Bristol-Myers Squibb Signs NF-kB License Agreement With ARIAD.Business Editors/Health/Medical Writers BIOWIRE2K CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 6, 2002 ARIAD ARIAD Allison Research Index of Art and Design Pharmaceuticals, Inc. (Nasdaq: ARIA) today announced a non-exclusive worldwide license agreement with Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were Company (NYSE NYSE See: New York Stock Exchange :BMY BMY Bristol Myers Squibb ) that grants Bristol-Myers Squibb the right to conduct pharmaceutical research and development covered by ARIAD's pioneering NF-(kappa)B patents, retroactive to September 8, 1998. Bristol-Myers Squibb will pay ARIAD an up-front license fee and annual license fees, as well as product development and commercialization milestones and royalties based on sales of products discovered using ARIAD's patented NF-(kappa)B drug-discovery methods. Financial terms were not disclosed because ARIAD is actively pursuing agreements with additional licensees. NF-(kappa)B can generally be thought of as a "biological switch" that can be turned off in cells to treat various disease conditions, such as inflammation, cancer, and osteoporosis. The licensed patents are part of ARIAD's NF-(kappa)B patent portfolio awarded to the Whitehead Institute Founded in 1982, the Whitehead Institute for Biomedical Research is a non-profit research and teaching institution located in Cambridge, Massachusetts. The Whitehead Institute was founded as a fiscally independent entity from Massachusetts Institute of Technology, and its members for Biomedical Research Biomedical research (or experimental medicine), in general simply known as medical research, is the basic research or applied research conducted to aid the body of knowledge in the field of medicine. , Massachusetts Institute of Technology Massachusetts Institute of Technology, at Cambridge; coeducational; chartered 1861, opened 1865 in Boston, moved 1916. It has long been recognized as an outstanding technological institute and its Sloan School of Management has notable programs in business, , and Harvard University. ARIAD has an exclusive license to these patents. "Our agreement with Bristol-Myers Squibb is the first license of our NF-(kappa)B patent estate and covers an important area of R&D for Bristol. There are many additional potential licensees of our NF-(kappa)B patents and we are committed to creating value for the team of distinguished inventors, their institutions, and our stockholders through a broad licensing program for our NF-(kappa)B patents," said Harvey J. Berger, M.D., chairman and chief executive officer of ARIAD. ARIAD is engaged in the discovery and development of breakthrough medicines that regulate cell signaling with small molecules. The Company is developing a comprehensive approach to the treatment of cancer and blood diseases and has seven product candidates in development. ARIAD also has an exclusive license to pioneering technology and patents related to the discovery, development and use of drugs that regulate NF-(kappa)B cell-signaling activity, which has been implicated im·pli·cate tr.v. im·pli·cat·ed, im·pli·cat·ing, im·pli·cates 1. To involve or connect intimately or incriminatingly: evidence that implicates others in the plot. 2. in many major diseases. Additional information about ARIAD and its family of NF-(kappa)B patents can be found on the web at http://www.ariad.com. Some of the matters discussed herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are identified by the use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such forward-looking statements. These risks include, but are not limited to, risks and uncertainties regarding the Company's ability to conduct preclinical and clinical studies of its product candidates and the results of such studies, regulatory oversight, intellectual property claims, the timing, scope, cost and outcome of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , future capital needs, key employees, dependence on the Company's collaborators and manufacturers, markets, economic conditions, products, services, prices, reimbursement rates, competition and other risks detailed in the Company's public filings with the Securities and Exchange Commission, including ARIAD's Annual 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, 2001. The information contained in this document is believed to be current as of the date of original issue. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in the Company's expectations, except as required by law. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion