CombiChem Announces Achievement of Milestone in Second Project with Roche Bioscience.SAN DIEGO--(BUSINESS WIRE)--May 13, 1998--CombiChem Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CCHM CCHM Century Campus Housing Management CCHM Cherokee County Historical Museum CCHM CombiChem Inc (stock symbol) CCHM Centre Culturel Haut-Marnais (French) CCHM Certificate in Chinese Herbal Medicine ) today announced it has achieved a research milestone in a second research project with Roche Bioscience, triggering the second milestone payment under the Roche Bioscience collaboration. The milestone achievement relates to optimization of novel inhibitors for a potential new treatment for chronic inflammatory diseases. "This project demonstrates the synergies that can be achieved when two research teams work closely together," said Robert Booth, Ph.D., senior vice president and head of the Roche Bioscience Inflammatory Disease Unit. "CombiChem and Roche Bioscience teams contributed to the rapid progress achieved to date in this drug discovery project." CombiChem entered into the collaborative agreement with Roche Bioscience in October 1996. Three projects have been initiated under this broad collaboration to date, with milestone achievements now reported on two of the three. The collaboration framework provides for lead generation, lead evolution and lead optimization projects involving multiple drug discovery targets. Under the agreement, Roche Bioscience made an up-front payment and agreed to provide research funding Research funding is a term generally covering any funding for scientific research, in the areas of both "hard" science and technology and social science. The term often connotes funding obtained through a competitive process, in which potential research projects are evaluated and for the duration of each project and to make milestone payments upon the achievement of certain preclinical and clinical milestones. Roche Bioscience retains exclusive global rights to develop and market the products resulting from the collaboration and will make royalty payments to CombiChem on worldwide sales of any products resulting from the collaboration. CombiChem Inc., based in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , is a computational drug discovery company that is applying its proprietary design technology and rapid synthesis capabilities to accelerate the discovery process for new drugs. The company believes its approach offers pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. the opportunity to conduct their drug discovery efforts in a more productive and cost-effective manner. Using its proprietary Discovery Engine(TM) process, the company focuses on the generation, evolution and optimization of potential new lead candidates for its collaborative partners, who will then develop, manufacture, market and sell any resulting drugs. In addition to the collaboration with Roche Bioscience, CombiChem has established collaborative partnerships with Athena Neuroscience neu·ro·sci·ence n. Any of the sciences, such as neuroanatomy and neurobiology, that deal with the nervous system. neuroscience the embryology, anatomy, physiology, biochemistry and pharmacology of the nervous system. Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Elan Corp., plc., ICOS Corp., ImClone Systems ImClone Systems Incorporated (NASDAQ: IMCL) is a biopharmaceutical company dedicated to developing biologic medicines in the area of oncology. It was founded in 1984 and is headquartered in New York City. It is traded on the NASDAQ stock exchange under the symbol IMCL. Inc., Sumitomo Pharmaceuticals Co., Ltd., and Teijin Limited. Located in Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , 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, with headquarters in Basel, Switzerland. The Roche Bioscience Web site is available at www.roche.com/bioscience. -0- Except for the historical and financial information contained herein, the matters discussed in this news release may contain forward-looking statements which involve risks and uncertainties, including a dependence on the efforts of third parties, a new and uncertain technology employed by CombiChem, dependence on intellectual property rights, the competitive nature of the company's industry and risks of obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of certain technology. Actual results may differ materially from those projected. Forward-looking statements represent the judgment of the company as of the date of this release. CombiChem disclaims, however, any intent or obligation to update any forward-looking statements. CONTACT: CombiChem Inc. Vince Anido, Karin Eastham, 619/530-0484 or Burns McClellan Inc. Lisa Burns, 212/213-0006 |
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