Tuesday March 31, 9:30 am Eastern Time
Company Press Release
VIMRX and Columbia University Agree to Form Ventiv
Biogroup
Discoveries from VIMRX Genomics Inc. join VIMRX's Development
Compounds To Form Ventiv;
WILMINGTON, De.--(BW HealthWire)--March 31, 1998-- Ventiv to Acquire Novel Target for
Diabetic Complications from
Columbia
VIMRX Pharmaceuticals Inc. (NASDAQ:VMRX - news) and Columbia University announced
today that they have agreed on terms to transform VIMRX Genomics Inc. (VGI), a gene discovery
collaboration between the two parties, into Ventiv BioGroup - a new drug discovery and
development company focused on innovative technologies to improve human health. Gene
discoveries already licensed to VGI by Columbia and three VIMRX development programs will be
transferred to Ventiv BioGroup. Ventiv will be 90% owned by VIMRX and 10% owned by
Columbia University. Enhancing the portfolio further, Ventiv is to acquire from Columbia rights to a
novel receptor target which is believed to be involved in diabetic complications.
As part of the overall agreement, the gene discovery collaboration with the Columbia Genome
Center will cease, including the cumulative $30 million VIMRX funding commitment over five years,
although Ventiv will retain option rights to certain future gene discoveries by the Columbia Genome
Center in exchange for approximately $5.5 million of funding over the next four years.
''We are very excited about this restructuring of our relationship with Columbia and believe Ventiv
BioGroup, a unique industry and academic collaboration, will become an important drug discovery
and development company focused on a number of critical disease targets,'' said Richard L.
Dunning, VIMRX president and CEO. ''Our primary objective in this restructuring was to focus our
resources on projects with greater near term potential while reducing the overall level of funding
necessary to support our technology portfolio.''
Ventiv Acquires Key Therapeutic Target for Diabetic Complications
In a separate agreement, Ventiv is to acquire the rights to the RAGE (receptor for advanced
glycation endproducts) target, a key mediator of secondary complications of diabetes discovered at
Columbia University in the laboratories of Drs. David Stern and Ann Marie Schmidt. The scientists
have cloned and characterized the RAGE receptor, which is found on specific cell types that are
known to be altered in diabetes. Research in animal models has shown that interference with the
binding of RAGE to toxic substances generated in patients with diabetes blocks development of
diabetic complications. Diabetic complications include accelerated atherosclerosis including coronary
disease, stroke or limb loss, retinopathies that lead to blindness, nephropathy or kidney failure,
periodontal disease and impaired wound healing.
Ventiv will provide research support plus future royalties and milestones to Columbia who will in
return grant Ventiv the license to intellectual property related to the RAGE technology.
''RAGE is a validated target which can be moved into drug discovery immediately,'' said Dr. David
A. Jackson, VIMRX chief scientific officer. ''Columbia University researchers have a clear path for
discovering a drug which will act as a RAGE antagonist and thus prevent abnormal cell behavior in
diabetic patients. This is a major addition to our portfolio.''
Diabetes is the fourth leading cause of death by disease in the United States. Each year,
approximately 625,000 people will be diagnosed with diabetes. Diabetes is a chronic disease that
has no cure, and current therapy leads to inadequate control for virtually all patients with respect to
secondary complications of diabetes, including blindness, kidney disease, nerve and heart and
vascular disease.
Ventiv BioGroup's Promising Development Portfolio
Ventiv BioGroup's development portfolio will include the following programs:
two Columbia discovered cancer genes, responsible for non- Hodgkin's lymphoma and
multiple myeloma respectively, which were previously licensed by Columbia to VGI;
VM201, a Factor IXa inhibitor anticoagulant for cardiopulmonary bypass surgery and
hemodialysis discovered and in preclinical research at Columbia University and previously
licensed to VIMRX by Columbia;
VM301, a novel wound healing agent preparing to enter Phase I clinical trials at Columbia
University;
VIMRxyn(R) (synthetic hypericin) for the treatment of glioblastoma, a form of brain cancer,
and topical applications such as psoriasis, warts and cutaneous T-cell lymphoma, currently in
Phase I/II clinical trials; and
RAGE (receptor for advanced glycation endproducts) target, a key mediator of secondary
complications of diabetes discovered at Columbia University.
To support these projects, Ventiv will provide approximately $2-3 million of annual research funding
to Columbia over the next three years.
VIMRX Portfolio: Three Integrated, Majority Owned Subsidiaries
VIMRX Pharmaceuticals Inc. (NASDAQ: VMRX - news) is a biotechnology company developing
innovative technologies to improve human health. VIMRX's portfolio will include three majority
owned subsidiaries: Nexell Therapeutics Inc., a company formed with Baxter Healthcare
Corporation focused on cell therapeutics for cancer and other life threatening diseases; Innovir
Laboratories, Inc. (NASDAQ: INVR - news), which develops oligozymes for use as both
therapeutics and as pharmaceutical research tools; and, upon completion , Ventiv BioGroup, a
biotechnology development company formed with Columbia University focused on research and
development programs in the areas of cancer, diabetes, cardiovascular disease, wound healing and
skin diseases.
The Private Securities Litigation Reform Act of 1995 provides a ''safe harbor'' for certain
forward-looking statements. The forward- looking statements contained in this release are subject to
certain risks and uncertainties. Actual results could differ materially from current expectations.
Among the factors which could affect the Company's actual results and could cause results to differ
from those contained in the forward-looking statements contained herein are the success of the
Company's clinical trials, delays in receiving FDA or other regulatory approvals and the development
of competing therapies and/or technologies by other companies.
NOTE TO INVESTORS AND EDITORS: VIMRX's press releases are available on the Internet
through www.vimrx.com and through BusinessWire's web site at businesswire.com. The
releases also are available at no charge through BusinessWire's fax- on-demand service at
800-411-8792.
Contact:
VIMRX Pharmaceuticals
Media Contact: Laura A. Mastrangelo
302-998-1734/Pager 800-916-8038
or
The Investor Relations Group
Investor Contact: Dian Griesel, Ph.D.
212-664-8489
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