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Am I the only person who saw ARRS's press release announcing another major pharmaceutical partnership? The latest partnership is with SmithKline Beechman. (ARRS also has deals with Amgen and Bayer.) The stock moved only briefly on the news, perhaps because the financial terms weren't disclosed or maybe because the biotechs are still in a sharp correction. Nonetheless, this is another major coup for ARRS, which I consider to be one of the most undervalued of the second tier biotechs. Here's ARRS's press release. You can also browse their web site at arris.com. South San Francisco, CA -- June 27, 1996 -- Arris Pharmaceutical Corporation (Nasdaq: ARRS) announced today that it has agreed to collaborate with SmithKline Beecham (NYSE: SBE) to explore the application of Arris' proprietary Delta technology to intracellular antiviral protease targets. The agreement incorporates an initial proof-of-concept phase followed by a research and development collaboration. While detailed financial terms were not disclosed, Arris indicated that the agreement includes a commitment fee, research and development support, milestones and royalties based on the overall success of the program. According to Daniel Petree, Arris' executive vice president of corporate development and chief financial officer, "This collaboration is important because it marks two "firsts" for Arris: our first research opportunity in the infectious disease category and our first expansion of the Delta technology to intracellular as opposed to extracellular serine and cysteine proteases. Because intracellular targets are known to play significant roles in pathogen invasion and survival, we believe that protease inhibitors may provide new therapeutic alternatives to current treatments. "Our approach to this collaboration also represents a new strategic initiative for Arris. We are supporting an effort to apply the Delta technology to infectious disease targets that are of strategic interest to SmithKline. This type of arrangement provides Arris an opportunity to take advantage of SmithKline's experience in medicinal chemistry, molecular biology, biochemistry and structural analysis of these targets," Petree added. Arris Pharmaceutical uses an integrated drug discovery approach combining structure-based drug design, combinatorial chemistry and its proprietary Delta technology to discover and develop small molecule therapeutics for existing markets where available therapies have significant limitations. Arris' product development programs include: protease-based discovery programs targeting the inhibition of enzymes implicated in inflammatory and certain other diseases such as asthma, blood clotting disorders, arthritis, osteoporosis, cancer and various infectious disease; and receptor-based discovery programs, including those designed to discover small molecule drugs that mimic therapeutically important proteins, such as EPO, hGH, G-CSF and TPO, and research programs to develop drugs that modulate the activity of receptors involved in diseases such as cancer and diabetes. Paul | ||||||||||||||
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