Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Jibacoa who wrote (3136)	3/19/2001 1:37:00 PM
From: Marty	Read Replies (1) \| Respond to of 52153

NeoTherapeutics' NeoGene Signs License Agreement with Pfizer March 19, 2001 12:11:00 PM ET Pfizer will use an orphan receptor identified by NeoGene Technologies, a subsidiary of NeoTherapeutics IRVINE, Calif., March 19 /PRNewswire/ -- NeoTherapeutics, Inc. (Nasdaq: NEOT; NEOTW) announced today that its functional genomics subsidiary, NeoGene Technologies, has entered into a Drug Pfinder Agreement with Pfizer, Inc. PFE. Under the terms of the agreement, NeoGene will receive an initial payment and milestone payments on potential products. "NeoGene Technologies has been created to promote the pharmaceutical value of our research findings," stated Olivier Civelli, Ph.D., Principal Investigator for NeoGene Technologies. "This is our first success in that direction and it is achieved with one of the largest pharmaceutical companies in the world. To be accepted as Pfizer's partner represents a true boost to our vision of using the natural ligands of orphan receptors as novel pharmaceutical targets." "This is an important step for NeoGene Technologies," stated Alvin J. Glasky, Ph.D., President of NeoGene Technologies. "This transaction with Pfizer demonstrates the significant value of the work that Dr. Civelli and his team are doing at NeoGene, and we plan to further demonstrate this value through additional license agreements. NeoGene's scientific team leads the world in the identification of orphan receptors, which represent very valuable tools for developing new drug candidates." NeoGene's expertise relates to the largest family of receptors in the human body called the G-protein-coupled receptors (GPCRs). The GPCRs direct many of the physiological functions that are of pharmaceutical interest. Since about half of the drugs that are marketed at present act on GPCRs, the Company expects that many drugs in the future will act on unknown GPCRs or "orphan" receptors. NeoGene has placed itself at the forefront of future pharmaceutical research in its efforts to identify the function of the approximately 140 remaining orphan receptors. NeoTherapeutics is a biopharmaceutical company focused on the development of drugs for unmet medical needs. The Company's most advanced drug, Neotrofin(TM), is currently being developed for Alzheimer's disease and other neurodegenerative diseases, such as Parkinson's disease and spinal cord injury. NeoGene Technologies, Inc., a subsidiary of NeoTherapeutics, is engaged in functional genomics research. A second subsidiary, NeoOncoRx, Inc., is engaged in the development of anti-cancer drugs. NeoOncoRx's lead drug, Neoquin(TM), will shortly begin a phase 2 clinical study in patients with bladder cancer. For additional Company information, visit NeoTherapeutics' web site at www.neotherapeutics.com. This press release may contain forward-looking statements regarding future events and the future performance of NeoTherapeutics that involve risks and uncertainties that could cause actual results to differ materially. These risks are described in further detail in the Company's reports filed with the Securities and Exchange Commission. BULLETIN!! BULLETIN!! NeoTherapeutics will hold a telephone conference call on Tuesday, March 20, 2001, starting at 11:00A.M. (EST). Alvin J. Glasky, Ph.D., Chairman and Chief Executive Officer; Rajesh Shrotriya, M.D, President; and, Sam Gulko, Senior Vice President Finance and Chief Financial Officer, will discuss issues and answer questions relating to this news release, fourth quarter earnings and milestones for 2001. Those wishing to participate should call 888-552-7850 at approximately 10:50 A.M. (EST). A replay of this conference call will be available on the Company's website at www.neotherapeutics.com.