Axys Pharmaceuticals' Advanced Technologies Division and Novalon Pharmaceutical Corporation Enter Into Combinatorial Chemistry Collaboration
SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--June 15, 1999--
Agreement Will Focus On Screening Axys' Small Molecule
Library Against Novalon Selected Pathways
Axys Pharmaceuticals, Inc. (Nasdaq:AXPH) today announced an agreement between its Advanced Technologies Division (ATD) and Novalon Pharmaceutical Corporation for the sale of libraries for use in the discovery of compounds that interact with cell regulatory pathways.
Novalon has developed proprietary assays for these cell regulatory pathways that will be employed to screen compounds derived from Axys' Advanced Technologies Division's small molecule diversity libraries. Under the terms of the agreement, Axys will receive an upfront payment from Novalon, as well as additional payments upon the achievement of certain research and development milestones. The specific molecular targets and financial terms of the agreement were not disclosed.
"This is Axys ATD's third biotechnology deal and the first relationship which incorporates our combinatorial-medicinal chemistry (CombiMed) expertise with our traditional offering of highly diverse screening libraries. Our CombiMed research programs are designed to fully realize the natural synergy that exists between combinatorial chemistry technology and modern structure-based drug design approaches. CombiMed allows us to create value for our partners by quickly evolving structure activity relationships (SAR) for lead optimization by utilizing our extensive collection of validated chemistries. We believe that Axys' CombiMed capabilities coupled with Novalon's proprietary drug discovery assays, will yield promising drug leads which can be rapidly optimized," stated Todd Somers, Ph.D., director of research at Axys' Advanced Technologies Division.
"The chemistry provided by Axys will significantly expand Novalon's discovery capabilities," said Dana M. Fowlkes, M.D., Ph.D., Novalon's Chairman, CEO and CSO. "This partnership provides immediate access to a high-quality library of diverse compounds and the capacity to rapidly optimize leads through the entire medicinal chemistry process. We are pleased to be working with scientists of the caliber we find at Axys."
Bob Reed, Ph.D., Axys vice president and general manager of the Advanced Technologies Division, noted, "In a little over one year's time, we have made a significant impact on the combinatorial chemistry market. We believe that pharmaceutical and biotech companies recognize the value of our enabled compounds, which are designed to have high performance in screening assays, and rapid follow-up potential in medicinal chemistry programs. Our enabled compounds truly enhance the drug discovery process by reducing the time required to confirm a high-throughput screening 'hit', and by reducing the time and improving the ease by which a hit is converted into a lead." The Advanced Technologies Division has combinatorial chemistry collaborations with Pharmacia and Upjohn, Parke-Davis, Rhone-Poulenc Rorer, Signal Pharmaceuticals, and Protein Design Labs.
Axys Pharmaceuticals is a leader in the integration of life science technologies with a focus on transforming gene discoveries into drugs. Axys is building shareholder value through (1) a broad and diversified pipeline of research and development programs partnered with world-class pharmaceutical companies; (2) expansion of a non-partnered research and development franchise in oncology; and (3) the spin out of affiliated businesses that leverage the company's technologies in order to provide capital for Axys' drug discovery and development programs. Axys' technology-leveraging businesses are: The Advanced Technologies Division, a combinatorial chemistry oriented business; PPGx, Inc., a majority owned pharmacogenomics company; and Akkadix Corporation (formerly Xyris), a majority owned agricultural biotechnology company.
Headquartered in Durham, NC, Novalon Pharmaceutical Corporation seeks to be a market leader for drug discovery innovation. The Company utilizes its proprietary technologies to generate sustainable current revenues while creating a rich pipeline of drug leads. Novalon's BioKey(tm) assay technology enables the rapid identification of small molecule leads. Novalon's Molecular Braille(tm) is a breakthrough technology for discovering better drugs for well-validated nuclear and G protein-coupled receptors. Further information about Novalon is available at www. novalon.com.
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties which could cause Axys' actual results to differ materially from those discussed here, including the risk that Axys' collaborations will not be successful, the risk that clinical trials will not proceed as anticipated or may not be successful, Axys' reliance on the efforts of its collaborative partners, the risk of Axys' early stage of development, the risk that Axys will not be successful in entering into new collaborations, competition and marketing risk, the risk of unexpected difficulties and delays in the development of new technologies and in expanding its manufacturing capabilities, and general economic conditions that may affect Axys' actual results and developments. Additional factors that could cause or contribute to such differences include, but are not limited to, those discussed in the sections entitled "What Factors Could Cause Our Results to Differ Significantly from Those You Might Expect?" in the company's SEC Reports, including the company's report on Form 10-K for the fiscal year ended December 31, 1998.
For more information on Axys Pharmaceuticals, Inc., please visit the company's website at axyspharm.com.
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CONTACT:
Axys Pharmaceuticals, Inc.
John Walker, 650/829-1000 (Chairman and CEO)
Fred Ruegsegger, 650/829-1000 (Sr. V.P. and CFO)
or
Novalon Pharmaceutical Corporation
Clay B. Thorp, 919/474-8888, ext. 12 (Dir., Corp. Dev.)
or
Burns McClellan, Inc.
Justin Jackson, 212/213-0006 (media)
John Nugent, 212/213-0006 (investors) |
