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Biotech / Medical : AXYS Pharmaceuticals Inc. -- Ignore unavailable to you. Want to Upgrade?

To: WTDEC who wrote (357)	11/23/1999 10:34:00 AM
From: bob zagorin	Read Replies (1) \| Respond to of 455

Axys Pharmaceuticals and Merck Extend Osteoporosis Collaboration SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--Nov. 23, 1999--Axys Pharmaceuticals, Inc. (Nasdaq:AXPH) announced today that it has agreed with Merck & Co., Inc. (NYSE:MRK) to extend their osteoporosis drug discovery collaboration for an additional year until November, 2000. This is the second extension for the collaboration. The focus of the research collaboration is the development of small molecule inhibitors of cathepsin K, a cysteine protease target that has been demonstrated to play a role in bone resorption. In November 1996, Axys signed a two-year drug discovery collaboration with Merck to develop small molecule inhibitors of cathepsin K as a treatment for osteoporosis. In February 1997, Axys published the three-dimensional crystal structure of cathepsin K. Cathepsin K is a member of a large family of cysteine proteases, and has been highly associated with the disregulated action of osteoclasts in excessive bone degradation, a condition that results in brittle bones and is characteristic of osteoporosis. Inhibiting this excessive enzyme activity may slow or reverse this condition, providing a new avenue of chronic therapy. Axys Pharmaceuticals is a drug discovery and development company with a proprietary focus in oncology. Axys is building shareholder value through (1) a broad and diversified pipeline of research and development programs partnered with world-class pharmaceutical companies; (2) expansion of a non-partnered research and development franchise in oncology; and (3) the spin out of affiliated businesses that leverage the company's technologies in order to provide capital for Axys' drug discovery and development programs. Axys' technology-leveraging businesses are: Axys Advanced Technologies, a combinatorial chemistry oriented business; PPGx, a majority owned pharmacogenomics company, and Akkadix, an agricultural biotechnology company. Merck & Co., Inc. is a global research-driven pharmaceutical company that discovers, develops, manufactures and markets a broad range of human and animal health products, directly and through our joint ventures, and provides pharmaceutical benefit services through Merck-Medco Managed Care. 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 reliance on the efforts of collaborative partners, the risk that this or other Axys collaborations will not be successful, the risk that clinical trials will not proceed as anticipated or may not be successful, the risks inherent in early stage development, the risk that Axys will not be successful in entering into new collaborations, competition and marketing risk, the risk of unexpected difficulties and delays in the development of new technologies and in expanding its manufacturing capabilities, 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 "What Factors Could Cause Our Results to Differ Significantly from Those You Might Expect?" and "Additional Risk Factors" in the Axys' SEC Reports, including Axys' report on Form 10-K for the fiscal year ended December 31, 1998. This press release may contain so called "forward-looking statements", all of which are subject to risks and uncertainties. One can identify these forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements are likely to address Merck's growth strategy, financial results, product approvals and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ from Merck's forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Merck does not assume the obligation to update any forward-looking statement. One should carefully evaluate such statements in light of factors described in Merck's filings with the Securities and Exchange Commission, especially on Forms 10-K, 10-Q and 8K (if any). In Item 1 of Merck's annual report on Form 10-K for the year ended December 31, 1998, Merck discusses in more detail various important factors that could cause actual results to differ from expected or historic results. One should understand that is not possible to predict or identify all such factors. Consequently, the reader should no consider any such list to be a complete statement of all potential risks or uncertainties. For more information on Axys Pharmaceuticals, Inc., please visit the company's website at axyspharm.com. --30--ma/sf* jar/sf CONTACT: Axys Pharmaceuticals, Inc. John Walker/Kathleen Stafford, 650/829-1000