Lexicon Achieves Third Performance Milestone in Genentech Alliance
Wednesday December 29, 8:30 am ET
THE WOODLANDS, Texas, Dec. 29 /PRNewswire-FirstCall/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - News) announced today the completion of the third performance milestone in its drug discovery alliance with Genentech, Inc. (NYSE: DNA - News).
The milestone relates to the identification by Lexicon of the physiological and behavioral functions of 50 percent of the proteins included in the alliance. Under the alliance, Lexicon is discovering the functions of potential therapeutic proteins and antibody targets identified through Genentech's internal drug discovery research. The completion of the milestone entitles Lexicon to a performance payment. Although the amount of the payment was not disclosed, it represents the most substantial of the performance payments due under the alliance.
"Lexicon's phenotypic analysis of the first half of proteins contained in the Genentech alliance has produced valuable information by which to assess the therapeutic potential for these drug targets," said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Lexicon.
In addition to performance-based milestone payments, Genentech will make payments to Lexicon upon achievement of milestones related to the development and commercialization of therapeutic proteins and antibodies resulting from the alliance. Lexicon is also entitled to receive royalties if net product sales of these proteins and antibodies are achieved. Lexicon retains certain rights to these discoveries, including non-exclusive rights for the development and commercialization of small molecule drugs.
About Lexicon Genetics
Lexicon Genetics is a biopharmaceutical company focused on the discovery of breakthrough treatments for human disease. Lexicon is systematically discovering the physiological and behavioral functions of genes to identify potential points of therapeutic intervention, or drug targets. Lexicon makes these discoveries using its proprietary gene knockout technology to model the physiological effects that could be expected from prospective drugs directed against novel targets. The Company has advanced knockout-validated targets into drug discovery programs in six therapeutic areas: diabetes and obesity, cardiovascular disease, cancer, immune system disorders, ophthalmic disease, and psychiatric and neurological disorders. Lexicon is working both independently and through strategic collaborations and alliances to accelerate the development and commercialization of its discoveries. Additional information about Lexicon is available through its corporate website, lexicon-genetics.com . |
