PRINCETON, N.J., Feb. 8 /PRNewswire-FirstCall/ -- Pharmacopeia , an innovator in the discovery and development of novel small molecule therapeutics, today announced that the company has earned a milestone payment as part of its discovery collaboration with Celgene Corporation .
“We are pleased with the success that we have achieved in collaboration with Celgene and are confident that its drug development expertise will best position the compounds for potential advancement,” said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. “By completing this program with Celgene, we not only receive an important milestone payment, but we are also able to focus more on our own internal drug discovery and development efforts.”
This milestone marks the completion of Pharmacopeia’s obligations under the terms of the companies’ collaboration agreement. However, Pharmacopeia is entitled to receive further milestone payments if collaboration programs progress into and through clinical development and royalty revenue if products are marketed.
Pharmacopeia and Celgene have been collaborating on the discovery and development of candidate compounds, for further research and development by Celgene, since 2003. The collaboration agreement is structured to combine the companies’ strengths in research and development to enhance the probability of producing disease-altering, innovative new therapies addressing unmet medical needs in debilitating diseases.
To date, Pharmacopeia’s collaborations with multiple partners have resulted in four compounds (representing three partnered therapeutic programs) currently in human clinical trials and an additional six candidates that are progressing through preclinical development. Pharmacopeia’s partners are conducting Phase I trials evaluating compounds targeting rheumatoid arthritis, an allergy/asthma indication and an inflammation indication.
Beyond its partnerships, Pharmacopeia is focused on the advancement of its internal, wholly owned product pipeline. This internal pipeline, with multiple compounds approaching preclinical development, is focused primarily on immunological diseases, with each program addressing unmet medical needs of a very large patient population. The company’s most advanced internal programs are JAK3 inhibitors (immunosuppressants with potential utility in psoriasis, multiple sclerosis and transplant rejection), CCR-1 antagonists (anti-inflammatory agents with therapeutic potential in rheumatoid arthritis and multiple sclerosis) and adenosine A2A antagonists (anti-neurodegeneratives with potential to treat Huntingdon’s, Parkinson’s and Alzheimer’s).
ABOUT PHARMACOPEIA
Pharmacopeia creates and delivers novel therapeutics to address significant medical needs. Using proprietary technologies and processes, Pharmacopeia discovers and develops novel drug candidates to advance internally as well as with strategic partners. The company is advancing multiple internal programs - focused primarily on immunobiology and immunological diseases - to validation in clinical trials. Pharmacopeia’s later stage portfolio currently comprises multiple partnered programs that have been advanced into human clinical trials with further programs in late- stage pre-clinical development. Beyond these, the company has several internal programs in advanced pre-clinical optimization and multiple partnered programs in discovery that are expected to drive the company’s clinical portfolio in the future.
Contact: Michio Soga Executive Vice President & Chief Financial Officer Pharmacopeia (609)452-3600 irreq@pcop.com
This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management’s current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward-looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia’s strategic plans, Pharmacopeia’s intentions regarding the establishment and continuation of drug discovery collaborations with leading pharmaceutical and biotechnology organizations, in particular, the continuation and funding level of such continuation of Pharmacopeia’s existing collaborations with Schering-Plough and N.V. Organon, Pharmacopeia’s ability to build its pipeline of novel drug candidates, through its own internally-funded drug discovery programs, third party collaborations and in- licensing, Pharmacopeia’s ability to raise additional capital, Pharmacopeia’s anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia’s expectations concerning the development priorities of its collaborators and their ability to successfully develop compounds, Pharmacopeia’s expectations concerning the legal protections afforded by U.S. and international patent law, additional competition, changes in economic conditions, and other risks described in documents Pharmacopeia has filed with the Securities and Exchange Commission, including its Report on Form 10-Q filed on November 4, 2005, its Report on Form 10-K filed on March 23, 2005 and subsequent filings under the Securities and Exchange Act of 1934. All forward- looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia disclaims any undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Pharmacopeia Drug Discovery, Inc.
CONTACT: Michio Soga, Executive Vice President & Chief Financial Officer,Pharmacopeia, +1-609-452-3600, irreq@pcop.com
Web site: http://www.pharmacopeia.com/
