Axys' Advanced Technologies Division Enters Combinatorial Chemistry Agreement With Parke-Davis.SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BW HealthWire)--June 18, 1998--Axys Pharmaceuticals, Inc. (Nasdaq: AXPH) announced today that its Advanced Technologies Division entered into an agreement with the Parke-Davis Pharmaceutical Research Division of Warner-Lambert Company (NYSE NYSE See: New York Stock Exchange : WLA WLA Women's Land Army WLA West Los Angeles (California, USA) WLA Wisconsin Library Association (Madison, WI) WLA World Lottery Association WLA Western Lacrosse Association WLA Wasteload Allocation ) to provide Parke-Davis with a generic compound screening library consisting of multiple small molecule synthetic organic compound libraries created using Axys' combinatorial chemistry Combinatorial chemistry involves the rapid synthesis or the computer simulation of a large number of different but structurally related molecules. Introduction Synthesis of molecules in a combinatorial fashion can quickly lead to large numbers of molecules. technologies. The three year agreement also calls for Axys to provide Parke-Davis with the enabling technologies and synthetic protocols for recreating the library, making directed libraries, as well as other compounds. The agreement provides for payments to Axys in excess of $20 million. "Parke-Davis is a pioneer in combinatorial chemistry and its development and application in pharmaceutical research," stated Dan Petree, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Axys. "Parke-Davis' selection of Axys' Advanced Technologies Division to enhance their internal combinatorial chemistry effort is a real tribute to the quality of our program. This agreement represents a watershed for our Advanced Technologies Division and we are looking forward to that division initiating additional combinatorial chemistry agreements later this year." "We looked at numerous combinatorial chemistry offerings and concluded that Axys had the most comprehensive program in line with our own internal needs," commented Jim Bristol, vice president of chemistry at Parke-Davis Pharmaceutical Research. "These compounds will allow us to greatly enhance the diversity of our compound library for use in our drug discovery efforts. The technology and protocol transfer provided by Axys will also facilitate the rapid production of milligram milligram /mil·li·gram/ (mg) (mil´i-gram) one thousandth (10-3) of a gram. mil·li·gram n. Abbr. mg A metric unit of mass equal to one thousandth (10-3) of a gram. to kilogram quantities of compounds and the quick generation of directed libraries around a given screening hit. We are also pleased to be working with Axys on a second front in addition to the central nervous system gene identification and functional genomics deal we signed last year." Robert A. Reed, Ph.D., Axys vice president and general manager of the Advanced Technologies Division, commented, "This is Axys' second significant combinatorial chemistry deal where compounds and technology transfer were considered equally important. We are building on our reputation of delivering compounds in both quantity and quality, with the value-added benefit of supplying the structures and validated synthetic protocols to more fully enable our partners. By focusing on medicinal chemistry needs, we ensure a high level of performance of early candidates in screening assays and chemistry follow-up efforts." Axys Pharmaceuticals is a leader in the integration of life science technologies with a focus on transforming gene discoveries into drugs. The company has research collaborations with world-class pharmaceutical companies covering a broad range of therapeutic areas, including respiratory, cardiovascular, and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. , as well as oncology and central nervous system disorders Nervous system disorders A satisfactory classification of diseases of the nervous system should include not only the type of reaction (congenital malformation, infection, trauma, neoplasm, vascular diseases, and degenerative, metabolic, toxic, or deficiency . Parke-Davis Pharmaceutical Research Division of Warner-Lambert Company, is devoted to discovering, developing, manufacturing and marketing quality pharmaceutical products. Its central research focus is on heart disease, diabetes, infectious diseases, disorders of the central nervous system, and women's healthcare. Warner-Lambert is a worldwide company employing more than 40,000 people worldwide and along with Parke-Davis is headquartered in Morris Plains, NJ. Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties which could cause Axys' actual results to differ materially from those discussed here, including the risk that Axys' collaborations will not be successful, the risk that Axys will not be successful in entering into new collaborations, the risk of Axys' early stage of development, Axys' reliance on the efforts of its collaborative partners, competition, and general economic conditions that may affect Axys' actual results and developments. Additional factors that could cause or contribute to such differences include, but are not limited to, those discussed in the sections entitled "Business" and "Additional Risk Factors" in the company's SEC Reports, including the company's report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1997. For more information on Axys Pharmaceuticals, Inc., please visit the company's website at http://www.axyspharm.com. CONTACT: Axys Pharmaceuticals, Inc., San Francisco John Walker, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. or David Gennarelli Manager Investor Relations Investor relations The process by which the corporation communicates with its investors. 650/829-1000 or Burns McClellan, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Justin Jackson (media) Jonathan M. Nugent (investors) 212/213-0006 |
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