Axys Pharmaceuticals and Roche Bioscience Enter Functional Genomics Alliance.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. AND PALO ALTO, Calif.--(BW HealthWire)--June 10, 1998--Axys Pharmaceuticals, Inc. (Nasdaq: AXPH) and Roche Bioscience today announced the formation of an alliance based on the functional genomics capabilities of Axys. The alliance will focus on evaluating the function of genes provided by Roche Bioscience that may serve as drug targets in the development of therapies for pain and other conditions involving peripheral nervous system peripheral nervous system: see nervous system. disorders. Under the terms of the agreement, Roche Bioscience will provide Axys with a set of novel genes to which Axys will apply its functional genomic technologies utilizing the well-studied nematode nematode or roundworm Any of more than 15,000 named and many more unnamed species of worms in the class Nematoda (phylum Aschelminthes). Nematodes include plant and animal parasites and free-living forms found in soil, freshwater, saltwater, and even vinegar Caenorhabditis elegans (C. elegans). C. elegans is known to be a powerful model animal system and has the most completely sequenced genome of any animal. Many of the cellular and molecular mechanisms central to human disease have close counterparts in less complex animals like C. elegans. In addition, C. elegans is very compatible with high throughput screening. While specific terms were not disclosed, Roche Bioscience will pay Axys an upfront fee and provide funding for research support. Axys has granted Roche Bioscience an option to license targets discovered during the collaboration for the development of small molecule, diagnostic and antisense antisense, DNA or RNA manipulated in a laboratory so that its components (nucleotides) form a complementary copy of normal, or "sense," messenger RNA (mRNA; see nucleic acid). products, with license payments, milestones and royalties payable to Axys. Subject to certain rights of negotiation of Roche Bioscience, Axys will retain rights to develop gene therapy and therapeutic protein products acting upon targets discovered during the collaboration. The initial term of the agreement is 15 months, with Roche Bioscience holding an option to extend the agreement to 24 months. "This collaboration with Roche Bioscience is an excellent opportunity to identify novel therapeutic targets using C. elegans in our state-of-the-art functional genomics platform," said Dan Petree, Axys' 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. . "Axys has aggressively pursued a variety of functional genomics strategies focused on whole organism systems, including C. elegans, drosophila Drosophila: see fruit fly. drosophila Any member of about 1,000 species in the dipteran genus Drosophila, commonly known as fruit flies but also called vinegar flies. Some species, particularly D. (fruit fly) and yeast. This research will showcase one of our powerful functional genomics systems." "The nematode, C. elegans, is an excellent model system for use in functional genomics and Axys' NemaPharm technology is a leader in that area," said Roger Whiting, Ph.D., senior vice president and head of the Neurobiology Neurobiology Study of the development and function of the nervous system, with emphasis on how nerve cells generate and control behavior. The major goal of neurobiology is to explain at the molecular level how nerve cells differentiate and develop their Unit at Roche Bioscience. "We hope to capitalize on the initial inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ we have made in determining the genes and pathways involved in peripheral nervous system disorders. The alliance with Axys is a nice fit with our other genomic collaborations and internal research in novel gene identification." 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 . Located in Palo Alto, Calif., Roche Bioscience is a research-based, business-oriented enterprise dedicated to the discovery and accelerated early clinical development of innovative prescription drugs. Roche Bioscience is a member of the Roche Group, headquartered in Basel, Switzerland. The Roche Bioscience website is available at www.roche.com/bioscience. 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 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. Daniel Petree President and COO (619) 452-6550 or Burns McClellan, Inc. Justin Jackson (media) John Nugent (investors) (212) 213-0006 or David Gennarelli Manager Investor Relations Investor relations The process by which the corporation communicates with its investors. (650) 829-1000 or Roche Bioscience Barbara Murphy-Wesley (650) 855-5052 |
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