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Technology Stocks : LEON: LION bioscience AG -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (33)	12/18/2002 1:51:16 AM
From: tuck	Read Replies (1) \| Respond to of 36

LEON sure has been roaring back and forth of late. >>CAMBRIDGE, Mass. & HEIDELBERG, Germany--(BUSINESS WIRE)--Dec. 18, 2002-- Bayer to Pay 2 Million Dollars for Delivery of Software Components Bayer to Use LION DiscoveryCenter(TM) for Parts of the Project New Agreement Gives LION Larger Share of Project Responsibilities LION bioscience AG (Neuer Markt: LIO, WKN 504 350, Nasdaq: LEON), a leading provider of integrated IT solutions for the life science industry, announced it will receive a two million dollar milestone payment from Bayer AG for delivering software components for the pharmacophore informatics project to enhance lead identification and optimization in drug discovery. LION expects to receive the payment by the end of this month. The company announced in its report for the six-month period ended September 30 that the milestone would be due in the third quarter. "To adapt to new challenges we have now signed a new modified agreement laying out a delivery schedule until June of 2004 and specifying the use of our new LION Discovery Center(TM) integration platform for parts of the project," said Dr. Friedrich von Bohlen, LION bioscience CEO. "Thus Bayer will become one of our first customers for LION DiscoveryCenter(TM). We welcome Bayer's renewed commitment to this pioneering project for integrating chemical information for improving the validation of lead candidates for faster drug discovery. " Under the new terms, LION will assume additional responsibility for developing analysis and visualization software, thus increasing its share in the project. The integrated cheminformatics project for Bayer is separate from LION's five-year alliance with the drug developer dedicated to developing an enterprise-wide bioinformatics infrastructure and identifying novel targets based on that platform. Further Details About the Project The so-called PIx (Pharmacophore Informatics) project is aimed at developing an integrated cheminformatics platform to help Bayer improve its lead identification and optimization process. Pharmacophores are elements in chemical structures triggering biological activity. The project is aimed at pinpointing the most promising leads in less time in order to reduce the time and cost of developing successful drugs. Working with Tripos, Inc., a cheminformatics software provider, LION has acted as the project manager for the landmark deal announced in October 2000. The project is divided into milestones set for delivering specific portions of the development. The project consists of four main areas: data integration; analysis and visualization software; pharmacophore identification; and project tracking software. Development key releases and payment schedules have been established for the project's continued progress. About LION bioscience AG LION bioscience (http://www.lionbioscience.com) provides proven information and knowledge management solutions to significantly improve life science R&D performance and productivity. LION's performance software solutions developed by its scientific and IT experts enable researchers to simultaneously compile and analyze data across various phases of the R&D process. Research time and costs are reduced, as scientists are able to identify and focus on the most promising drug candidates earlier. LION sets the standard for integration solutions with more than 200 corporate and academic customers globally including, Bayer, Boehringer Ingelheim, Celera, Chiron, DuPont, GlaxoSmithKline, IBM, Janssen, Merck Inc., Nestle, Novartis, Novo Nordisk, Paradigm Genetics, Pharmacia & Upjohn, Pfizer, Roche, Schering AG, Sumitomo Pharmaceuticals and Takeda.<< snip Cheers, Tuck