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Biotech / Medical : Oscient Pharmaceuticals Corp. (OSCI) -- Ignore unavailable to you. Want to Upgrade?

To: OldAIMGuy who wrote (483)	12/22/1999 7:45:00 AM
From: Daytek77	Read Replies (1) \| Respond to of 1154

Wednesday December 22, 7:15 am Eastern Time Company Press Release SOURCE: Genome Therapeutics Corp. Genome Therapeutics Announces Osteoporosis Genomics Alliance with Wyeth-Ayerst WALTHAM, Mass., Dec. 22 /PRNewswire/ -- Genome Therapeutics Corp. (Nasdaq: GENE - news) announced today the initiation of a genomics-based research collaboration to develop novel therapeutics for the prevention and treatment of osteoporosis with Wyeth-Ayerst Laboratories, the pharmaceutical division of American Home Products Corporation (NYSE: AHP - news). This alliance will focus on developing therapeutics utilizing targets based on the characterization of a gene associated with a unique high bone mass trait, the mirror image of osteoporosis. Under the terms of the agreement, Wyeth-Ayerst will pay Genome Therapeutics an undisclosed up-front license fee, fund a multi-year research program, make milestone payments and pay royalties on sales of therapeutic products developed from the collaboration. If the research program continues for its full term and substantially all of the milestone payments are met, total payments to Genome Therapeutics would exceed $118 million, excluding royalties. ``In each of our alliances, our goal is to align ourselves with industry leaders. Wyeth developed and markets the world's leading product for osteoporosis. They are among the largest pharmaceutical research organizations in the world and an industry leader in women's health,' said Robert J. Hennessey, Chairman and CEO of Genome Therapeutics. ``This alliance reaffirms the advantage of utilizing genomics for the discovery of new therapeutic agents. The addition of a second human genomics alliance expands the Company's commercial platform and complements our significant accomplishments in pathogen genomics.' The agreement calls for Genome Therapeutics to employ its established capabilities in positional cloning, bioinformatics and functional genomics in conjunction with Wyeth-Ayerst's strong drug discovery capabilities and its expertise in bone biology and the osteoporotic disease process to develop new pharmaceuticals. ``We are very excited that our internal research, accelerated and advanced by our colleagues at Genome Therapeutics, is moving into the therapeutic discovery phase through a collaboration with a world leader in bone disorders and women's health,' said Robert R. Recker, M.D., internationally recognized leader of bone research and Director of the Creighton University Osteoporosis Research Center. ``There is an urgent need for anabolic agents that can add significant bone mass. By identifying the genetic causes of high bone mass we hope to create products that could reverse the process of osteoporosis and prevent fractures.' ``We believe this unique osteoporosis program will provide us with a significant competitive advantage in our effort to develop new therapeutics for this important disease,' said Patrick Gage, Ph.D., President, Wyeth-Ayerst Research. ``We are confident that this compelling genomics-based approach will enhance our research efforts in osteoporosis, and contribute significantly to the growth of our women's health franchise.' Osteoporosis is a systemic skeletal disease characterized by low bone mass and increased risk of fracture. More than 28 million Americans and nearly half of all women over 75 years of age suffer from osteoporosis, with healthcare costs of more than $14 billion per year. Genetic studies strongly suggest that osteoporosis is a complex, polygenic disorder. Genome Therapeutics' research program, based on a unique family of individuals exhibiting a high bone mass trait identified by clinical researchers at Creighton University, represents a potential shortcut to the identification of novel genes regulating bone density and may also represent novel targets for osteogenic agents. Genome Therapeutics Corp. (http://www.genomecorp.com) is a leader in the field of genomics -- the identification and functional characterization of genes. The Company's commercial gene discovery strategy is to identify and characterize human genes associated with major diseases and elucidate bacterial genes responsible for many serious infectious diseases. Together with its strategic partners, Genome Therapeutics is using genomic information to develop a new generation of pharmaceuticals. The Company's non-exclusive PathoGenome(TM) Database is the most comprehensive source of microbial organism sequence information available. Statements in this press release that are not strictly historical are ``forward looking' statements as defined in the Private Securities Litigation Reform Act of 1995. The actual results may differ from those projected in the forward looking statement due to risks and uncertainties that exist in Genome Therapeutics' operations and business environment, described more fully in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission. SOURCE: Genome Therapeutics Corp. More Quotes and News: American Home Products Corp (NYSE:AHP - news) Genome Therapeutics Corp (NasdaqNM:GENE - news) Related News Categories: biotech, medical/pharmaceutical Help Copyright 1994-1999 Yahoo! All Rights Reserved. Copyright ¸ 1999 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. 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