CombiChem Announces Expanded Collaboration with Elan/Athena.SAN DIEGO--(BW HealthWire)--March 27, 1998--CombiChem Inc. Friday announced it has expanded its drug discovery collaboration with Athena Neurosciences 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. Athena is initiating work on an additional project under the collaboration and, additionally, has taken an option to a target not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by the original collaboration. In exchange for the option, Athena is making an undisclosed cash payment to CombiChem. CombiChem initiated the collaboration with Athena in October 1997. One project was initiated upon signing of the agreement. Under the original agreement, Athena 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 and to make milestone payments upon the achievement of pre-determined objectives. CombiChem will receive royalties on worldwide sales of products resulting from the collaboration. Upon signing of the collaboration agreement, Elan made an $8 million equity investment in CombiChem. "Based on our progress to date, Athena is very encouraged by our CombiChem collaboration," commented Dr. Ivan Lieberburg, Athena's vice president of research. "We are extremely pleased that we will be expanding our combined efforts on an additional project." 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 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 Athena, CombiChem has established collaborative partnerships with Teijin Limited, Roche Bioscience, Sumitomo Pharmaceuticals Co. Ltd., and 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. Elan Corp., plc is a leading worldwide drug delivery and bio-pharmaceutical company, with its principal research and manufacturing facilities in Ireland, 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. and Israel. Elan's shares trade on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London and Dublin Stock Exchanges. 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 the company, 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, Jr., Ph.D. or Karin Eastham 619/530-0484 |
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