SAN DIEGO, Feb. 15 /PRNewswire-FirstCall/ -- SGX Pharmaceuticals, Inc. updated analysts and investors today on progress in the Company’s oncology pipeline. In addition to presentations from the Company’s scientific leadership discussing the FAST(TM) (Fragments of Active Structures) drug discovery platform and the BCR-ABL, MET and JAK2 inhibitor programs, the event featured Michael S. Gordon, M.D., a recognized expert on the MET receptor tyrosine kinase and Associate Director of Research for the Arizona Cancer Center. Dr. Gordon provided a clinical perspective of the MET pathway and opportunities for the development of inhibitors of this drug target.
“MET is an important oncology target,” said Dr. Gordon. “There is a wealth of preclinical data supporting MET’s role in a wide variety of tumors. The early observations emerging from Phase I studies are promising and we look forward to additional clinical studies to further elucidate the therapeutic role of MET inhibitors.”
Key points from today’s update included: * BCR-ABL program -- SGX anticipates nominating a compound for GLP toxicology studies from the Company’s BCR-ABL program by the end of the first quarter of 2007, followed by submission of an Investigational New Drug application (IND) by the end of the third quarter 2007, pending completion of the GLP toxicology studies. SGX’s BCR-ABL program was partnered with Novartis in March 2006 for the development of next-generation BCR-ABL inhibitors targeting Gleevec-resistant Chronic Myelogenous Leukemia (CML). SGX’s BCR-ABL inhibitors, which have been shown in pre-clinical models to inhibit clinically relevant mutants, including the T315I mutant, have the potential to address an important unmet medical need; no oral drugs either in the clinic or on the market inhibit the T315I mutant, which accounts for about 20% of kinase domain mutations responsible for Gleevec resistance in CML patients. * MET Program -- SGX has selected SGX523 as a development candidate and is targeting filing an IND within 12 months. MET inhibitor compounds currently in clinical development have shown promising indications of patient benefit in several solid tumor indications, including lung, colon, prostate and renal cancer. SGX523 has a number of attractive properties, including low molecular weight, exquisite selectivity (1000-fold more selective for MET over more than 200 human kinases), good cell-based potency, good oral bioavailability, and excellent drug-like properties. The Company’s FAST drug discovery platform, leveraging structure-based design, proved highly advantageous for discovering selective MET inhibitors. SGX 523 is well tolerated in rodents, has demonstrated in vivo efficacy in mice, and has good safety pharmacology and ADME properties. * JAK2 Program -- Through the application of FAST, the Company has generated lead series of potent, selective small molecule JAK2 inhibitors. JAK2 is implicated in various myeloproliferative disorders estimated to affect 80,000-100,000 people in the U.S. Compounds from these lead series have shown activity against wild-type JAK2 kinase and the V617F mutant form of JAK2 associated with myeloproliferative disorders. Oral bioavailability has also been demonstrated. SGX is targeting selection of a JAK2 clinical development candidate in the second half of 2007.
“Following last week’s nomination of SGX523 as a development candidate for our MET program, we believe that within the next 12 months, we could be in a position to file investigational new drug applications in two programs and nominate a development candidate in another,” said Mike Grey, President and Chief Executive Officer at SGX Pharmaceuticals. “This is a testament to the drug discovery capabilities of the FAST platform and the people supporting it.”
A replay of today’s presentation is available under the investor relations section of the Company’s website at www.sgxpharma.com. Replays of the presentation will be available for 90 days following the event.
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 platform, such as next generation BCR-ABL inhibitors currently being developed in partnership with Novartis, MET tyrosine kinase inhibitors including SGX523, and lead series of potent 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 the Company’s BCR-ABL, MET and JAK2 inhibitor programs, expectations regarding the timing of development candidate nominations, commencement of preclinical studies, the filing of INDs, the potential of the Company’s inhibitors as treatments for certain 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 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 compounds or 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, Inc.
CONTACT: Todd Myers, Chief Financial Officer of SGX Pharmaceuticals,+1-858-558-4850; or Jason Spark, Media & Investor Relations of PorterNovelli Life Sciences, +1-619-849-6005, for SGX Pharmaceuticals, Inc.
Web site: http://www.sgxpharma.com/
