SAN DIEGO, Nov. 13 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA)
today announced that it has entered into an agreement to acquire NaviCyte
Inc., a private company that specializes in drug selection through its in-
vitro screening capability and PK-Informatics tools. NaviCyte will operate as
a wholly-owned subsidiary of Trega and is expected to relocate its operations
from Sparks, Nevada, to Trega's facility in San Diego. Under the terms of the
agreement, NaviCyte will receive 2.5 million shares of Trega common stock,
plus approximately $350,000 in cash. The transaction is expected to close
before the end of the year.
NaviCyte's technologies range from cell-based, high throughput screening
tools to computational pharmacokinetic modeling and simulation tools designed
to provide intelligence, traditionally available only for late stage drug
development, to early stage drug discovery for NaviCyte's pharmaceutical
partners. These technologies are designed to save money and time, and allow
scientists to make more informed and ultimately successful decisions in
selecting a drug for development.
"The acquisition of NaviCyte is a key strategic move for Trega and
substantially strengthens our discovery and early-stage development platform,"
said Lawrence D. Muschek, president of research and development. "NaviCyte's
technologies provide us with opportunities to accelerate drug discovery by
solving a critical bottleneck in the drug pipeline, i.e., pharmacokinetic
profiling in early-stage screening and selection.
"In addition, NaviCyte's licenses and technologies will potentially
generate significant revenues which would contribute to Trega's near-term goal
of achieving cash self-sufficiency," said Robert S. Whitehead, Trega's
chairman.
"We are excited about the complementary platform and scientific
opportunities that exist between our companies. The combination of Trega's
drug discovery expertise and NaviCyte's selection technology will be unique in
the industry," said George M. Grass, NaviCyte's president. "In the months
ahead we will work closely with Trega to insure a smooth transition and
contribute significantly to shareholder value in the coming years."
NaviCyte, Inc. (http://www.navicyte.com) is a privately held biotechnology
company based in Sparks, Nevada. The company offers proprietary High
Throughput Pharmacokinetic Screening (HTPkS(TM)) systems, Pk-Informatics(TM)
software tools, and consulting expertise to its partners and customers to
facilitate the rapid screening of drug candidates for pharmacokinetic
characteristics. These tools can improve the quality of the drug selection
process prior to the commitment for expensive downstream animal and human
studies.
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 pharmaceutical alliances, which provide partners with access to
Trega's technologies in exchange for licensing fees and potential milestones
and royalties, or by establishing joint-discovery alliances with
pharmaceutical and biotechnology companies. Trega also uses its drug
discovery technologies in its internal development programs, which are
currently focused 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.
Except for the historical information contained herein, the matters
discussed in the news release are forward-looking statements that involve
risks and uncertainties, including whether the proposed acquisition will be
consummated, whether NaviCyte can be successfully integrated into Trega's
organization, whether NaviCyte's technology can be successfully developed or
utilized and any proposed product can be successfully discovered, developed
and commercialized, whether regulatory approvals can be obtained, the impact
of competitive products and pricing, whether any corporate collaborations will
be successful, and other risks detailed from time to time in Trega's
Securities and Exchange Commission (SEC) 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.
Trega's releases are on the World Wide Web at http://www.trega.com and PR
Newswire's fax-on-demand service at 1-800-758-5804, extension 374050.
SOURCE Trega Biosciences, Inc.
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Related links:
http://www.trega.com
Company News On-Call:
http://www.prnewswire.com/comp/374050.html or fax,
800-758-5804, ext. 374050
CONTACT:
Robert Whitehead, Chairman, 619-410-6631, or
Vince Reardon, Director, Corporate Communications, 619-410-6555,
both of Trega Biosciences, Inc.; or George M. Grass, Pharm.D.,
Ph.D., President & CEO of NaviCyte, Inc., 702-353-3700
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