DURHAM, N.C., Sept. 17, 2002 /PRNewswire-FirstCall/ --
Triangle Pharmaceuticals, Inc. (Nasdaq: VIRS) today announced the final
settlement of patent disputes involving Triangle's drug candidate amdoxovir.
Amdoxovir is a purine nucleoside analogue for the treatment of HIV disease.
Triangle licensed amdoxovir from Emory University and the University of
Georgia Research Foundation.
Under the terms of this settlement, Emory University and the University of
Georgia Research Foundation received an exclusive license to Shire
Pharmaceuticals' patent rights covering amdoxovir. Emory University and the
University of Georgia Research Foundation granted Triangle an exclusive
sublicense to these rights. In exchange, Triangle will pay Shire
Pharmaceuticals a royalty on future amdoxovir sales.
Daniel Welch, Triangle's Chairman and Chief Executive Officer commented,
"We are very pleased with this settlement. It allows all of the parties to
avoid the future legal costs and uncertainties related to these disputes.
Moreover, access to Shire Pharmaceuticals' patents will allow us to extend our
patent coverage for amdoxovir to a number of additional countries where we
previously had no patent filings. We thank Shire Pharmaceuticals for making
this settlement possible. We also thank Emory University and the University
of Georgia Research Foundation for their leadership and guidance in resolving
these disputes."
Triangle Pharmaceuticals, Inc. is a specialty pharmaceutical company
engaged in the development of new antiviral drug candidates, with a particular
focus on therapies for the human immunodeficiency virus (HIV) and the
hepatitis B virus. Triangle's proprietary drug candidates under development
for HIV and/or hepatitis B include Coviracil(R) (emtricitabine), amdoxovir
(formerly DAPD), and clevudine (formerly L-FMAU). Triangle is also developing
immunotherapies for hepatitis B in collaboration with Dynavax Technologies
Corporation (Dynavax) utilizing Dynavax' immunostimulatory sequence (ISS)
technology. More information about Triangle's portfolio, management and
product development strategy is available on Triangle's website.
Statements in this press release that are not historical facts are
forward-looking statements and are subject to numerous risks and
uncertainties, including the risk that patents may not adequately protect the
technology we own or license. Other risks include the fact that clinical
trials for our drug candidates may not proceed as planned and regulatory
submissions for these drug candidates may be delayed, we may not be able to
successfully complete pivotal clinical trials or that our trials could be
halted or terminated by regulatory authorities, we may not be able to obtain
additional funding, patent protection and required regulatory approvals for
its drug candidates, the development of competitive products by others, the
cost of coactive therapy and the extent to which coactive therapy achieves
market acceptance, our success in identifying new drug candidates, acquiring
rights to the candidates on favorable terms and developing any candidates to
which we acquire any rights, and that the Company's collaborations with third
parties may not prove successful. These and other risks are discussed in
detail from time to time in our filings with the Securities and Exchange
Commission. As a result of these and other risks and uncertainties, actual
results may differ materially from those predicted in this press release.
Triangle disclaims any obligations to update any forward-looking statements in
this press release.
SOURCE Triangle Pharmaceuticals, Inc.
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Related links:
http://www.tripharm.com
CONTACT:
Daniel G. Welch, Chairman and CEO, or Chris
A. Rallis, President and Chief Operating Officer, of Triangle
Pharmaceuticals, Inc., +1-919-493-5980
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