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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: BMcV who wrote (3146)	6/2/1999 9:27:00 AM
From: BMcV	Respond to of 10280

Versicor news: Versicor to License Antifungal Compound from Lilly INDIANAPOLIS, June 2 /PRNewswire/ -- Versicor and Eli Lilly and Company (NYSE: LLY - news) announced today that they have entered into an agreement where Versicor will receive exclusive worldwide rights to LY303366, a semi-synthetic derivative of the natural product echinocandin B (ECB). This antifungal is a broad-spectrum, fungicidal agent, which potentially offers a new and unique method of treating fungal infections including those caused by azole and/or polyene resistance organisms. Fungal infections are the fourth most common nosocomial bloodstream infection today. Additionally, resistance to conventional therapies is increasing. Consequently, there is a critical need for new, safe and effective treatments. LY303366, a potent inhibitor of fungal cell wall biosynthesis, is one of a new class of compounds that may offer treatment benefits compared with older drugs. It is currently in Phase II clinical studies as a treatment for severe fungal infections. The worldwide antifungal market currently exceeds $2 billion. Under the terms of the agreement, Lilly will receive a signing fee, milestone payments based on the progression of LY303366 through the development process and royalties on future sales. Lilly also retains an option for the development of an oral formulation of this compound. In exchange, Versicor will receive exclusive worldwide commercialization rights and will be responsible for future development and clinical registration work. ''Lilly's clinical group has done an outstanding job of bringing this compound to its current advanced Phase II status,'' said George F. Horner III, president and chief executive officer of Versicor. ''We competed with a lot of companies for this compound and we are pleased that Lilly has selected Versicor to both complete the development and sell this unique antifungal product.'' ''Versicor's balanced and focused approach to the development of important compounds to treat infectious diseases positions them well to help bring this product to the market,'' said August M. Watanabe, M.D., Lilly executive vice president, science and technology. ''This is an excellent example of how Lilly is working with strategic partners to bring important products to the marketplace from its robust pipeline of compounds and to maximize the value of its assets.'' Versicor Inc., a cutting edge biopharmaceutical company, is dedicated to the discovery and development of novel antimicrobials. Internally this consists of fully integrated efforts involving functional genomics, high throughput screening and combinatorial chemistry. External collaborations have provided advanced leads and clinical compounds.