http://finance.individual.com/display_news.asp?doc_id=CT2001199b7710&page=news
July 18, 2001 4:27pm
CAMBRIDGE, Mass., Jul 18, 2001 (BW
HealthWire) -- Curis, Inc. (NASDAQ: CRIS) today announced that it has formed
a joint venture with Elan Corporation, Plc ("Elan") that is committed to
the research and development of molecules that stimulate the hedgehog (Hh)
signaling pathway. This pathway had previously been shown to play a role
in the development of the central and peripheral nervous systems. Curis
scientists and collaborators have shown that in the adult, hedgehog is
responsible for inducing the repair and regeneration of nerve tissues following
injury, trauma or disease. The business venture will focus upon the development
of therapeutics targeting a number of neurological disorders. In addition
to providing clinical expertise and support for the program, Elan will
grant the business venture a non-exclusive license to an important animal
model, a mouse strain that develops many of the features of human neurodegenerative
diseases.
Under the terms of the licensing
agreement, the two companies will each contribute intellectual property
to the joint venture. Curis initially will be the majority owner of the
joint venture.
"Our scientists have found that stimulating
the Hh pathway can have profound and unique effects on cells in the nervous
system undergoing degeneration in different diseases, including Diabetic
Neuropathy and Parkinson's Disease," stated Dr. Lee Rubin, Ph.D., Senior
Vice-President of Research and Chief Scientific Officer of Curis. "We have
discovered agents, both protein and small molecules, that potently activate
this pathway. We are extremely excited to be working with Elan, a company
experienced in neurological disorders, to bring these molecules to the
clinic."
Ivan Lieberburg, Ph.D., M.D., Elan's
Chief Scientific and Medical Officer stated that, "Elan's partnering strategy
gives us the opportunity to leverage very important technology with leaders
in their respective fields. I am particularly excited about entering into
this important collaboration with Curis. Curis is clearly the world leader
in Hedgehog technology, and there is now growing evidence that Hedgehog
agonists could have broad reaching applications in a variety of neurological
disorders that are extremely important to Elan, including Parkinson's disease,
neuropathy, pain, multiple sclerosis and Alzheimer's disease."
"The business venture with Elan demonstrates
the value of Curis' strong position in the exploitation of developmental
pathways in tissue regeneration," said Dr. Doros Platika, M.D., President
and Chief Executive Officer of Curis. "We have identified growth factors
and small molecules that have broad applications in many disease areas.
This joint venture structure allows Curis to secure the resources for the
development of its extensive pipeline while at the same time allowing it
to retain a significant portion of the value creation."
Curis is developing products based
on technologies in the emerging field of regenerative medicine. The Company
is combining insights gained through the study of developmental biology
with high-throughput screening capabilities, proteins, cells and biocompatible
materials to facilitate the development of new regenerative medicine therapies.
For more information, please visit the Curis web site at WWW.CURIS.COM.
The statements in this news release
that are not historical facts are forward-looking statements that involve
risks and uncertainties including, without limitation, risks associated
with the inherent uncertainty of pharmaceutical research, product development,
regulatory approval and commercialization, status of human clinical trials,
the impact of competitive products, patents, patent litigation, product
liability, third party reimbursement, corporate collaborations, and other
risks and uncertainties associated with the biotechnology industry. For
additional factors that could cause actual results to differ materially,
please refer to the risk factors section of the Curis Annual Report on
Form 10-k for the year ended December 31, 2000 with the Securities and
Exchange Commission on March 30,2001.
CONTACT: Curis,
Inc.
URL:
HTTP://WWW.BUSINESSWIRE.COM
Copyright (C) 2001 Business Wire
Source: Business Wire
Henry W. McCusker, (617) 503-6641
or
Curis, Inc.
Daniel Passeri, (617) 503-6680
or
Noonan/Russo Communications
Renee Connolly, 212-696-4455 x227
or
Noonan/Russo Communications
Sharon Weinstein, 212-696-4455 x334
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