Chiroscience to Regain License for Chirocaine From Zeneca.LONDON--(BUSINESS WIRE)--March 1, 1999--Chiroscience Group plc today announced that Zeneca Group PLC has reached agreement in principle with Chiroscience for a mutually acceptable solution to the issues arising from the license agreement with Zeneca regarding Chirocaine, as a consequence of Zeneca's proposed merger with Astra AB Astra AB is a former international pharmaceutical company based in Södertälje, Sweden. Astra was formed in 1913 and merged with the British Zeneca Group in 1999 to form AstraZeneca. . In March 1998, Zeneca secured a license from Chiroscience for Chirocaine in all markets, excluding Japan where the product is licensed to Maruishi. The principles of the agreement with Zeneca will ensure the ongoing commercialization of Chirocaine. Arrangements by which Chiroscience will take back all its rights to Chirocaine are being made as a direct result of an undertaking given by Zeneca to the EU competition authorities who wish to ensure that effective competition will be maintained in Europe in the area of long-acting local anesthetics. The European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community has approved the terms of the undertaking. The US competition authorities are reviewing the proposals for the return of the license, which includes the appointment of a Trustee (which the European Commission also requires) to monitor the commitments made by Zeneca, with a similar objective to maintain competition in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. market. Chiroscience and Zeneca have already agreed that Chiroscience may hold early negotiations with prospective new partners. These discussions may use commercial information and promotional material created by Zeneca. Further details of the current arrangements include: -- Continuing in full for a transitional period, the planned support by Zeneca, which they will fund, to enable Chirocaine's continued development and commercialization. -- Ensuring that no confidential information Noun 1. confidential information - an indication of potential opportunity; "he got a tip on the stock market"; "a good lead for a job" steer, tip, wind, hint, lead relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Chirocaine can or will be disclosed or used by AstraZeneca. -- Extending the earliest date when Zeneca would be able to sell the shares in Chiroscience they acquired in March 1998. The final terms of the agreement with Zeneca will be disclosed when the Federal Trade Commission gives final US clearance. The license agreement for Japan between Chiroscience and Maruishi is unaffected by these developments. Dr. John Padfield, Chief Executive of Chiroscience Group plc, commented: "The period since Zeneca announced its intention of merging with Astra has created uncertainty regarding the commercialization of Chirocaine. The anesthesia community has been looking forward to the introduction of Chirocaine and the competition authorities in the US and EU have been very keen to ensure that Chirocaine has every opportunity to succeed in the marketplace. The EU clearance of the merger between Astra and Zeneca announced today is an important step in Chiroscience regaining the full rights to commercialize Chirocaine, while ensuring that its competitive position is not adversely affected by the merger. Zeneca's ongoing support will maintain the excellent progress made to date, including regulatory approval in Sweden announced in December 1998 and the receipt of an approvable letter from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. , announced today. Discussions with potential new partners have been underway for some time. FDA review of the proposed final printed labeling is at an advanced stage, which enables us to take into account the views of potential partners before the FDA approval process is concluded." This document is intended to provide information on Chiroscience to interested members of the public and not to provide product information to health professionals. Chiroscience Group plc Chiroscience is an emerging pharmaceutical company which uses its diverse technology platform to discover, develop and bring to market novel medicines for improved healthcare. It has three businesses: Chiroscience R&D, Rapigene and ChiroTech. Chiroscience R&D's focus is on innovative small molecule drugs and related diagnostics in the therapeutic areas of inflammatory disease, pain, osteoporosis, cancer and autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause . Its technology platform allows the conception and development of receptor-based and enzyme-inhibiting small molecule drugs with high selectivity of action. Rapigene is involved in the creation and provision of genomic technologies and services to partner companies and to Chiroscience's drug discovery programs. Its DNA analysis DNA analysis Any technique used to analyze genes and DNA. See Chromosome walking, DNA fingerprinting, Footprinting, In situ hybridization, Jeffries' probe, Jumping libraries, PCR, RFLP analysis, Southern blot hybridization. systems comprise of DNA hybridization DNA hybridization Molecular medicine A technique for determining the presence of a target DNA in a sample of tissue or cells. See HLA analysis, Paternity testing, RFLP analysis. , DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. arrays and mass spectrometry mass spectrometry or mass spectroscopy Analytic technique by which chemical substances are identified by sorting gaseous ions by mass using electric and magnetic fields. tags. ChiroTech provides chiral chi·ral adj. Of or relating to the structural characteristic of a molecule that makes it impossible to superimpose it on its mirror image. chi·ral technology services to pharmaceutical and related industries, including Chiroscience R&D. Chiroscience financial highlights for the six months to August 31, 1998 (unaudited): -- Revenues increased to(pound)11.4 million (H1 1997:(pound)9.2 million); net loss for the period(pound)11.4 million (H1 1997:(pound)14.4 million) -- ChiroTech contributed sales of(pound)6.8 million (H1 1997:(pound)5.9 million); Chiroscience's drug discovery business contributed revenues of(pound)4.5 million (H1 1997: (pound)3.3 million). -- Investment in research and development of (pound)13.5 million (1H 1997: (pound)19.0 million). -- Current cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. of (pound)59 million as at September 24, 1998. Chiroscience Group plc is listed on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and is based in Cambridge and Stevenage, UK, and Seattle, Washington, USA. Additional information on Chiroscience can be accessed on the company's home page: http://www.chiroscience.com. |
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