GERMANTOWN, Md., Feb. 26 /PRNewswire-FirstCall/ -- Avalon Pharmaceuticals, Inc. , today announced the initiation of the primary screening phase under its drug discovery collaboration with Novartis. The collaboration aims to discover small molecule therapeutic compounds targeted against a pathway selected by Novartis. The terms of the collaboration provide for upfront, research support and milestone payments.
Avalon is using its AvalonRx(R) drug discovery platform to screen, identify and characterize compounds from the Novartis proprietary compound library. Following Avalon’s successful identification of a screen signature by monitoring large-scale gene expression changes resulting from disrupting the selected pathway, the parties have agreed to initiate the primary screen against a large subset of Novartis’ compound library. Under the terms of the agreement, the initiation of the screening phase triggers a $500,000 payment to Avalon for research support.
“We are very pleased with the progress of this collaboration,” stated Kenneth C. Carter, Ph.D., President and CEO of Avalon. “Our AvalonRx(R) drug discovery platform brings real value to programs like this through greater speed in identifying compounds with more selectivity against virtually any pathway or target, including those which historically have been considered undruggable.”
About Avalon Pharmaceuticals
Avalon Pharmaceuticals is a biopharmaceutical company using its proprietary technology, AvalonRx(R), to discover and develop cancer therapeutics. Avalon has a lead product in Phase I clinical development (AVN944 -IMPDH inhibitor), preclinical programs to discovery inhibitors for the beta-catenin and aurora pathways and value generating partnerships with MedImmune, Medarex, and Novartis. Avalon Pharmaceuticals was established in 1999 and is headquartered in Germantown, Md.
About AvalonRx(R)
AvalonRx(R) is a comprehensive, innovative and proprietary suite of technologies based upon large-scale gene expression analysis. This platform facilitates drug discovery by expanding the range of therapeutic targets for drug intervention, including targets and target pathways frequently considered intractable using conventional HTS approaches, allows more informed decisions about which compounds to advance towards clinical trials, and facilitates drug development through identification of biomarkers of efficacy that can stratify patients or provide early indicators of response.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the United States Private Securities Reform Act of 1995. These statements are based on management’s current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. All statements contained herein that are not clearly historical in nature are forward looking. Economic, business, competitive and/or regulatory factors affecting Avalon’s business are examples of factors, among others, that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements included in Avalon’s Securities and Exchange Commission filings, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. Avalon is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contacts: Avalon Pharmaceuticals, Inc. Noonan Russo Gary Lessing Wendy Lau (Media) Executive Vice President & CFO Tel: (212) 845-4272 Tel: (301) 556-9900 Fax: (301) 556-9910 The Trout Group LLC Email: info@avalonrx.com Chad Rubin (Investors) Tel: (212) 477-9007 ext. 47
Avalon Pharmaceuticals, Inc.
CONTACT: Gary Lessing, Executive Vice President & CFO, AvalonPharmaceuticals, Inc., +1-301-556-9900, Fax: +1-301-556-9910,info@avalonrx.com; Wendy Lau (Media), Noonan Russo, +1-212-845-4272; ChadRubin (Investors), The Trout Group LLC, +1-212-477-9007, ext. 47
Web site: http://www.avalonrx.com/
