WASHINGTON, Feb. 1 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that Metabasis Therapeutics, Inc.
(Nasdaq: MBRX) has leased the 81,800 square foot Torrey Pines Research Center
in La Jolla, California. Metabasis is expected to occupy its new space in
September 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Vice President/Director of Operations for Southern California,
Phil Matchett, commented, "We are delighted to be able to accommodate
Metabasis' growth needs at Torrey Pines Research Center." Mr. Matchett added,
"Due to the building's physical structure and location in the heart of Torrey
Pines, our long-term strategy for the property was to convert it from an
office building to a state-of-the-art biotech facility. Our new lease with
Metabasis allows us to accomplish this goal."
"We have assembled an accomplished team of research and development
professionals to further advance our broad pharmaceutical product pipeline,"
commented John Beck, Metabasis' Vice President of Finance and Chief Financial
Officer. "The Torrey Pines Research Center will provide us with the amenities
we need to continue to advance these products and achieve our goals. We look
forward to many years of continued success in this beautiful new facility."
Located at 11119 North Torrey Pines Road, Torrey Pines Research Center is
situated adjacent to walking trails, a water feature, Hilton La Jolla Torrey
Pines and Torrey Pines Golf Course.
Metabasis Therapeutics, Inc. is a biopharmaceutical company focused on the
discovery, development and commercialization of novel small molecule drugs
principally to treat metabolic diseases linked to pathways in the liver and to
treat liver diseases. The company has established a broad product pipeline
targeting large markets with significant unmet medical needs. Metabasis has
three internally discovered, novel product candidates in clinical development:
CS-917, pradefovir mesylate (previously known as remofovir) and MB07133 for
the treatment of type 2 diabetes, hepatitis B and primary liver cancer,
respectively. All three products are being studied in patients and
preliminary evidence of efficacy has been demonstrated with CS-917 and
pradefovir mesylate. Metabasis has developed several proprietary technologies
for use in discovering and optimizing drugs, including the NuMimetic(TM)
technology and the HepDirect technology. The NuMimetic technology was used to
discover CS-917, a first-in-class gluconeogenesis inhibitor, and was also used
to identify MB07803, a 2nd generation gluconeogenesis inhibitor that is
expected to enter the clinic in 2005 for the treatment of type 2 diabetes.
The HepDirect technology, a liver-targeting prodrug technology, was used to
develop pradefovir mesylate and MB07133 and is also being used in a
partnership with Merck to discover new treatments for hepatitis C. Metabasis
is continuing to identify and develop new product candidates using its
proprietary technologies and know-how.
Statements in this press release that are not strictly historical in
nature constitute "forward-looking statements." Such statements include, but
are not limited to, references to Metabasis' research and development team and
product pipeline, as well as other statements about Metabasis' proprietary
technologies, product candidates and collaborations. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause Metabasis' actual results to be materially different from
historical results or from any results expressed or implied by such forward-
looking statements. These factors include, but are not limited to, risks and
uncertainties related to the progress and timing of clinical trials for
Metabasis' product candidates; the fact that positive results from pre-
clinical studies and early clinical trials does not necessarily mean later
clinical trials will succeed; difficulties or delays in development, testing,
obtaining regulatory approval, producing and marketing Metabasis' product
candidates; adverse side effects or inadequate efficacy of Metabasis' product
candidates or proprietary technologies; Metabasis' dependence on its licensees
and collaborators for the clinical development and registration of its product
candidates, among other things; the scope and validity of intellectual
property protection for Metabasis' product candidates, proprietary
technologies and their uses; competition from other pharmaceutical or
biotechnology companies; Metabasis' ability to obtain additional financing to
support its operations; and other factors discussed in the "Risk Factors"
section of Metabasis' Quarterly Report on Form 10-Q for the quarter ended
September 30, 2004. All forward-looking statements are qualified in their
entirety by this cautionary statement. Metabasis is providing this
information as of this date of this release and does not undertake any
obligation to update any forward-looking statements contained in this release
as a result of new information, future events or otherwise.
CarrAmerica owns, develops and operates office properties in 12 markets
throughout the United States. The company has become one of America's leading
office workplace companies by meeting the rapidly changing needs of its
customers with superior service, a large portfolio of quality office
properties and extraordinary development capabilities. Currently, CarrAmerica
and its affiliates own, directly or through joint ventures, interests in a
portfolio of 292 operating office properties, totaling over 26 million square
feet. CarrAmerica's markets include Austin, Chicago, Dallas, Denver, Los
Angeles, Orange County, Portland, Salt Lake City, San Diego, San Francisco Bay
Area, Seattle and metropolitan Washington, D.C. For additional information on
CarrAmerica, including space availability, visit our web site at
http://www.carramerica.com.
SOURCE CarrAmerica Realty Corporation
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Related links:
http://www.carramerica.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Maureen C. Wheeler of CarrAmerica Realty
Corporation, +1-202-729-1756, maureen.wheeler@carramerica.com; or
Susan Neath of Atkins + Associates, +1-858-527-3486,
sneath@irpr.com, for Metabasis Therapeutics, Inc.
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