Warner-Lambert to Invest $1.5 Million in Trega and
Discuss Broader Research Collaboration
SAN DIEGO, Feb. 12 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA)
today announced that based on screening of Trega's combinatorial chemistry
libraries, Warner-Lambert has identified a series of lead compounds which are
active in a Warner-Lambert biological target. In acknowledgment of Trega
having met an important milestone in their May 1997 agreement, Warner-Lambert
will purchase $1.5 million in Trega common stock, the timing and pricing of
which will be determined by Trega over the next two years. Over the next 60
days, the companies will negotiate the terms of a broader research
collaboration involving the further development of these lead compounds.
"We are extremely pleased with the progress we've made with Warner-
Lambert," said Robert S. Whitehead, Trega's chairman and chief executive
officer. "Our intent was to discover lead compounds in important biological
targets of interest to Warner-Lambert and then, based upon success, move into
a larger collaboration. The identification of active compounds from Trega's
combinatorial chemistry libraries triggered negotiations to expand our
relationship."
"We were able to utilize Trega's small-molecule combinatorial chemistry to
discover interesting lead compounds in areas where the targets have been
particularly challenging," said Leonard Post, Ph.D., Vice President, Discovery
Research, for the Parke-Davis Research Division of Warner-Lambert Company.
"We believe these leads could be significant development candidates for Parke-
Davis and we are excited about pursuing them in collaboration with Trega."
Parke-Davis is devoted to discovering, developing, manufacturing and
marketing quality pharmaceutical products. Parke-Davis Pharmaceutical
Research, headquartered in Ann Arbor, Michigan, is a division of Warner-
Lambert Company, whose three principal lines of business include
pharmaceutical, consumer healthcare and confectionery products. Warner-
Lambert employs more than 40,000 people and is headquartered in Morris Plains,
New Jersey.
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 newly discovered 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
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
CONTACT:
Robert S. Whitehead, Chairman & CEO of Trega
Biosciences, 619-455-2545
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
374050
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