Pharmacopeia Advances Therapeutic Program with GlaxoSmithKline
PRINCETON, N.J., July 24, 2008 - Pharmacopeia (NASDAQ: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, announced today that it has identified a new lead for advancement in its alliance with GlaxoSmithKline (NYSE: GSK), through its collaboration with the Center of Excellence for External Drug Discovery (CEEDD). This newly identified lead is the first from a program being evaluated as a potential treatment for pain and the fifth lead identified since the alliance was initiated in 2006. As a result of this success, Pharmacopeia will receive a $500,000 milestone payment from GSK.
“We are pleased to announce the identification of this fifth lead chemical series which exemplifies the continued success of our research and development collaboration with GSK,” said Maria Webb, Ph.D., Pharmacopeia’s Vice President of Preclinical Research, Biological and Pharmacological Sciences. “The timely pace in which Pharmacopeia identified the GSK leads demonstrates Pharmacopeia’s expertise in drug discovery. We highly value our collaboration with GSK and look forward to its further success.”
Pharmacopeia is entitled to success-based milestone payments totaling up to $83 million per program and potentially double-digit royalties on the sales of any product commercialized by GSK under the multi-program alliance. Should GSK decline its option to complete pivotal trials of alliance programs, Pharmacopeia would maintain future development and commercialization rights.
“Pharmacopeia has identified five leads in rapid succession for the CEEDD-Pharmacopeia alliance,” said Hugh Cowley, Senior Vice President of GSK and head of the CEEDD. “This identification is a testament to both companies’ commitment to developing novel treatments in diverse therapeutic areas. We look forward to future achievements as we progress programs towards clinical development.”
About The CEEDD
GlaxoSmithKline is enhancing the way it discovers and develops drugs by creating a small dedicated team who will feed the GSK pipeline solely through the efforts of its external alliances. The CEEDD (Center of Excellence for External Drug Discovery) was formed as further validation of GSK’s strategy to create small, independent and accountable R&D teams (Centers of Excellence for Drug Discovery or CEDDs). In essence, the CEEDD will ‘virtualize’ a portion of the GSK pipeline; namely, from Target to Clinical Proof of Concept, by forming multiple risk-sharing/reward-sharing alliances. Capitalizing on the speed and efficiency of its collaborators will allow GSK to deliver pharmaceuticals products faster to patients.
ABOUT PHARMACOPEIA
Pharmacopeia is a clinical development stage biopharmaceutical company dedicated to discovering and developing novel small molecule therapeutics to address significant medical needs. The company has a broad portfolio of clinical and preclinical candidates under development internally or by partners including nine clinical compounds in Phase 2 or Phase 1 development addressing multiple indications including hypertension, diabetic nephropathy, muscle wasting, inflammation and respiratory disease. The company is leveraging its fully integrated drug discovery platform to sustain the growth of its development pipeline. Pharmacopeia has established strategic alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb, Celgene, Cephalon, GlaxoSmithKline, Schering-Plough, and Wyeth Pharmaceuticals. For more information please visit the company’s website at http://www.pharmacopeia.com.
Contact: Amy P. Sharpless Pharmacopeia, Inc. (609) 452-3643 ir_pr@pcop.com
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This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward-looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia’s ability to successfully perform under its collaboration with GlaxoSmithKline, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia’s plans to develop PS433540, a product candidate from its DARA program, Pharmacopeia’s Phase 2 and Phase 1 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia’s plans to develop PS178990, a product candidate from its SARM program, Pharmacopeia’s Phase 1 clinical studies with respect to PS178990, including timing and expected outcomes of such studies, Pharmacopeia’s plans to develop PS031291, a product candidate from its chemokine receptor CCR1 program, Pharmacopeia’s estimates of the market opportunities for its product candidates, including PS433540, PS178990 and PS031291, Pharmacopeia's ability to raise additional capital, Pharmacopeia's anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia’s ability to successfully perform under its other collaborations with Bristol-Myers Squibb, Cephalon, Schering-Plough and Wyeth, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia’s ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions.
Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia’s Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Pharmacopeia at http://www.pharmacopeia.com. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.
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