DENVER, Feb. 2 /PRNewswire-FirstCall/ -- Myogen, Inc. (Nasdaq: MYOG), a
biopharmaceutical company focused on the discovery, development and
commercialization of small molecule therapeutics for the treatment of
cardiovascular disorders, today announced the sale of Myogen GmbH, its
wholly-owned European subsidiary, and the sublicense of its rights to
Perfan(R) I.V. (intravenous enoximone) in markets outside North America to
Wulfing Holding GmbH.
Under the terms of the sale and sublicense agreements, Wulfing has agreed
to pay Myogen approximately $6.1 million on or prior to February 10, 2006 and
a royalty on future net sales of Perfan(R) I.V. In exchange, Wulfing will
receive an exclusive sublicense to manufacture and commercialize Perfan(R)
I.V. in markets outside North America, all of the outstanding capital stock of
Myogen GmbH, rights to certain Perfan(R) I.V. trademarks and all existing
inventories of Perfan(R) I.V. finished product.
"We are pleased to have reached an agreement that will assure continued
patient access to Perfan(R) I.V.," said John R. Julian, Senior Vice President,
Commercial Development of Myogen. "The sale of Myogen GmbH allows us to focus
on the strategic requirements of our development-stage assets, ambrisentan and
darusentan, while bringing in additional financial resources to support these
activities."
About Perfan I.V.
Intravenous enoximone is a positive inotropic agent indicated for the
treatment of acute decompensated heart failure and various uses in the cardiac
surgery setting. Perfan(R) I.V. is currently available in eight European
markets. The product was licensed from Hoechst Marion Roussel Inc. (now
Sanofi-Aventis) in 1999. Our current contract and terms remain in effect.
About Myogen
Myogen has two product candidates in late-stage clinical development:
ambrisentan for the treatment of patients with pulmonary arterial hypertension
(PAH) and darusentan for the treatment of patients with resistant
hypertension. The Company, in collaboration with Novartis, also conducts a
target and drug discovery research program focused on the development of
disease-modifying drugs for the treatment of chronic heart failure and related
cardiovascular disorders. Please visit the company's website at
http://www.myogen.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve
significant risks and uncertainties, including summary statements relating to
the company's future receipt of proceeds from the sale and sublicense
transactions. Actual results could differ materially from those projected and
the Company cautions investors not to place undue reliance on the
forward-looking statements contained in this release.
Myogen is at an early stage of development and may not ever have any
products that generate significant revenue. Additional risks and
uncertainties relating to the Company and its business can be found in the
"Risk Factors" section of Myogen's Form 10-K for the year ended
December 31, 2004 and Myogen's reports on Form 10-Q and Form 8-K. It is
Myogen's policy to only update or reconfirm its public guidance by issuing a
press release or filing a periodic or current report with the Securities and
Exchange Commission.
SOURCE Myogen, Inc.
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Related links:
http://www.myogen.com
CONTACT:
Derek K. Cole, Director, Investor Relations
of Myogen, Inc., +1-303-464-3986, derek.cole@myogen.com
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