Axys Pharmaceuticals Enters Into Drug Discovery Collaboration With Protein Design Labs
SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--Feb. 1, 1999--
Agreement Will Focus on Screening Axys' Small Molecule Library Against Protein Design Labs' Selected Pathways
Axys Pharmaceuticals, Inc. (Nasdaq:AXPH) and Protein Design Labs,
Inc. (PDL) (Nasdaq:PDLI) today announced an agreement for the
discovery of compounds that interact with key cellular signaling
pathways.
PDL has developed proprietary assays for these signaling pathways
which will be used to screen compounds derived from Axys' Advanced
Technologies Division's small molecule libraries.
Under the terms of the agreement, Axys will receive an upfront
payment from PDL, as well as additional payments upon the achievement
of certain research and development milestones. The specific molecular
targets and financial terms of the agreement were not disclosed.
"We believe that Axys' highly diverse library of drug-like
compounds and our capabilities in combinatorial chemistry coupled with
PDL's proprietary drug discovery assays, will yield promising drug
leads which can be rapidly optimized," stated Douglas Livingston,
Ph.D., divisional vice president of combinatorial chemistry at Axys'
Advanced Technologies Division.
William Benjamin, Ph.D., vice president, drug discovery at PDL,
stated, "By combining Axys' chemical libraries with our target
identification, high-throughput screening, synthetic chemistry and
computational capabilities, we hope to rapidly identify and optimize
novel small molecule compounds in the targeted pathways. We chose Axys
as a partner because they provide highly diverse screening libraries
and can perform valuable medicinal chemistry on drug leads which we
believe will improve the evolution of our drug discovery programs."
John Walker, Axys' chairman and chief executive officer, stated,
"In just over one year's time, our Advanced Technologies Division has
made a significant impact on the combinatorial chemistry market. With
customers ranging in size from world-class pharmaceutical companies to
promising biotechnology companies, Axys is able to tailor its product
offering of diverse, drug-like chemical libraries to meet the needs of
any company trying to discover novel therapeutics.
"We anticipate the Division keeping up its strong pace and
becoming a significant revenue contributor for Axys in 1999. Their
progress and success will continue to help fuel our core business of
drug discovery."
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, infectious disease, oncology
and central nervous system disorders, in addition to combinatorial
chemistry collaborations with Pharmacia and Upjohn, Parke-Davis,
Rhone-Poulenc Rorer, and Signal Pharmaceuticals.
Protein Design Labs, Inc. is a leader in the development of
humanized and human antibodies to prevent or treat various disease
conditions. PDL currently has antibodies under development in the
areas of transplantation, autoimmune and inflammatory conditions,
cancer and infectious disease. PDL's small molecule drug discovery
programs are focused on the development of novel antimicrobial agents
and new treatments for immune 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 that Axys'
collaborations will not be successful, the risk that Axys will not be
successful in entering into new collaborations, 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
December 31, 1997.
For more information on Axys Pharmaceuticals, Inc., please visit
the company's Web site at axyspharm.com.
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CONTACT:
Axys Pharmaceuticals, Inc.
John Walker or David Gennarelli, 650/829-1000
or
Burns McClellan, Inc. for Axys
Justin Jackson or Jason Farber, 212/213-0006
or
Protein Design Labs, Inc.
Robert L. Kirkman, M.D., 510/574-1419 |
