SAN DIEGO, Feb. 2 /PRNewswire-FirstCall/ -- SGX Pharmaceuticals, Inc. today announced that it will present data on its MET tyrosine kinase inhibitor development candidate, SGX-523, and its proprietary FAST(TM) (Fragments of Active Structures) drug discovery and optimization platform. Stephen K. Burley, M.D., D.Phil., SGX Pharmaceuticals’ Chief Scientific Officer and Senior Vice President, Research will present these data on February 7, 2007 at 1:30 p.m. Pacific Standard Time at the upcoming joint meeting of the American Association for Cancer Research and American Chemical Society in San Diego, California.
The Company’s development candidate, SGX-523, was selected from a series of low molecular weight MET inhibitors, developed by SGX, which have demonstrated excellent potency in cell based assays, exceptional selectivity profiles and robust oral bioavailability in multiple species. The Company selected SGX-523 based on its overall superior profile. To clarify the Company’s announcement made yesterday, the Company has demonstrated in-vivo efficacy in a mouse xenograft model in other compounds in this series of MET inhibitors. In-vivo studies on SGX-523 have not yet been completed and are presently underway. As previously stated, SGX expects to complete formal toxicology studies that will allow the Company to file an Investigational New Drug (IND) application with the U.S. Food and Drug Administration for SGX-523 within the next 12 months.
About SGX Pharmaceuticals
SGX Pharmaceuticals is a biotechnology company focused on the discovery, development and commercialization of innovative cancer therapeutics. SGX’s oncology pipeline includes drug candidates from its enabling, proprietary FAST(TM) drug discovery and optimization platform, such as next generation BCR-ABL inhibitors currently being developed in partnership with Novartis, MET tyrosine kinase inhibitors including SGX-523, and two series of orally bioavailable JAK2 inhibitors. More information on the pipeline and drug discovery platform can be found at www.sgxpharma.com and in the Company’s various filings with the Securities and Exchange Commission.
Forward-looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include, but are not limited to, statements related to SGX-523, expectations regarding the timing of the filing of INDs, the potential of MET inhibitors as treatments for solid tumor cancers, the effectiveness and efficiency of the FAST technology to generate novel lead molecules for therapeutic targets and the ability to discover, develop and commercialize cancer therapeutics. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery, development and commercialization, which include, without limitation, the potential failure of development candidates, such SGX-523, to advance through preclinical studies or demonstrate safety and efficacy in clinical testing and the ability to file INDs or commence clinical studies in the referenced time frames. The results of early preclinical studies or clinical trials may not be predictive of future results, and the Company cannot provide any assurances that any of its development candidates will have favorable results in preclinical studies or future clinical trials. For a discussion of these and other factors, please refer to the risk factors described in the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2006, as well as other filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and SGX undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
SGX Pharmaceuticals
CONTACT: Todd Myers, Chief Financial Officer of SGX Pharmaceuticals,+1-858-558-4850; or Media & Investor Relations, Jason Spark of PorterNovelli Life Sciences, +1-619-849-6005, for SGX Pharmaceuticals
Web site: http://www.sgxpharma.com/
