SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Monogram Biosciences, Inc. (Nasdaq:MGRM - News) today announced that its partner Pfizer Inc has exercised its right to extend the Collaboration Agreement between Monogram and Pfizer.
“The adjustments to our collaboration with Pfizer strengthen the platform for commercialization of Trofile and indicate Pfizer’s ongoing support for Trofile, which is the clinically validated method of selecting patients for CCR5 antagonists such as Selzentry,” said William Young, Monogram Chief Executive Officer. “We are pleased to be continuing our collaboration with Pfizer outside of the U.S.”
Monogram and Pfizer have a collaboration aimed at making Monogram’s Trofile assay available on a global basis in support of Pfizer’s commercialization of Selzentry. The agreement has an initial term that ends on December 31, 2009 and Pfizer has five separate options, exercisable annually, to extend the agreement by one year. With today’s announcement Pfizer has exercised the first of these options to extend the agreement through December 31, 2010. Through this collaboration Pfizer and Monogram make Trofile available outside of the U.S.
Monogram has also given its consent to allow Pfizer to assign the agreement to the new entity that is planned to be established when GlaxoSmithKline plc and Pfizer merge their HIV businesses.
About Monogram
Monogram is advancing individualized medicine by discovering, developing and marketing innovative products to guide and improve treatment of serious infectious diseases and cancer. The Company’s products are designed to help doctors optimize treatment regimens for their patients that lead to better outcomes and reduced costs. The Company’s technology is also being used by numerous biopharmaceutical companies to develop new and improved anti-viral therapeutics and vaccines as well as targeted cancer therapeutics. More information about the Company and its technology can be found on its web site at www.monogrambio.com.
Webcast Details
Monogram will provide an update on its business today at the 8th Annual JMP Securities Research Conference at 11:30 a.m. Eastern Time (8:30 a.m. Pacific Time). Access to live and archived audio of the conference call will be available by following the appropriate links at www.monogrambio.com and clicking on the “Investors/Media” tab and then on the “Events & Webcasts” link provided on the sidebar menu on the page. The information provided on the webcast presentation is only accurate at the time of the conference, and Monogram assumes no obligation to provide updated information except as required by law.
Forward Looking Statements
Certain statements in this press release are forward-looking, including statements regarding the demand and outlook for our products, including our Trofile assay, the impact of the planned joint venture between Pfizer and GlaxoSmithKline, our projected use of cash, our projected revenues. These forward-looking statements are subject to risks and uncertainties and other factors, which may cause actual results to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to: risks and uncertainties relating to the performance and acceptance of our products; the growth in revenues from all products, including Trofile, growth in deferred revenues; the size, timing and success or failure of any clinical trials for CCR5 inhibitors, entry inhibitors or integrase inhibitors; our ability to successfully conduct clinical studies on our expected timelines and the results obtained from those studies; whether larger confirmatory clinical studies will confirm the results of initial studies; expected reliance on a few customers for the majority of our revenues; the renewal of certain customer agreements, including the Pfizer collaboration for the ex-US distribution of Trofile; the impact of our expense reduction programs; our ability to retain and hire key employees; the impact of competition; whether payers will authorize reimbursement for our products and services and the amount of such reimbursement that may be allowed; whether the FDA or any other agency will decide to further regulate our products or services, including Trofile; whether the draft guidance on Multivariate Index Assays issued by the FDA will be subsequently determined to apply to our current or planned products; whether we will encounter problems or delays in automating our processes; the ultimate validity and enforceability of our patent applications and patents; the possible infringement of the intellectual property of others; whether licenses to third party technology will be available; whether we are able to build brand loyalty and expand revenues; restrictions on the conduct of our business imposed by the Pfizer, G.E. and other debt agreements; the impact of additional dilution if our convertible debt is converted to equity or restructured; and whether we will be able to raise sufficient capital in the future to repay our convertible debt in the event it is not converted to equity or restructured, and/or to maintain operations, if required. For a discussion of other factors that may cause actual events to differ from those projected, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other subsequent filings with the Securities and Exchange Commission. We do not undertake, and specifically disclaim any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Trofile is a trademark of Monogram Biosciences, Inc. Selzentry is a trademark of Pfizer Inc.
Contact:
Monogram Biosciences, Inc. Alfred G. Merriweather, 650-624-4576 Chief Financial Officer amerriweather@monogrambio.com or Feinstein Kean Healthcare Jeremiah Hall, 415-677-2700 jeremiah.hall@fkhealth.com
