SUNNYVALE, Calif., Aug. 16 /PRNewswire-FirstCall/ --
Scios Inc. (Nasdaq: SCIO) announced today that it plans to move to a new
corporate headquarters located in Fremont, California. The company expects
the move to be completed in phases by September 2003.
The new headquarters, located in the Ardenwood Corporate Center at 6500
Paseo Padre Parkway in Fremont, is located just 20 miles from the current
Scios operations in Sunnyvale and will increase the square footage by 70% to
approximately 190,000 square feet. The two-building facility will house
research laboratories as well as medical affairs and business operations for
the company.
"Scios is experiencing a great deal of success, with our lead product
Natrecor on target to become one of the most successful intravenous
cardiovascular products launched in the U.S. in terms of first-year sales, and
new product candidates advancing through our pipeline," said Richard B.
Brewer, president and chief executive officer of Scios. "This move will
provide us with room to expand and enhance our productivity as it brings us
all closer together in a campus-like environment where we can work more
effectively to develop new products for unmet medical needs."
"Today's real estate market has made it possible for Scios to negotiate
favorable lease terms that also allow us to provide a cohesive and productive
corporate environment for employees with future expansion capability," said
David W. Gryska, chief financial officer at Scios. "Our rent expense per
square foot will be reduced by over 20% and we expect to have a lower overall
operating cost per square foot since the buildings are of modern construction
design incorporating state-of-the-art energy conservation features."
Ernst & Young acted as the lead advisor to the company on the transaction.
Ernst & Young does not perform audit or audit-related services for the
company.
In addition to increasing sales of Natrecor for acute heart failure, Scios
is enrolling patients in a Phase IIa clinical trial evaluating SCIO-469, its
novel oral p38 kinase inhibitor for the treatment of rheumatoid arthritis.
Scios is also pursuing development of oral inhibitors of TGF-beta for a broad
range of clinical indications, the first of which will be chronic obstructive
pulmonary disease (COPD).
Scios Inc.
Scios is a biopharmaceutical company developing novel treatments for
cardiovascular and inflammatory disease. The Company's disease-based
technology platform integrates expertise in protein biology with computational
and medicinal chemistry to identify novel targets and rationally design small
molecule compounds for large markets with unmet medical needs.
Forward-Looking Safe Harbor Statement
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. We generally identify such forward-looking statements
using words like "estimate," "believe," "intend," "expect," "may," "should,"
"plan," "project," "contemplate," "anticipate" or similar statements.
Statements that are not historical facts are forward-looking statements based
on current assumptions that involve risks and uncertainties. These risks and
uncertainties may include the sales penetration and success of Natrecor, the
success of clinical trials of Natrecor and our pipeline products, including
SCIO-469 and inhibitors to TGF-beta, our ability to partner the development
and commercialization of our pipeline products and Natrecor (outside the U.S.
and Europe) with third parties on favorable terms, or at all, as well as other
risks detailed from time to time in the reports filed by Scios with the SEC,
including the Company's quarterly reports and annual report on Form 10-K.
Actual results, performance or achievements of Scios may differ significantly
from those described in these forward-looking statements. Scios disclaims any
intention or obligation to update or revise any financial projections or
forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE Scios Inc.
 back to top
Related links:
http://www.sciosinc.com
CONTACT:
media and investors, Suzanne Beveridge of
Scios Inc., +1-408-616-2947, or +1-408-616-8328; or media, Jim
Weiss of WeissCom Partners, Inc., +1-415-260-1274, for Scios
Inc.; or investors, Fern Lazar or Sara Moorin, both of Lazar
Partners Ltd., +1-212-867-1762, for Scios Inc.
|
