Wednesday February 2, 8:04 am Eastern Time
Company Press Release
Titan Announces Corporate Partnership With
Schering AG for Development and Commercialization
of Novel Parkinson's Disease Therapy
S. SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Feb. 2, 2000--Titan Pharmaceuticals Inc. (AMEX: TTP - news) today
announced that it has established a corporate partnership with Schering AG for the worldwide development, manufacture, and
commercialization of Titan's novel cell therapy for the treatment of Parkinson's disease.
Under the agreement, Titan and Schering will collaborate on manufacturing, and clinical development of the product. Titan will
receive funding for development activities, as well as reimbursement of certain prior research and development expenses.
Schering will fully fund, and manage in collaboration with Titan, all future pilot and pivotal clinical studies. Schering AG receives
exclusive, worldwide development, manufacturing, and commercialization rights, and will pay Titan a royalty on product sales.
Under the agreement, Schering also retains the right to make an equity investment in Titan, up to a specified amount, upon
initiation of pivotal clinical studies.
The potential economic value of the agreement, including development funding and equity investment, but not including funding
of clinical trials and product royalties, is approximately $26 million.
In addition to collaborative development of Titan's Parkinson's disease therapy, Titan and Schering will also mutually explore
other potential therapeutic applications of Titan's CCM(TM) (cell-coated microcarrier) technology, under a one year exclusive
option granted to Schering under the agreement.
In animal experiments, CCM technology has shown the ability to maintain high long term viability and function of numerous,
diverse cell types, and represents a potential broad platform technology for delivery and survival enablement for therapeutic
cells.
''We are very excited to establish this corporate partnership with Schering AG,'' stated Dr. Louis R. Bucalo, President and
CEO of Titan. ''Schering's expertise in cell biology, neuroscience, and global resources will help to maximize the opportunity
for our Parkinson's disease product and CCM(TM) technology.''
''We are pleased to establish this collaboration with Titan,'' stated Dr. Joachim Kapp, Head of the Business Area Therapeutics
of Schering. ''Titan's technology may establish new opportunities for the treatment of Parkinson's disease and other serious
disorders.''
Titan's product, Spheramine(TM), is a novel, cell-based product for the treatment of Parkinson's disease, which will utilize
non-embryonic, human retinal pigment epithelial (RPE) cells. RPE cells produce dopamine, a neurotransmitter that is lacking in
certain brain regions in Parkinson's disease. The product consists of human RPE cells adhered to microscopic, inert matrices
which allow the long term survival and function of cells that are implanted into the mammalian central nervous system. Murine
and primate animal studies have demonstrated the ability of a single treatment of RPE cells on microcarriers to significantly
reverse Parkinson's like symptoms for the duration of the experimental evaluation, which was up to one year.
In these studies, unmodified human RPE cells survived and functioned without any need for immunosuppression or modification
of the cells. RPE cells can be propagated using cell culture methods to produce a large amount of cells, and tests to date have
shown that the cells may be frozen prior to use, allowing the potential for a standardized product available on an as needed
basis.
Titan Pharmaceuticals, Inc. is a biopharmaceutical company developing proprietary therapeutics for the treatment of central
nervous system disorders, cancer, and other serious and life threatening diseases.
Schering AG is a research-based pharmaceutical company. As a global player with innovative products, Schering aims for
leading positions in specialized markets worldwide. Schering's activities are focused on four business areas: diagnostics,
gynecology, therapeutics for disabling diseases (e.g. multiple sclerosis, cardiovascular and oncology) and dermatology. With
in-house R&D and an excellent R&D network with external partners, Schering is securing innovation and a promising product
pipeline.
The press release may contain ''forward-looking statements''within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements
relating to the Company's development program and any other statements that are not historical facts. Such statements involve
risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in development,
testing, regulatory approval, production and marketing of the Company's drug candidates, unexpected adverse side effects or
inadequate therapeutic efficacy of the Company's drug candidates that could slow or prevent product markets, the uncertainty
of patent protection for the Company's intellectual property or trade secrets and the Company's ability to obtain additional
financing if necessary. Such statements are based on management's current expectations, but actual results may differ materially
due to various factors, including those risks and uncertainties mentioned or referred to in this press release.
Contact:
Titan Pharmaceuticals Inc., S. San Francisco
Louis R. Bucalo, M.D., President & CEO, 650/244-4990
or
Ruder Finn, Inc., New York
Investors: Wendi B. Green, Account Executive,
212/593-6374
Media: Sarah O'Connell, Account Executive, 212/583-2724 |
