Ligand Receives Milestone for AHP Pre-Clinical Development Stage Compound
Business Wire - September 22, 1999 13:46
SAN DIEGO--(BW HealthWire)--Sept. 21, 1999--Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced today that Wyeth-Ayerst Laboratories, the pharmaceutical division of American Home Products Corporation (NYSE:AHP), has elected to proceed with pre-clinical development of the clinical candidate WAY160910, a non-steroidal progesterone receptor antagonist, triggering an undisclosed milestone payment to Ligand under the research collaboration agreement signed in September 1994. Ligand will receive additional milestone payments and royalties if WAY160910 continues through IND filing and development and receives marketing approval.
"We are pleased with the recent progression of WAY160910 within AHP. Because of its unique characteristics, WAY160910 may be useful in the creation of the first estrogen-free oral contraceptive, thus providing a novel approach to oral contraception," said Andres Negro-Vilar, M.D., Ph.D., Ligand Senior Vice President and Chief Scientific Officer.
WAY160910 is the third compound resulting from the Ligand / Wyeth-Ayerst research and development collaboration. This collaboration was initiated in September 1994 to discover and develop drugs for use in hormone replacement therapy, anti-cancer therapy, gynecological diseases, central nervous system disorders associated with menopause, contraception, and osteoporosis. The research phase of the Wyeth-Ayerst collaboration ended in 1998, having brought forth not only the ongoing progestin modulators but also two tissue selective estrogen receptor modulators, or "SERMs". These are TSE424 for the treatment of osteoporosis in post-menopausal women, now in Phase II clinical trials, and ERA923 for breast cancer in women, now in Phase I clinical trials.
Wyeth-Ayerst Laboratories
Wyeth-Ayerst Laboratories is a major research-oriented pharmaceutical company with leading products in the areas of women's health care, cardiovascular, and metabolic disease therapies, central nervous system drugs, anti-inflammatory agents, vaccines, and generic pharmaceuticals. American Home Products Corporation is one of the world's largest research-based pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing, and marketing of prescription drugs and over-the-counter medications. It is also a global leader in vaccines, biotechnology, agricultural products, and animal health care.
Ligand Pharmaceuticals Incorporated
Ligand Pharmaceuticals Incorporated discovers, develops and markets new drugs that address critical unmet medical needs of patients in the areas of cancer, skin diseases, and men's and women's hormone-related diseases, as well as osteoporosis, metabolic disorders and cardiovascular and inflammatory diseases. Ligand's first two drugs -- Panretin(R) gel and ONTAK(R) -- were approved for marketing in the U.S. in early 1999 and are being marketed through its specialty cancer and HIV-center sales force in the U.S. Four additional oncology-related products are in late-stage development, including Targretin(R) capsules, Targretin(R) gel, Panretin(R) capsules, and Morphelan(TM) (licensed from Elan). Ligand's proprietary drug discovery and development programs are based on its leadership position in gene transcription technology, primarily related to Intracellular Receptors (IR) and Signal Transducers and Activators of Transcription (STATs).
This news release may contain certain forward looking statements by Ligand and actual results could differ materially from those described as a result of factors including, but not limited to the following. There can be no assurance that any product in Ligand's or any partner's pipeline will be successfully developed, that pre-clinical results will be replicated in humans, that regulatory approvals will be granted in a timely manner or at all, that patient and/or physician's acceptance of these products will be achieved, or that any approved products will be successfully commercialized. Additional information concerning these factors can be found in press releases as well as in Ligand's public periodic filings with the Securities and Exchange Commission. Ligand undertakes no obligation to update the statements contained in this press release after the date hereof.
For information about Wyeth-Ayerst, contact: Douglas Petkus, 610/971-4980.
Note: Public information on Ligand Pharmaceuticals Incorporated, including our financial statements and other filings with the Securities and Exchange Commission, our recent press releases and the package inserts for products approved for sales and distribution in the United States, is available on our web site at ligand.com.
Panretin(R) and Targretin(R) are registered trademarks of Ligand Pharmaceuticals Incorporated, and ONTAK(R) is a registered trademark of Seragen Inc., a wholly owned subsidiary of Ligand.
CONTACT: Ligand Pharmaceuticals Incorporated
Paul V. Maier, 858/550-7573
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