28-day study showed that, although treatment with IC747 was safe, the efficacy was insufficient to warrant further development," commented David Goodkin, M.D., ICOS' Vice President, Development and Chief Medical Officer. "We now plan to focus attention on our more potent LFA-1 antagonist compounds in preclinical development." |
