Private munch:
>>DAVIS, Calif., April 2 /PRNewswire/ -- Sagres Discovery today announced its acquisition of San Diego-based MemRx Corporation. The combined company unites Sagres' Oncogenome(TM), one of the largest collections of genes causative for cancer, with MemRx's world-renowned expertise in crystallizing and determining the structures of membrane-bound protein targets. The equity-based transaction was approved by the boards of both privately held companies and was effective March 28, 2003.
Raymond Stevens, Ph.D., co-founder of Syrrx, Inc., and Michael Mendez, co-inventor of the XenoMouse®, founded MemRx, where they initiated a research program directed toward structure-based drug discovery of membrane proteins; in particular G-protein coupled receptors (GPCRs) and ion channels. Dr. Stevens will work exclusively with Sagres on structure-based drug design of membrane proteins while continuing his appointment as Professor of Molecular Biology and Chemistry at The Scripps Research Institute. Sagres will retain the MemRx staff and maintain the research operation in San Diego under the leadership of Michael Mendez.
David Ferrick, Ph.D., Sagres Chief Executive Officer, said, "We feel extremely fortunate to have Ray, Mike and their noted crystallography team join the Sagres organization to begin working on our proprietary targets. The synergy is immediately transformational, as they apply their technologically advanced structure-based drug discovery to our small molecule targets, which represent a significant number of our discoveries."
"MemRx is equally excited about joining forces with Sagres," commented Dr. Stevens, MemRx co-founder. "We had multiple opportunities to consider but recognized the strategic fit with Sagres. They have a wealth of highly validated targets in the Oncogenome(TM) complemented by their extensive, molecularly characterized tumor bank for downstream validation of hits and leads. Our near-term plan is to crystallize both Sagres' soluble and membrane targets and ultimately, to turn these into small molecule drug leads."
The MemRx technology and expertise in structure-based drug discovery applied to the Sagres soluble and membrane targets will result in a robust company with 'novel targets, novel structures and novel leads' to develop internally and partner with pharmaceutical companies. These include GPCRs, which are the largest class of pharmaceutically relevant membrane proteins and represents more than $45 billion annually in U.S. sales of prescription drugs. No other company in the world currently has such structure-based drug discovery expertise to tackle the very challenging and extremely valuable membrane protein drug targets.
The MemRx acquisition marks the second major transaction announced by Sagres in 2003. In January, Sagres announced a significant research collaboration with Boehringer Ingelheim to identify novel oncology drug targets.
Dr. Ferrick continued, "In this austere financing environment, while seeking to stay true to our strategy of building value for our shareholders, we found a creative way of acquiring MemRx with no cash outlay. Coupled with the Boehringer Ingelheim collaboration, we have the components in place for both our antibody and small molecule programs, and have clearly demonstrated our ability to execute on our business strategy. Going forward, we intend to continue discussions with pharmaceutical and biotechnology companies with the goal of establishing new collaborations in structure-based small molecule drug discovery."
About Sagres Discovery
Sagres is a discovery stage company dedicated to understanding the molecular basis of cancer. Sagres Discovery's technology platform combines the biology of cancer formation in mouse models with the robustness of high-throughput genomic technologies to enable discovery and clinical validation of human cancer genes at unprecedented speed. The company is assembling the Oncogenome(TM), one of the most comprehensive sets of oncology targets in the world, from the largest collection of cryopreserved animal tumors. Of equal importance, the technology allows for the discrimination between genes that cause disease and those that affect or respond to disease processes. Through its acquisition of MemRx Corporation, Sagres has added world-renowned expertise in the crystallization of membrane-bound proteins such as G-Protein Coupled Receptors and Ion Channels. In addition to its own internal drug discovery program, the company is building its initial product pipeline by selectively using strategic partnerships and collaborations including a collaboration with Boehringer Ingelheim announced in January 2003. Sagres is headquartered in Davis, California, with research operations in both Davis and San Diego.
For additional information, please call Dr. Ferrick, 530-297-4700, e-mail him at daferrick@sagresdiscovery.com or visit our web site: www.sagresdiscovery.com.
CONTACT: investors, David Ferrick, Ph.D. of Sagres Discovery, +1-530-297-4700, or daferrick@sagresdiscovery.com; or media, Debra Bannister, +1-530-676-8001, for Sagres Discovery. << |
