LA JOLLA, Calif., June 24 /PRNewswire/ -- SIBIA Neurosciences, Inc.
(Nasdaq: SIBI) today announced that it has entered into a non-exclusive
license agreement for its transcription-based assay patent portfolio with
American Home Products Corporation (NYSE: AHP). The agreement grants American
Home Products and its affiliates a worldwide license to practice under SIBIA's
U.S. patents, 5,401,629 and 5,436,128, and their foreign counterparts. The
technology is a broadly enabling drug discovery method that utilizes the
transcription of a reporter gene to identify compounds that modulate cell
surface protein activity. SIBIA will receive annual maintenance payments and
will also receive royalties if compounds discovered as a result of this
technology lead to commercial products.
"American Home Products is the third major, multi-national pharmaceutical
company, joining Bristol-Myers Squibb and SmithKline Beecham, to have taken a
license to our transcription-based assay patents in the last few months," says
Stephen F. Keane, SIBIA's Vice President of Corporate Development. "We feel
that the license agreement with American Home Products benefits both companies
and further demonstrates the value of this technology as a drug discovery tool
for the pharmaceutical industry. Negotiations are progressing with a number
of additional companies that we hope will generate additional short- and
long-term revenues for SIBIA."
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 Eli
Lilly and Company, 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 due to a number of factors, including but not limited to
risks and uncertainties regarding the Company's ongoing litigations with Cadus
and Pfizer, including uncertainties regarding appeals, re-examinations and
related proceedings, the terms of the Company's license agreements with AHP
and other parties which permit termination and/or substantial reduction in the
Company's future revenues in the event of certain future developments relating
to the ongoing litigation with Cadus and Pfizer, the Company's ability to
enter into additional agreements with third parties to generate additional
short- and long-term revenues and the receipt of future royalties for
compounds discovered using the Company's technology. 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, Vice President, Corporate
Development of SIBIA Neurosciences, Inc., 619-452-5892, ext. 223
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