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Biotech / Medical : Aurora Biosciences (ABSC) -- Ignore unavailable to you. Want to Upgrade?

To: Joseph wang who wrote (42)	11/23/1997 7:17:00 PM
From: sylvan	Read Replies (1) \| Respond to of 359

Friday November 21, 4:19 pm Eastern Time Company Press Release Aurora Biosciences Announces Completion of First Stage of Ultra-High Throughput Screening System for Bristol-Myers Squibb SAN DIEGO--(BUSINESS WIRE)--Nov. 21, 1997--Aurora Biosciences Corp. (NASDAQ:ABSC - news) Friday announced it has received acceptance by Bristol-Myers Squibb Co. (NYSE:BMY - news) of the automated storage and retrieval module of the Ultra-High Throughput Screening System (''UHTSS'') designed and developed for Bristol-Myers Squibb by Aurora. This acceptance will trigger Aurora's first milestone payment from its UHTSS syndicate, formed to increase drug screening productivity and reduce the time and cost of screening compounds. ''Aurora has met the twelve-month deadline for completion of the automated storage and retrieval system ahead of schedule,'' said William A. Koster, Ph.D., senior vice president, Drug Discovery Research at Bristol-Myers Squibb. ''We are eager to have this module installed in our facility in Wallingford, Conn. The speed of the UHTSS, along with Aurora's fluorescent assay technologies, will add significant capabilities to our existing state-of-the-art biomolecular screening efforts, thus enhancing our ability to create new drugs.'' Timothy J. Rink, M.D., Sc.D., Aurora's chairman, chief executive officer and president, praised Aurora's staff for reaching this milestone. ''We are proud of the speed with which our team has brought the first stage of the UHTSS from a concept in 1996 to today's operating module, meeting or exceeding its performance specifications,'' Dr. Rink said. The automated storage and retrieval system for Aurora's UHTSS is designed to house more than 1,000,000 compounds in solution for computer-controlled access. Aurora has developed a customized automated retrieval system for the module that can select and deliver specified compounds from this large library of chemicals at a rate of at least 100,000 compounds for primary screening and more than 2,000 compounds for re-testing and potency determination per day. Bristol-Myers signed a collaboration and licensing agreement with Aurora in December 1996, and was the first member to join Aurora's syndicate to design and develop the UHTSS. Other companies to join Aurora's syndicate are Eli Lilly and Co. [NYSE:LLY - news], announced in January 1997, and Warner-Lambert Co. [NYSE:WLA - news], announced in September 1997. Syndicate members are collaborating with Aurora on the development of the UHTSS and specific screening assays and have the right to use certain of Aurora's proprietary fluorescent screening technologies. Each member provides funding support for the cost of development of the UHTSS and is scheduled to receive its own system over a three- to four- year period for use in its internal drug discovery programs. Aurora designs and develops proprietary drug discovery systems, services and technologies to accelerate and enhance the discovery of new medicines. Aurora is developing an integrated technology platform comprising a portfolio of proprietary fluorescent assay technologies and an ultra-high throughput screening system designed to allow assay miniaturization and to overcome many of the limitations associated with the traditional drug discovery process. Aurora believes that this platform will enable Aurora and its collaborators, which, in addition to its syndicate members, currently include Allelix Biopharmaceuticals Inc., Sequana Therapeutics Inc. [Nasdaq:SQNA - news] and Roche Bioscience, to take advantage of the opportunities created by recent advances in genomics and combinatorial chemistry that have generated many new therapeutic targets and an abundance of new, small molecule compounds. Statements in this press release that are not strictly historical are ''forward-looking'' statements which involve a high degree of technological and competitive risks and uncertainties that exist in the company's operations and business environment. Such statements are only predictions and the company's actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include risks associated with the company's new and uncertain technology, dependence on pharmaceutical and biotechnology collaborations, and the development or availability of competing systems. These factors and others are more fully described in the company's prospectus dated June 19, 1997, as well as the company's most recent Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission. For additional corporate information, visit the Aurora Web site at aurorabio.com .