Biogen to Also Obtain Non-Exclusive License to Trega's
Chemical-Synthesis Technologies
SAN DIEGO, Oct. 5 /PRNewswire/ -- Trega Biosciences, Inc.
(Nasdaq: TRGA), today announced that it has signed a two-year non-exclusive
agreement to supply Biogen, Inc., (Nasdaq: BGEN) with small-molecule,
combinatorial chemistry libraries through its Chem.Folio(TM) program. In
addition, Trega has agreed to provide Biogen with non-exclusive, worldwide
licenses to certain of its chemical-synthesis technology patents to facilitate
the creation of compounds by means of solid-phase synthesis.
Under the terms of the agreement, Trega will receive guaranteed funding of
$7.5 million over two years from Biogen for supplying combinatorial chemistry
libraries. The Company will also receive from Biogen an undisclosed license
fee for use of Trega's proprietary Tea-Bag and Positional Scan technologies,
as well as potential milestone payments for compounds developed using these
technologies.
"We are delighted that Biogen has become our first Chem.Folio customer,"
said Michael Green, Ph.D., Trega's vice president of chemistry. "Over the
next two years, Biogen will have access to a source of novel, diverse,
heterocyclic compounds formatted as single-based arrays to facilitate the
discovery of small-molecule compounds for its drug discovery programs. The
libraries provided under Chem.Folio have been designed by scientists at Trega
to exhibit characteristics that meet pharmaceutical companies' requirements
and that historically have proven to be those characteristics of the most
promising new drug candidates."
"Trega's business strategy is to leverage existing chemical libraries to
generate near-term revenues," stated Robert S. Whitehead, Trega's chairman and
chief executive officer. "Trega extracts additional value from its
technology, both by using its chemistry as a source of near-term revenue as
well as a central part of its integrated drug discovery programs with Novartis
and Ono Pharmaceutical."
Trega Biosciences is a drug discovery company utilizing combinatorial
chemistry and other technologies to pursue the discovery of novel, small-
molecule drug therapies. The company leverages its technology platform by
entering into alliances with pharmaceutical and biotechnology companies,
providing partners with access to Trega's technologies in exchange for
licensing fees and potential milestones and royalties. Trega also uses its
drug discovery technologies in its internal development programs, which are
focused today on discovering small molecules acting on melanocortin receptors.
Melanocortins are a class of receptors which may be important in the treatment
of inflammatory and metabolic diseases.
Biogen, Inc., headquartered in Cambridge, MA, is a biopharmaceutical
company principally engaged in discovering and developing drugs for human
healthcare through genetic engineering. The Company's revenues are generated
from the worldwide sales of AVONEX(R) (Interferon beta-1a) for treatment of
relapsing forms of multiple sclerosis, and from the worldwide sales by
licensees of a number of products, including alpha interferon, hepatitis B
vaccines and diagnostic products. Biogen's research and development
activities are focused on novel products for multiple sclerosis, inflammatory,
respiratory, kidney and cardiovascular diseases and in developmental biology
and gene therapy.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve
risks and uncertainties, including whether this collaboration will be
successful, any additional collaborations or alliances will be agreed to,
formed or expanded, whether regulatory approvals can be obtained for products
discovered and developed, if any, the impact of competitive products and
pricing, whether any other corporate collaborations or alliances will be
successful, and other risks detailed from time to time in Trega's Securities
and Exchange Commission filings. These forward-looking statements represent
Trega's judgment as of the date of this release. Actual results may differ
materially from those projected. Trega disclaims, however, any intent or
obligation to update these forward-looking statements.
SOURCE Trega Biosciences, Inc.
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http://www.trega.com
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800-758-5804, ext. 374050
CONTACT:
Noel Wheeler, Director, Corporate
Development, 619-410-6630, or Cynthia Reindal, Coordinator,
Corporate Communications, 619-410-6601, both of Trega
Biosciences, Inc.
NOTE TO EDITORS: For copies of press releases and additional
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the World Wide Web at http://www.trega.com. or by PR Newswire's
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