**Press release II **
biz.yahoo.com
Axys Pharmaceuticals Awarded Small Business
Innovation Research Grant to Develop Proteome
Bank
SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--Oct. 7, 1998--Axys Pharmaceuticals Inc. (Nasdaq:AXPH - news)
announced today that it has been awarded a Phase I Small Business Innovation Research (SBIR) grant from the National
Institute of General Medical Sciences, National Institutes of Health, to conduct a six month research study.
The study will focus on proteomics, which is the search, identification and prediction of the function of proteins associated with
unknown genes. Led by Arcady Mushegian, Ph.D., senior scientist at Axys, the project's goal is to build a software system and
a proprietary database of protein families for high throughput, accurate prediction of protein function using state-of-the-art
bioinformatics tools.
Upon the completion of development, the database, called the ProteomeBank, is expected to allow Axys researchers to
reliably predict the function of a significant portion of protein sequences derived from any source based on comparison of DNA
sequences.
John Walker, chairman and chief executive officer of Axys, stated, ''The SBIR grant illustrates the significant strides Axys is
making in proteomics and functional genomics, which will in turn, be significant drivers of our internal target validation
processes.
''The novel technology that we are developing as a result of the SBIR grant is designed to take advantage of the huge
expansion of information coming from the human genome project. Arcady and his team have demonstrated the ingenuity it takes
to be recognized in the highly competitive SBIR awards program.''
The ProteomeBank is expected to allow Axys researchers to identify common sequence patterns between a newly identified
proteins and better-studied relatives from the same or other species. The existence of similarities in proteins provides clues to
genetic function.
Predicting the function of new sequences by comparison measurement has been hampered by commonly utilized error-prone
software. The SBIR grant will support the implementation of an algorithm that will dramatically boost the scale and accuracy of
high-throughput prediction of protein function of unknown genes.
''With the recently announced acceleration of the sequencing of the human genome, the focus now shifts to acquiring the ability
to rapidly and reliably predict protein function from gene sequence information,'' concluded Walker.
Successful completion of this study will lead to eligibility for additional grants to fund further research over a two-year period.
Phase II awards, if granted, support commercial development of successfully completed Phase I projects.
Axys Pharmaceuticals is a leader in the integration of life science technologies with a focus on transforming gene discoveries into
drugs. The company has research collaborations with world-class pharmaceutical companies, covering a broad range of
therapeutic areas, including respiratory, cardiovascular, and infectious disease, as well as oncology and central nervous system
disorders.
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks
and uncertainties which could cause Axys' actual results to differ materially from those discussed here, including the risk of
unexpected difficulties and delays in the development of new technologies, the risk that Axys' collaborations will not be
successful, the risk that Axys will not be successful in entering into new collaborations, the risk that clinical trials will not
proceed as anticipated or may not be successful, the risk of Axys' early stage of development, Axys' reliance on the efforts of
its collaborative partners, competition, and general economic conditions that may affect Axys' actual results and developments.
Additional factors that could cause or contribute to such differences include, but are not limited to, those discussed in the
sections entitled ''Business'' and ''Additional Risk Factors'' in the company's SEC Reports, including the company's report on
Form 10-K for the fiscal year ended Dec. 31, 1997.
Note to Editors: For more information on Axys Pharmaceuticals Inc., please visit the company's Web site at
axyspharm.com. |
