LA JOLLA, Calif., July 15 /PRNewswire/ -- SIBIA Neurosciences, Inc.
(Nasdaq: SIBI) today announced that it has entered into a non-exclusive
license agreement with Pharmacia & Upjohn (NYSE: PNU) for its
transcription-based assay patent portfolio. The agreement grants Pharmacia &
Upjohn and its affiliates a worldwide license to drug discovery technology
that utilizes transcription-based assays for identifying compounds which
modulate cell surface protein activity. Under the terms of the agreement,
SIBIA will receive annual maintenance payments as well as royalties on sales
of any compounds discovered and successfully commercialized as a result of the
technology.
"Pharmacia & Upjohn is the fourth major pharmaceutical company to license
our transcription based assay patents in 1999," said Stephen F. Keane, SIBIA's
Vice President of Corporate Development. "We are extremely pleased to provide
P&U a license to this important technology. SIBIA will grant only a limited
number of licenses to this technology under current terms, then we will offer
additional licenses on a selective basis under increased terms."
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 agreements.
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 litigations with Cadus and
Pfizer, 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, the risk that license revenue could be significantly
reduced as a result of future developments relating to the Cadus and/or Pfizer
litigation, 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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