DENVER, Oct. 13 /PRNewswire/ -- Myogen, Inc., a biopharmaceutical company
focused on the discovery, development and commercialization of small molecule
therapeutics for the treatment of cardiovascular disease, today announced a
research collaboration with Novartis Institutes for BioMedical Research, Inc.,
an affiliate of Novartis AG (NYSE: NVS), for the discovery and development of
novel drugs for the treatment of cardiovascular disease.
In exchange for undisclosed signing fees and research funding for a
minimum of three years, Novartis obtained the exclusive right to license new
drug targets and new product candidates developed through the collaboration.
Novartis will fund further development of licensed drug targets and product
candidates, make additional payments conditioned upon the achievement of
certain milestones for each product that is developed as a result of the
collaboration and pay Myogen royalties for sales of any products that are
successfully commercialized. Myogen has an option to enter into a
co-promotion agreement with Novartis for certain markets, subject to the
Company reimbursing Novartis for certain costs incurred through the completion
of Phase II trials as well as a commensurate portion of future development and
marketing costs.
About Myogen
Myogen is a biopharmaceutical company focused on the discovery,
development and commercialization of small molecule therapeutics for the
treatment of cardiovascular disorders. Myogen currently markets one product
in Europe for the treatment of acute decompensated heart failure and is
developing three product candidates for three distinct cardiovascular
indications. The Company also conducts a target and drug discovery research
program focused on the development of disease-modifying drugs for the
treatment of chronic heart failure and related cardiovascular disorders.
Please visit our website at http://www.myogen.com .
This press release contains forward-looking statements that involve
significant risks and uncertainties, including those discussed in this release
and others that can be found in the "Risk Factors" section of Myogen's
Registration Statement on Form S-1 on file with the SEC. Myogen is providing
this information as of this date and does not undertake any obligation to
update any forward-looking statements contained in this document as a result
of new information, future events or otherwise. No forward-looking statement
can be guaranteed and actual results may differ materially from those we
project.
SOURCE Myogen, Inc.
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Related links:
http://www.myogen.com
CONTACT:
Derek K. Cole, Director, Investor Relations,
+1-303-464-3986, derek.cole@myogen.com, or Joseph L. Turner,
Chief Financial Officer, +1-303-464-5222, joe.turner@myogen.com,
both of Myogen, Inc.
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