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> > >(COMTEX) B: CV THERAPEUTICS RECEIVES $4.5 MILLION MILESTONE PAYMENT F
B: CV THERAPEUTICS RECEIVES $4.5 MILLION MILESTONE PAYMENT FROM BIOGEN
PALO ALTO, Calif., Jan. 5 /PRNewswire/ -- CV Therapeutics, Inc.
(Nasdaq: CVTX) announced today the receipt of a $4.5 million milestone
payment, in the form of a loan, from its partner, Biogen, Inc. (Nasdaq:
BGEN). This milestone was released by Biogen in connection with the
final study report from an earlier Phase II study of Adentri(TM)
(CVT-124), which was jointly conducted by CVT and Biogen. Adentri(TM),
an adenosine A1 blocker, is being developed by Biogen for the potential
treatment of congestive heart failure under a license from CV
Therapeutics.
The loan is repayable in common stock or cash, or to the extent
available out of royalties owed by Biogen to CVT, at the Company's
option.
"This milestone payment recognizes the continued progress made on
Adentri(TM), and further strengthens our balance sheet. We ended 1998
with approximately $45 million in cash and marketable securities. The
added cash provides us with additional flexibility as we continue to
develop our two other clinical programs, ranolazine and CVT-510," said
Louis G. Lange, M.D., Ph.D., Chairman and Chief Executive Officer of CV
Therapeutics.
Biogen has exclusive worldwide rights to develop and sell Adentri(TM)
and is funding all development and commercialization costs. Under the
agreements, CV Therapeutics receives upfront payments, milestones and
royalties.
In addition to historical information, this press release contains
forward-looking statements that involve risks and uncertainties,
including, but not limited to, uncertainties related to the Company's
early stage of development and clinical trials and dependence on
collaborative and licensing arrangements. These factors are more fully
discussed in the Company's Annual Report on Form 10-K for the year
ended December 31, 1997.
CV Therapeutics, Inc., headquartered in Palo Alto, CA, is a
biopharmaceutical company focused on the application of molecular
cardiology to the discovery, development and commercialization of
novel, small molecule drugs for the treatment of cardiovascular
diseases. The Company currently has three drug candidates in clinical
trials. Ranolazine, for the potential treatment of angina, is in Phase
III clinical trials. Adentri(TM) (CVT-124), for the potential treatment
of congestive heart failure (CHF), is in Phase II clinical trials. A
third product, CVT-510, for the potential treatment of atrial
arrhythmias, is in Phase I clinical trials. For more information,
please visit CV Therapeutics' web site at www.cvt.com.
SOURCE CV Therapeutics, Inc.< < <
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