CAMBRIDGE, Mass. and BETHESDA, Md., Jan. 12 /PRNewswire-FirstCall/ --
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) and Cystic Fibrosis
Foundation Therapeutics, Inc. (CFFT) today announced that they have extended
their research collaboration. Under the extended agreement, CFFT will provide
an additional $22 million to Vertex for continued research funding through
early 2008 to further develop Vertex's proprietary "corrector" compounds that
act to restore the function of the cystic fibrosis transmembrane conductance
regulator (CFTR) protein, the defective cell membrane protein responsible for
the progression of cystic fibrosis (CF). CFFT is the nonprofit drug discovery
and development affiliate of the Cystic Fibrosis Foundation.
"The expansion of this collaboration with Vertex underscores our belief
that the development of small molecule agents to address the underlying defect
of cystic fibrosis is our highest priority and has the greatest potential to
fundamentally change the treatment of the disease," said Robert J. Beall,
Ph.D., President and CEO of the CF Foundation and CFFT. "CFFT and Vertex
share a long-standing and fruitful collaborative history in CF research.
Together, we look forward to the discovery and development of novel treatments
that may provide new therapeutic options for thousands of CF patients."
"Vertex's cystic fibrosis research program has yielded two innovative
approaches for the treatment of this disease," said Joshua Boger, Ph.D.,
Chairman, President and CEO of Vertex. "This research extension of the CFFT
collaboration underscores our commitment to developing new treatments for this
major unmet medical need and supports Vertex's continued investment focus in
this key therapeutic area."
CF Drug Discovery
Using proprietary expertise in ion channels, including high-content cell
assays and medicinal chemistry, Vertex has identified selective ion channel
modulators for the treatment of CF. With the support of CFFT, Vertex's CF
research has focused on two possible alternative approaches to CF treatment,
known as "potentiator" and "corrector" approaches. Each approach might
address a different molecular defect in the CFTR protein that is responsible
for CF. Defects in the CFTR protein affect the transport of chloride and
other ions across cells, and lead to the accumulation of thick, sticky mucus
in the lungs. This mucus fosters chronic infection and inflammation and
ultimately results in irreversible lung damage.
Potentiator compounds may work by increasing the probability that the CFTR
channel is open, which could result in an increase in chloride transport
across the cell surface. Corrector compounds may work by increasing the
number of CFTR channels on the cell surface. At the 16th Annual Williamsburg
Conference in June 2004, Vertex researchers demonstrated the potential of both
corrector and potentiator compounds to improve CFTR function in vitro in
bronchial epithelial cells isolated from CF patients.
CFFT Collaboration
Vertex initiated its CF research program in May 2000 as part of a
collaboration with CFFT, and expanded the agreement in May 2004. Under the
extended agreement announced today, CFFT will provide to Vertex approximately
$22 million in additional contracted payments for corrector research through
the first quarter of 2008, with the first payment to be received in the first
quarter of 2006. Vertex retains the right to develop and commercialize any
compounds discovered under the agreement, and will pay CFFT royalties on net
sales.
About Cystic Fibrosis and the Cystic Fibrosis Foundation
Cystic fibrosis is a genetic disease affecting approximately 30,000 people
in the United States. A defect in the CFTR gene causes the body to produce
abnormally thick, sticky mucus that leads to chronic, life-threatening lung
infections and impairs digestion. When the CF Foundation was established in
1955, few children lived to attend elementary school. Today, because of
research and care supported by the CF Foundation -- with money raised through
donations from families, corporations and foundations -- the median predicted
age of survival for people with CF is in the mid-30s.
The Cystic Fibrosis Foundation, headquartered in Bethesda, MD, is a donor-
supported, nonprofit organization committed to finding therapies and
ultimately a cure for CF, and to improving the lives of those with the
disease. For more information on CF and the programs of the CF Foundation,
call (800) FIGHT CF or visit http://www.cff.org.
About Vertex
Vertex Pharmaceuticals Incorporated is a global biotechnology company
committed to the discovery and development of breakthrough small molecule
drugs for serious diseases. The Company's strategy is to commercialize its
products both independently and in collaboration with major pharmaceutical
companies. Vertex's product pipeline is principally focused on viral
diseases, inflammation, autoimmune diseases and cancer. Vertex co-promotes
the HIV protease inhibitor, Lexiva, with GlaxoSmithKline.
Lexiva is a registered trademark of the GlaxoSmithKline group of
companies.
Vertex Safe Harbor Statement
This press release may contain forward-looking statements, including
statements that (i) CFFT will provide an additional $22 million to Vertex for
continued research funding through early 2008; (ii) small molecule agents have
the potential to fundamentally change the treatment of the disease; and (iii)
novel CF treatments discovered under this collaboration may provide new
therapeutic options for CF patients. While management makes its best efforts
to be accurate in making forward-looking statements, such statements are
subject to risks and uncertainties that could cause Vertex's actual results to
vary materially. These risks and uncertainties include, among other things,
the possibility the CFFT could terminate its financial support under the
agreement without cause, risks that efforts to select and optimize development
candidates may not proceed due to financial, technical, commercial or other
reasons, that laboratory results may not be predictive of future clinical
results for any compounds selected for human clinical study and other risks
listed under Risk Factors in Vertex's Form 10-K filed with the Securities and
Exchange Commission on March 16, 2005.
Vertex's press releases are available at http://www.vrtx.com.
Vertex Contacts:
Michael Partridge, Director, Corporate Communications, (617) 444-6108
Lora Pike, Manager, Investor Relations, (617) 444-6755
Zachry Barber, Specialist, Media Relations, (617) 444-6470
CFFT/Cystic Fibrosis Foundation Contact:
Carolyn Habbersett, Director, Medical Communications, (301) 907-2542
SOURCE Vertex Pharmaceuticals Incorporated
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Related links:
http://www.vrtx.com
Company News On-Call:
http://www.prnewswire.com/comp/938395.html
CONTACT:
Michael Partridge, Director, Corporate
Communications, +1-617-444-6108, or Lora Pike, +1-617-444-6755,
or Zachry Barber, Specialist, Media Relations, +1-617-444-6470,
all of Vertex Pharmaceuticals Incorporated; or Carolyn
Habbersett, Director, Medical Communications of Cystic Fibrosis
Foundation Therapeutics, Inc., +1-301-907-2542
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