To: Mr. Big who wrote (61668 ) 1/12/2000 8:34:00 PM From: TheKelster Respond to of 108040
Isis Forms Collaboration with Elan to Develop Antisense Drug for Hepatitis C (PR Newswire, Jan 6, 2000 16:46 hrs) CARLSBAD, Jan. 6 /PRNewswire/ -- Isis Pharmaceuticals, Inc. (NASDAQ:ISIP) ("Isis") announced today that they have signed a binding letter of agreement with Elan Corporation, plc ("Elan") to form a new subsidiary of Isis to develop an antisense drug, ISIS 14803, to treat patients chronically infected with Hepatitis C virus (HCV). The subsidiary will develop and commercialize this novel therapeutic for HCV while investigating delivery of the therapeutic with Elan's proprietary MEDIPAD(R) Drug Delivery System, a disposable subcutaneous infusion device. The combination of a novel drug for HCV with a convenient delivery method could result in a very attractive product for this international public health problem. The new subsidiary plans to file an IND for the drug sometime this month. Isis and Elan will each license significant technology to the new subsidiary. As part of the transaction, Elan will purchase $7.5 million of Isis Common Stock in the first quarter of 2000 and potentially an additional $7.5 million of common stock upon completion of a mutually agreed milestone. Both tranches will be purchased at a premium to Isis' market price. Elan will also purchase Isis Series B Preferred Stock which will be convertible in the future into either Isis stock or stock in the subsidiary. In addition, Elan will make available to Isis a $12.0 million line of credit for Isis' funding commitment to the subsidiary. ISIS 14803 is an antisense drug that inhibits HCV replication. In preclinical studies, ISIS 14803 selectively inhibited HCV replication in cell culture and in mice. As with other antisense drugs, ISIS 14803 has an attractive preclinical safety profile. The significant proportion of drug uptake into hepatocytes where HCV replicates is another attractive feature of this molecule. Elan's proprietary subcutaneous MEDIPAD(R) Drug Delivery System combines the convenience of a transdermal patch with the drug delivery capabilities of an infusion pump. This system can be self-administrated, is disposable and inexpensive. It can be used to infuse drug over 24 and 48-hour timeframes. Elan and its collaborators presently have multiple drugs in clinical trials being administered using the MEDIPAD(R) System. Hepatitis C is an inflammation of liver caused by the Hepatitis C virus. HCV is spread by contact with the blood of an infected person. The Centers of Disease Control estimate that 3.9 million (1.8%) Americans have been infected with HCV of whom 2.7 million are chronically infected. Current treatments are effective in only 10-40% of those patients. HCV is inadequately treated with presently available drugs. "We are pleased to continue our relationship with Elan, a world leader in drug delivery, who shares our commitment in developing antisense drugs for significant unmet medical needs," said Stanley Crooke, M.D., Ph.D. Chairman and Chief Executive Officer, Isis Pharmaceuticals. "Our expanding relationship with Elan is helping us enhance the commercial attractiveness of novel antisense drugs to expand the potential applications and value of the technology and drugs. This collaboration provides Isis the ability to fund the research and development of ISIS 14803 with a respected partner and add a significant value for Isis stockholders." This press release contains forward-looking statements pertaining to the potential of a corporate collaboration for subcutaneous delivery of antisense drugs. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics. Actual results could differ materially from those projected in this release. As a result, the reader is cautioned not to rely on these forward-looking statements. These and other risks concerning corporate collaborations are described in additional detail in Isis' Annual Report on Form 10-K/A for the year ended December 31, 1998, which is on file with the U.S. Securities and Exchange Commission, copies of which are available from the company. Isis Pharmaceuticals, based in northern San Diego County, is engaged in the discovery and development of novel human therapeutic drugs. The company's first product, Vitravene (fomivirsen), to treat CMV-induced retinitis in AIDS patients, is being sold in the United States, Europe and Brazil. In addition, Isis has four compounds in human clinical trials: a Phase II study of ISIS 2302 for the prevention of renal transplant rejection is near completion, Phase II studies of ISIS 2302 with an enema formulation for ulcerative colitis and a topical formulation for psoriasis, have begun recently and an aerosol administration for asthma is being explored. In addition, Isis has three anticancer compounds: ISIS 3521, ISIS 5132 and ISIS 2503, in Phase II studies for multiple types of cancer, as single agents and in combination with traditional chemotherapeutic agents. The company has several additional compounds in preclinical development. Isis' medicinal chemistry and biology research programs support efforts in both antisense and small molecule drug discovery. Vitravene(TM) is a trademark of Novartis AG. SOURCE Isis Pharmaceuticals, Inc. -0- 01/06/2000 /CONTACT: Karen Lundstedt, Exec. Dir. Investor Relations, Corporate Communications of Isis, 760-603-3880/ /Web site: isip.com Companies or Securities discussed in this article: Symbol Name NASDAQ:ISIP Isis Pharmaceuticals, Inc. © 1999 Quote.com, Inc. All Rights Reserved.