http://finance.individual.com/display_news.asp?doc_id=CT2001197p2863&page=news
July 16, 2001 7:45am
BOTHELL, Wash. and CAMBRIDGE, Mass.,
Jul 16, 2001 /PRNewswire via COMTEX/ -- ICOS Corporation (Nasdaq: ICOS)
and Biogen, Inc. (Nasdaq: BGEN) announced today their agreement to collaborate
worldwide on the development and commercialization of orally active, small
molecule LFA-1 antagonists (including ICOS' IC747, currently in a Phase
1 clinical trial) as oral therapeutics for the treatment of inflammatory
conditions.
Under the terms of the agreement,
ICOS and Biogen will cross-license LFA-1 antagonist technology and patents,
including IC747 and other LFA-1 antagonists. The two companies will share
costs for ongoing development activities. ICOS and Biogen will co-promote
and equally share profits. ICOS will receive an $8 million up-front payment
and other success-based milestones from Biogen. Additionally, ICOS will
receive from Biogen a loan to go towards ICOS' share of development costs,
and such loan may be forgiven upon meeting certain development milestones.
Other financial terms were not disclosed.
LFA-1 (Leukocyte Function-associated
Antigen-1) is a cell adhesion molecule that promotes T-cell migration and
activation that can lead to inflammatory diseases, including multiple sclerosis,
psoriasis, rheumatoid arthritis, and organ transplant rejection. ICOS has
developed orally active small molecules that have demonstrated in animal
models the ability to inhibit T-cell migration and activation by blocking
LFA-1.
James C. Mullen, Biogen's President
and Chief Executive Officer said, "Biogen is excited about developing an
orally active immunomodulatory compound to augment our portfolio of biological
modulators. This collaboration is part of Biogen's ongoing effort to partner-in
'leading' molecules that have promising medical and commercial potential.
Our goal with ICOS is to commercialize an oral formulation that would significantly
enhance treatment options for a wide range of autoimmune and inflammatory
diseases."
"We are very happy to have Biogen
as our strategic partner," stated Paul Clark, ICOS' Chairman and Chief
Executive Officer. "Considering Biogen's extensive experience in the development
of therapeutics for the treatment of the target indications, there will
be significant synergies in the collaboration to maximize the strategic
value of the LFA-1 program."
Biogen, Inc., winner of the U.S.
National Medal of Technology, is a biopharmaceutical company principally
engaged in discovering and developing drugs for human healthcare through
genetic engineering. Headquartered in Cambridge, MA, the company's revenues
are generated from international sales of AVONEX(R) (Interferon beta-1a)
for treatment of relapsing forms of multiple sclerosis, and from the worldwide
sales by licensees of a number of products, including alpha interferon
and hepatitis B vaccines and diagnostic products. Biogen's research and
development activities are focused on novel products to treat inflammatory
and autoimmune diseases, neurological diseases, cancer, fibrosis and congestive
heart failure. The Company maintains active clinical research programs
in protein therapeutics, small molecules, genomics and gene therapy. For
copies of press releases and additional information about Biogen, please
consult Biogen's Homepage on the World Wide Web at HTTP://WWW.BIOGEN.COM.
ICOS is a product-driven company
that has expertise in both protein-based and small molecule therapeutics.
ICOS combines capabilities in molecular, cellular and structural biology,
high throughput drug screening, medicinal chemistry, and genomics to develop
highly innovative products with significant commercial potential. ICOS
applies its integrated approach to specific target areas where it has expertise.
ICOS believes this strategy increases the chances of successfully developing
commercial products. ICOS has advanced clinical trials in sexual dysfunction,
severe sepsis, and pulmonary arterial hypertension. For copies of press
releases and additional information about ICOS, please consult HTTP://WWW.ICOS.COM
on the Internet.
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Reference is made in particular to statements regarding the
prospects, long-range goals and potential value of the small molecule LFA-1
antagonist program. These forward- looking statements involve risks and
uncertainties that could cause the Companies' results and the timing of
certain events to differ materially from those discussed in the forward-looking
statements.
Drug development involves a high
degree of risk. Success in animal work or early stage clinical trials does
not ensure that later stage or larger scale clinical trials will be successful.
Factors which could cause actual results to differ materially from the
Companies' current expectations include the risk that the product may not
show therapeutic effect or an acceptable safety profile in clinical trials
or may not meet regulatory standards, or that problems or delays may arise
during clinical trials or in the course of the development, testing or
manufacturing of the product, or that issues may arise with respect to
the intellectual property position of the product, as well as the other
risks and uncertainties described from time to time in the Companies' periodic
reports filed with the Securities and Exchange Commission.
SOURCE Biogen, Inc.
CONTACT: Media
Contact: Kathleen O'Donnell, Associate Director, Public
URL:
HTTP://WWW.ICOS.COM
Copyright (C) 2001 PR Newswire
Source: PR Newswire
Affairs, +1-617-679-2837, or Investment Community Contact: Elizabeth Woo,
Associate Director, Investor Relations, +1-617-679-2822, both of Biogen,
Inc.;
or Lacy Fitzpatrick, Associate Director, Investor Relations of ICOS,
+1-425-415-2207
/Photo: NewsCom: HTTP://WWW.NEWSCOM.COM/CGI-BIN/PRNH/19990824/BIOLOGO
AP Archive: HTTP://PHOTOARCHIVE.AP.ORG
PRN Photo Desk, 888-776-6555 or 212-782-2840
/Company News On-Call: HTTP://WWW.PRNEWSWIRE.COM/COMP/101550.html
or fax,
800-758-5804, ext. 101550
HTTP://WWW.BIOGEN.COM
HTTP://WWW.PRNEWSWIRE.COM