LA JOLLA, Calif., March 30 /PRNewswire/ -- SIBIA Neurosciences, Inc.
(Nasdaq: SIBI) today announced that it has entered into a non-exclusive
license agreement for its patented transcription based assay (TBA) technology
with Bristol-Myers Squibb (BMS). BMS will use SIBIA's TBA technology for
identifying compounds which interact with cell surface proteins for drug
discovery. SIBIA will receive annual maintenance payments for use of the
technology and royalty payments if compounds discovered as a result of this
technology are commercialized.
"We are pleased that BMS has licensed our TBA patent," said Stephen F.
Keane, SIBIA's Vice President of Corporate Development. "This technology is a
broadly enabling tool that can create value for every pharmaceutical and
biotechnology company involved in drug discovery."
SIBIA Neurosciences, Inc. is engaged in the discovery and development of
novel small molecule therapeutics for the treatment of neurodegenerative,
neuropsychiatric and neurological disorders, many of which have large patient
populations and represent critical unmet medical needs. SIBIA is a leader in
the development of proprietary drug discovery platforms that combine key tools
necessary for modern drug discovery, including genomics, high throughput
screening, advanced combinatorial chemistry techniques and pharmacology. The
Company's proprietary molecular targets and drug candidates, together with its
drug discovery technologies and research expertise, have enabled the Company
to establish several corporate collaborations, which currently include
Bristol-Myers Squibb Company and Meiji Seika Kaisha, Ltd., and multiple
technology licensing arrangements.
This press release contains forward-looking statements that involve risks
and uncertainties. Actual results could differ materially from those
discussed herein. These risks and uncertainties include risks and
uncertainties regarding the Company's ongoing litigation with Cadus, including
uncertainties regarding appeals and related proceedings, risks and
uncertainties regarding the Company's patents, risks relating to SIBIA's
ability to generate substantial licensing revenue from its '629 patent or
other technologies, whether SIBIA will be able to meet its development goals,
the new and uncertain state of SIBIA's technologies, SIBIA's future capital
needs and the uncertainty of receiving additional funding, and other research,
development and market risks. These and other risks and uncertainties are
more fully set forth in SIBIA's most recently filed Forms 10-Q and 10-K.
SOURCE SIBIA Neurosciences, Inc.
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Related links:
http://www.sibia.com
CONTACT:
Stephen F. Keane, VP Corporate Development of
SIBIA Neurosciences, Inc., 619-452-5892, ext. 223
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