ALKERMES ANNOUNCES $46 MILLION R&D PARTNERSHIP
ALKERMES ANNOUNCES $46 MILLION R&D PARTNERSHIP CAMBRIDGE, Mass., April 13 /PRNewswire/ -- Alkermes, Inc.
(NASDAQ: ALKS) today announced the closing on April 10, 1992 of a $46 million research and development limited partnership, Alkermes Clinical Partners, L.P. ("ACP"). ACP was formed to fund the clinical development of Receptor Mediated Permeabilizers ("RMPs"). RMPs are a class of molecules that in pre-clinical studies have been shown to increase temporarily the permeability of the blood-brain barrier and allow passage into the brain of small molecules, such as certain drugs. ACPs lead product, RMP-7, is in Phase I clinical testing and is being developed for use in conjunction with various therapeutic agents for the treatment of infections of the central nervous system and of brain tumors. In connection with the offering, Alkermes, Inc. issued warrants to purchase up to 2,948,600 shares of Alkermes common stock.
"We are extremely pleased with the success of this offering." said Richard F. Pops, president and chief executive officer of Alkermes, Inc. "The partnership financing gives Alkermes the resources to accelerate the building of our clinical development capabilities and the execution of the development plan for RMP-7." Alkermes, Inc. is a neuropharmaceutical company founded in 1987 that is focused on the development and commercialization of therapeutic and diagnostic products for the treatment of disorders of the central nervous system. -0- 4/13/92 /CONTACT: Michael J. Landine, chief financial officer of Alkermes, Inc. 617-494-0171, or Thomas A. Pearson, of Pearson Communications, 215-648-3975, for Alkermes/ (ALKS) CO: Alkermes, Inc. ST: Massachusetts IN: MTC SU:
TM-PB -- NE006 -- 7587 04/13/92 09:06 EDT
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|Date:||Apr 13, 1992|
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