SAN DIEGO, Dec. 2 /PRNewswire/ -- Trega Biosciences, Inc.
(Nasdaq: TRGA) today announced that Parke-Davis, a division of Warner-Lambert
Company, has agreed to purchase $1.5 million worth of Trega's combinatorial
libraries on a non-exclusive basis before the end of the year. This new
agreement between Warner-Lambert and Trega supersedes a prior agreement made
in May 1997.
"We are delighted that Parke-Davis has become a Chem.Folio(TM) customer,"
said Lawrence Muschek, Trega's president of research and development. "We
believe this agreement is further endorsement of Trega's combinatorial
libraries to accelerate drug discovery."
Chem.Folio provides customers access to novel, diverse combinatorial
chemistry libraries for use in drug discovery programs. These libraries have
been designed by Trega to exhibit characteristics that meet or exceed
pharmaceutical companies' requirements and that historically have proven to be
those characteristics of the most promising new drug candidates. As a result
of this purchase of combinatorial libraries, Warner-Lambert will not purchase
shares of Trega Common Stock under its 1997 Research and Supply Agreement with
Trega.
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 focused
today on discovering small molecules acting on melanocortin receptors.
Melanocortins are a receptor pathway for the treatment of inflammatory and
metabolic diseases.
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 an extended collaboration will be
agreed to, any proposed product can be successfully formulated, scaled-up,
developed, and commercialized, whether regulatory approvals can be obtained,
the impact of competitive products and pricing, whether any 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.
Trega's releases are on the World Wide Web at http://www.trega.com and
PRNewswire'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:
Vince Reardon, Director, Corporate
Communications of Trega Biosciences, Inc., 619-410-6555
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