ALKERMES AND SCHERING-PLOUGH SIGN EXPANDED AGREEMENT FOR PROLEASE DRUG DELIVERY SYSTEM.CAMBRIDGE, Mass.--(BUSINESS WIRE)--July 27, 1995--Alkermes, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALKS ALKS Alkermes, Inc. (stock symbol) ) and Schering-Plough Corporation (NYSE NYSE See: New York Stock Exchange :SGP SGP Singapore (ISO Country code) SGP Schering-Plough (stock symbol) SGP Stability and Growth Pact SGP Southern Great Plains SGP Staatkundig Gereformeerde Partij SGP Speedway Grand Prix ) announced today the signing of an amendment to a 1992 collaboration to apply Alkermes' ProLease sustained release drug delivery technology to Schering-Plough's Intron Intron In split genes, a portion that is included in ribonucleic acid (RNA) transcripts but is removed from within a transcript during RNA processing and is rapidly degraded. A (interferon alfa-2b interferon alfa-2b, recombinant Intron A, Viraferon (UK) Pharmacologic class: Biological response modifier Therapeutic class: Antineoplastic, antiviral Pregnancy risk category C ) product. The amendment builds upon the earlier agreement with an affiliated company of Schering-Plough and includes additional development funding to be provided to Alkermes by Schering-Plough. It also includes the prepayment to Alkermes of a portion of future royalties due on the ProLease Intron A formulation and provides Schering-Plough with additional manufacturing rights. In addition, Schering-Plough has made two separate milestone payments to Alkermes. In total, payments to Alkermes in the first year of the amended agreement will be approximately $7 million.The worldwide exclusive agreement covers the development of ProLease sustained release formulation of Intron A. Pursuant to the agreement, Schering-Plough will provide Alkermes with development funding, milestone payments and royalty payments based on sales. Future milestone payments to Alkermes could exceed an additional $5 million. Schering-Plough will have worldwide marketing and manufacturing rights for products resulting from the collaboration and will be responsible for conducting clinical trials and securing regulatory approvals. "ProLease is designed to enable long acting formulations to be made of major pharmaceutical products like Intron A," commented Richard F. Pops, Chief Executive Officer of Alkermes. "We have had a long-standing relationship with Schering-Plough and now look forward to entering into a new stage of our joint development activities." Intron A is a genetically engineered genetically engineered adjective Recombinant, see there anticancer and antiviral agent antiviral agent Antiviral Infectious disease An agent that prevents viral invasion or replication, treats an infection, or thrashes the virus into latency; antivirals may be specific–see below or nonspecific–eg, IFNs, which stimulate host defenses , developed and markets worldwide by Schering-Plough and its affiliates. ProLease is Alkermes' proprietary drug delivery technology for improved delivery of biopharmaceutical products that are currently administered by frequent injection. The ProLease technology enables the injection of sustained release formulations of protein-based biopharmaceutical drugs or vaccines that could last for weeks to months. Schering-Plough Corporation, based in Madison, N.J., is a research-based company engaged in the discovery, development, manufacturing and marketing of pharmaceutical and health care products worldwide. Alkermes is developing sophisticated products based on innovative drug delivery technologies. In addition to its Cambridge, Massachusetts headquarters, the company operates a medical affairs office in Cambridge, England. The Company currently employs approximately 105 people worldwide. CONTACT: Alkermes, Inc., Cambridge Richard F. Pops, Chief Executive Officer 617/494-0171 or Schering-Plough Corp., Madison Ronald J. Asinari 201/822-7402 or Press Relations: Pearson Communications Thomas A. Pearson, 610/995-9730 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : Burns McClellan Clarence Swearngan, Jr., 212/505-1919 |
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