The're have been a couple of press releases from SEPR talking about their drug discovery program. Here's a release from last year from Versicor:
GENOME THERAPEUTICS AND VERSICOR ANNOUNCE CORPORATE PARTNERSHIP TO DEVELOP NOVEL ANTI-INFECTIVES
- GTC Establishes Anti-bacterial Drug Discovery Program with Versicor -
Waltham, Massachusetts and San Francisco, California, March 10, 1997 -- Genome Therapeutics Corporation (Nasdaq: GENE) and Versicor Inc., a majority-owned subsidiary of Sepracor Inc. (Nasdaq: SEPR), today announced that they have signed a collaboration agreement to jointly research and develop new anti-bacterial compounds.
Under the terms of this agreement, Genome Therapeutics Corporation ("GTC") will contribute validated bacterial genomic targets from its PathoGenomeTM sequence database together with functional genomics information. Versicor will supply screening and synthesis of chemical libraries, high-throughput assay development and lead validation.
According to the agreement, Genome Therapeutics and Versicor will share equally in all license fees, milestones and royalties for any products developed and commercialized as a result of this collaboration. Versicor and GTC will split the research and development investment through preclinical stages of development. Both companies have the right to maintain their 50/50 stake by investing equally in additional development if required prior to outlicensing. In addition, Versicor has retained certain marketing rights and GTC has obtained warrants to acquire equity in Versicor.
"We are pleased to announce formation of this important partnership. By combining Versicor's balanced drug discovery with the power of GTC's bacterial genomics, we greatly enhance the potential for identifying novel antibiotics for this large and growing market," stated George F. Horner, Chief Executive Officer of Versicor. "Since initiating operations in early 1996, Versicor has assembled an outstanding team of chemists and biologists who are dedicated to discovering novel antibiotic and antifungal pharmaceuticals."
"The leadership role of GTC in pathogen genomics will be enhanced and complemented by Versicor's unique drug discovery and combinatorial chemistry capabilities," stated Robert Hennessey, GTC's Chairman, President and Chief Executive Officer. "This alliance is a milestone in GTC's strategic plan of bridging the gap between gene discovery and drug discovery."
There is an urgent need for new antibiotics to combat bacterial infections. Many existing anti-infective compounds are no longer effective against a growing number of drug-resistant microorganisms. Each year 1.2 million patients in the U.S. require hospitalization for bacterial infections and 60,000 die. By identifying the pathogens' genes and characterizing their functions, a new generation of anti-infectives can be developed that will be more effective against drug-resistant pathogens.
Versicor Inc., a majority-owned subsidiary of Sepracor Inc. (Nasdaq: SEPR), is a second-generation company that integrates biology/genomics, combinatorial chemistry, high-throughput screening and informatics in a balanced format to discover new anti-infective drugs against resistant pathogens.
Genome Therapeutics Corporation is a leader in the field of genomics -- the identification and functional characterization of genes. The company's commercial gene discovery strategy is to identify and characterize human genes associated with major diseases and elucidate bacterial genes responsible for many serious infectious diseases. Together with its strategic partners, GTC is using genomic information to develop a new generation of pharmaceuticals.
Genome Therapeutics Corporation Safe Harbor Statement:
Statements in this press release that are not strictly historical are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. The actual results may differ from those projected in the forward looking statement due to risks and uncertainties that exist in Genome Therapeutic's operations and business environment, described more fully in GTC's Annual Report on Form 10-K for the year ended August 31, 1996 and the prospectus dated February 10, 1996, filed with the Securities and Exchange Commission.
Versicor Contacts:
George F. Horner III
Chief Executive Officer and Director
(415) 635-0955
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And here's a description from the San Francisco Business Times of its initial funding:
Monday -- December 22, 1997
$22M private placement puts biotech in the money
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Chris Rauber
Versicor Inc., a Fremont biomedical spinoff of Massachusetts-based Sepracor Inc., has completed a $22 million private placement that more than satisfied its immediate need for cash.
The financing round "gathered substantially more interest than the $20 million we were seeking," said Versicor CEO George Horner. The company is attempting to develop a new group of drugs for fighting infectious diseases.
"We actually could have raised more than that," said Horner, who expects the cash infusion to fuel the company for at least 18 months.
Lead underwriters were Menlo Park's New Enterprise Associates and HealthCare Ventures, with offices in Boston and Princeton, N.J. Other investors included Hambrecht & Quist Capital Management, Abingworth Management Ltd., SROne -- SmithKline Beecham's venture capital arm -- and Rho Management.
Mark Leschly, HealthCare Ventures' general partner, praised Versicor's scientific and management strength, calling it "a preeminent company" in its niche.
The global market for antibiotics now tops $23 billion, but many strains of bacteria are increasingly resistant to common antibiotics -- which means without new drugs to combat them, the world could soon face a resurgence of diseases that science was once thought to have conquered. |
