- Companies to Continue Transplant Maintenance Program -
FREMONT, Calif., Aug. 30 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc.
(Nasdaq: PDLI) announced today that Roche has discontinued its involvement
in the development of daclizumab in asthma, which both companies had been
co-developing since 2004. The decision, following a portfolio review at
Roche, has no effect on the companies' ongoing collaboration to co-develop
daclizumab in transplant maintenance, and the companies intend to proceed
with planned Phase 2 studies for the transplant indication during 2007.
As a result, PDL now holds exclusive development and commercial rights
to daclizumab in asthma, which has shown potential based on an earlier
Phase 2 clinical trial. In a separate collaboration, Biogen Idec, Inc. and
PDL are developing daclizumab in multiple sclerosis and indications other
than transplant and respiratory diseases.
"We are evaluating opportunities to establish a new collaboration and
would need to partner this program in order to further develop daclizumab
in asthma," said Mark McDade, Chief Executive Officer, PDL BioPharma. "In
the meantime, we will redouble our efforts to focus daclizumab development
in MS and chronic transplant."
PDL plans to provide details regarding the impact of these changes,
including the anticipated reduction in 2006 research and development
expenses, during the company's third quarter financial results conference
call.
About PDL BioPharma
PDL BioPharma, Inc. is a biopharmaceutical company focused on
discovering, developing and commercializing innovative therapies for severe
or life-threatening illnesses. The company currently markets and sells a
portfolio of leading products in the acute-care hospital setting in the
United States and Canada and generates royalties through licensing
agreements with top-tier biotechnology and pharmaceutical companies based
on its pioneering antibody humanization technology. Currently, PDL's
diverse product pipeline includes investigational compounds in Phase 2 or
Phase 3 clinical development for inflammation and autoimmune diseases,
cardiovascular disorders and cancer. The company's research platform is
focused on the discovery and development of antibodies for the treatment of
cancer and autoimmune diseases. For more information, please see PDL's
website at http://www.pdl.com.
Forward-looking Statements
The information in this press release should be considered accurate
only as of the date of the release. PDL has no intention of updating and
specifically disclaims any duty to update the information in this press
release for any reason, except as required by law, even as new information
becomes available or other events occur in the future. This press release
may contain "forward-looking statements" that are based on current
expectations and assumptions that are subject to risks and uncertainties.
The actual results may differ materially from those in the forward-looking
statements because of various factors, risks and uncertainties. In
particular, results obtained in one phase of clinical studies may not be
predictive of results to be obtained in the additional evaluations that
would be necessary to demonstrate daclizumab to be safe and effective in
the indications for which approval is sought, there can be no assurance
that PDL will initiate subsequent clinical trials of daclizumab
notwithstanding a current intent to do so in transplant maintenance and PDL
may not successfully negotiate development and commercialization
collaboration or alliance for daclizumab in asthma. For further information
regarding factors, risks and uncertainties that may cause such differences,
please refer to the filings PDL has made with the Securities and Exchange
Commission, including the "Risk Factors" sections of PDL's Quarterly and
Annual Reports, copies of which may be obtained at the "Investors" section
on PDL's website at http://www.pdl.com. All forward-looking statements in this
press release are qualified in their entirety by this cautionary statement.
NOTE: PDL BioPharma and the PDL BioPharma logo are considered
trademarks of PDL BioPharma, Inc.
SOURCE PDL BioPharma, Inc.
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Related links:
http://www.pdl.com/
CONTACT:
Ami Knoefler, Corporate and Investor
Relations, +1-510-284-8851, or ami.knoefler@pdl.com, or Jean
Suzuki, Product Communications, +1-510-574-1550, or
jean.suzuki@pdl.com, both of PDL BioPharma, Inc.
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