Axys Pharmaceuticals Announces Receipt of Research Milestone From Bristol-Myers Squibb.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)--Sept. 15, 1998-- Axys Pharmaceuticals Inc. (Nasdaq:AXPH) announced today that the company has received a milestone payment in its collaboration with Bristol-Myers Squibb (NYSE NYSE See: New York Stock Exchange :BMY BMY Bristol Myers Squibb ) on the discovery and development of antivirals against hepatitis C virus
abbr. hepatitis C virus HCV 1 Hepatitis C virus, see there 2. Human coronavirus. See Coronavirus. ). The milestone was triggered by the attainment of certain drug discovery goals making use of Axys' chemistries. In December 1997, Axys entered into a collaborative agreement with Bristol-Myers Squibb to develop potent and selective inhibitors of HCV protease protease /pro·te·ase/ (pro´te-as) endopeptidase. pro·te·ase n. Any of various enzymes, including the proteinases and peptidases, that catalyze the hydrolytic breakdown of proteins. as drugs to prevent the growth and spread of HCV, a leading cause of liver disease Liver Disease Definition Liver disease is a general term for any damage that reduces the functioning of the liver. Description The liver is a large, solid organ located in the upper right-hand side of the abdomen. . The amount of the milestone payment was not disclosed. "This milestone represents further validation of Axys' chemistries, in this instance addressing a potential treatment for an 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. with serious human impact," stated Michael C. Venuti, Ph.D., Axys' senior vice president, research, South San Francisco. "We view the attainment of this milestone as an important indicator of the continued success of both our collaboration with Bristol-Myers Squibb and Axys' integrated approach to drug discovery." Richard Colonno, Ph.D., vice president, infectious diseases drug discovery at Bristol-Myers Squibb, said, "The speed at which this significant milestone was reached is a clearly a positive gauge in our relationship with Axys Pharmaceuticals. Going forward, we remain optimistic that this research will help yield a beneficial therapeutic for those infected with HCV." Under the terms of the agreement with Bristol-Myers Squibb, Axys is utilizing its chemistries to develop inhibitors of HCV protease. Bristol-Myers Squibb is providing research funding at Axys, additional research support at its Wallingford, Conn., facility, as well as up-front, milestone, and royalty payments. Prior to entering into the collaboration, both Axys and Bristol-Myers Squibb licensed rights to HCV protease as a drug discovery target from Chiron Corp. 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, 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 . Bristol-Myers Squibb is a diversified worldwide health and personal care company whose principal businesses are pharmaceuticals, consumer products, nutritionals and medical devices. It is a leading maker of innovative therapies for cardiovascular, metabolic and infectious disease, central nervous system and dermatological disorders, and cancer. The company is also a leader in consumer medicines, orthopedic devices, ostomy ostomy Surgical opening in the body, or the operation creating it, usually to allow discharge of wastes through the abdominal wall. It may be temporary, to relieve strain on damaged organs, or permanent, to replace normal channels congenitally missing or surgically removed care, wound management, nutritional supplements Nutritional Supplements Definition Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition products, natural food supplements, and other related products used to boost the nutritional content of the diet. , infant formulas, and hair and skin care products. 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 for the fiscal year ended Dec. 31, 1997. Visit Axys' Web site at: http://www.axyspharm.com. Visit Bristol-Myers Squibb's Web site at: http://www.bms.com. CONTACT: Axys Pharmaceuticals Inc. John Walker, 650/829-1000 (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. ) David Gennarelli, 650/829-1000 (Manager IR) or Burns McClellan Inc. Justin Jackson, 212/213-0006 (media) John Nugent, 212/213-0006 (investors) |
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