Is n't this that we were waiting for - NEWS-
Monday December 16 8:44 AM EDT
Schering-Plough and Corvas Expand Research Collaboration to Include Factor Xa
SAN DIEGO--(BUSINESS WIRE)--Dec. 16, 1996-- Schering-Plough Corp and Corvas International
Inc announced today that Schering-Plough has elected to exercise its option to expand the ongoing
research collaboration between the two companies.
The additional program covers the development and commercialization of inhibitors of coagulation Factor
Xa, a key enzyme in the blood clotting process. The agreement calls for Schering-Plough to make
equity, license fee, research support and milestone payments to Corvas potentially totaling $40 million, if
specified development milestones are achieved and new therapeutics are successfully commercialized.
Royalties will also be payable on products marketed.
Under terms of the agreement and before year-end, Schering-Plough will make a payment of $7 million,
which includes a $2 million equity investment. Schering-Plough has committed to funding research at
Corvas through December 1998.
The exercise of the option to the Factor Xa program expands the relationship between Corvas and
Schering-Plough which began in December 1994 and targeted the development of synthetic, orally
bioavailable thrombin inhibitors. Progress continues in that program, with the selection of a compound to
go into clinical development expected in early 1997.
The combined financial impact of both programs to Corvas is potentially in excess of $80 million for
performance milestones and research payments.
"This further validates and solidifies the leadership role that Corvas has taken over the last several years
in the design, synthesis and preclinical development of a new generation of orally bioavailable
anticoagulants," said William C. Ripka, Corvas' senior vice president, chemistry.
"We believe that our orally active Factor Xa inhibitors will be more effective and safe in treating diseases
resulting from excessive blood clotting than currently available therapeutics used in these indications,"
said George P. Vlasuk, Corvas' executive vice president, research and development.
Abnormal clot formation (thrombosis) can occur following surgery, resulting in deep vein thrombosis, and
in various cardiac disorders, such as myocardial infarction and unstable angina. The programs in
thrombin and Factor Xa are thus part of a comprehensive approach the Corvas and Schering-Plough
intend to use to strengthen their position in developing products for the treatment of thrombosis.
Corvas International, Inc. is a biopharmaceutical company engaged in the design and development of a
new generation of therapeutic agents for the prevention and treatment of major cardiovascular and
inflammatory diseases. In addition to its collaboration with Schering-Plough in the thrombin and Factor
Xa inhibitor programs, Corvas is currently collaborating with Pfizer Inc. to develop neutrophil inhibitory
factor (NIF) as a possible stroke therapy, and has product licensing agreements with Ortho Diagnostic
Systems, Inc. (a Johnson & Johnson company) and Centocor, Inc.
Schering-Plough is a research-based company engaged in the discovery, development, manufacturing
and marketing of pharmaceutical and health care products worldwide.
Note to Editors: For background information on Corvas' technology and product development programs,
please contact Angela Hartley, Director, Investor Relations at 619/455-9800. For information on Corvas
International, Inc. via facsimile at no cost, call 800/PRO-INFO and enter ticker symbol CVAS.
CONTACT: Corvas International, Inc.
John E. Crawford or Angela L. Hartley, 619/455-9800
or
Schering-Plough Corp.
Geraldine U. Foster, 201/822-7410
Frank J. Murdolo, 201/822-7437
***********************************************************
For what it's worth
shrini
Keep it. |
