Cambridge NeuroScience Obtains Exclusive Rights to Neuregulin-2 Growth Factor From Harvard University
July 12, 2000
via NewsEdge Corporation -
CAMBRIDGE, Mass., July 11 /PRNewswire/ -- Cambridge NeuroScience, Inc., (OTC Bulletin Board: CNSI) today announced that it has licensed from Harvard University the exclusive rights to Neuregulin-2 (Cerebellum Derived Growth factor), a growth factor with potential in the treatment of nervous system disorders. This exclusive license reflects the success of earlier Neuregulin-2 research the Company began in 1997, under an option agreement with the University. Neuregulin-2 was discovered at Harvard by Dr. Han Chang
"The acquisition of Neuregulin-2 will allow us to leverage our expertise in this family of growth factors," said David Gwynne, Vice President, Biotechnology and Business Development at Cambridge NeuroScience. "Cambridge NeuroScience has already taken Glial Growth Factor 2 (GGF2), a molecule that is closely related to Neuregulin-2, from discovery to late-stage preclinical development for multiple sclerosis in a partnership with Bayer AG. I am confident that the experience gained in the GGF2 program will allow us to move Neuregulin-2 efficiently through further development and into the clinic."
Under the license agreement, Cambridge NeuroScience will receive all rights to Neuregulin-2 and Harvard University will receive a cash payment and future milestone payments, as well as royalties on product sales.
Cambridge NeuroScience also announced today that the Company has been awarded a $100,000 Phase I Small Business Innovation Research (SBIR) grant from the National Institutes of Health. Under the grant, the Company and its principal investigator, Dr. Mark Marchionni, will continue to develop Neuregulin-2 for the potential treatment of nervous system disorders.
"The SBIR grant recognizes the Company's broad expertise in the Neuregulin growth factor family," said Mark Marchionni, Director of Molecular Neurobiology at Cambridge NeuroScience. "There is a rapidly growing interest in the potential of Neuregulins in the treatment of neurodegenerative diseases and we are delighted to have the opportunity to continue to develop this molecule."
The Neuregulins are a diverse family of growth factors that play significant roles in the response of the nervous system to injury and disease. Cambridge NeuroScience is collaborating with Bayer AG to develop GGF2, a Neuregulin-1 gene product, for the treatment of multiple sclerosis.
Cambridge NeuroScience recently signed a definitive merger agreement with CeNeS Pharmaceuticals plc, a company listed on the London Stock Exchange, under which CeNeS will acquire Cambridge NeuroScience. The merger combines two companies focused on central nervous system disorders and pain control. The enlarged group would have an expanded product pipeline, a stronger R&D skill base and infrastructure, and additional drug discovery expertise in ion channel blockers to augment a proprietary ion channel screening technology.
Cambridge NeuroScience, Inc. is a neuroscience company engaged in the discovery and development of proprietary pharmaceuticals focusing on nerve cell survival and function. The Company is developing products to treat neurodegenerative disorders such as multiple sclerosis, peripheral neuropathies, chronic pain and other degenerative diseases.
This press release may contain forward-looking statements based on the current expectations of management. There are certain important factors that could cause results to differ from those anticipated by the statements made above, including, but not limited to, the Company's ability to establish and maintain collaborative arrangements with third parties for its product candidates and programs, the results of future clinical trials, and the acceptance by regulatory authorities of the Company's clinical trial outcomes as a basis for marketing approval. The reader should not rely on any forward- looking statements, and Cambridge NeuroScience does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise. Readers should evaluate any statements in light of the Risk Factors section in the Company's Annual Report on Form 10-K.
Contact: David Gwynne, Vice President, Biotechnology and Business Development of Cambridge NeuroScience, Inc., 617-225-0600, ext. 117, or Theresa McNeely, Vice President of Feinstein Kean Healthcare, 508-553-2869
SOURCE Cambridge NeuroScience, Inc.