SAN DIEGO, April 15 /PRNewswire/ -- Houghten Pharmaceuticals, Inc. (HPI)
(Nasdaq: HPIP) today announced that effective May 1, 1997 the company will
undergo a name change to Trega Biosciences, Inc. (tray-ga) and it will trade
on the Nasdaq Stock Market under the symbol TRGA. The company will also re-
launch its corporate web site at http:\\www.trega.com.
"Our name change represents our continuing transition from a single-
technology company into a drug discovery organization with greater technology
depth," stated Robert S. Whitehead, HPI's president and chief executive
officer. "Our new name and symbol represent the ideal combination of
technology, people and partnerships, and will better suit us as we continue
working to become a fully integrated resource for accelerated discovery of
potential human pharmaceuticals."
HPI (soon to be 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, enabling partners to
access HPI's technologies in exchange for licensing fees and potential
milestone payments and royalties, or by establishing joint-discovery alliances
with biotechnology companies. HPI also uses its drug discovery technologies
in its internal development programs. HP 228, the company's lead compound, is
in Phase II trials 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 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 HPI's Securities and Exchange
Commission (SEC) filings. These forward-looking statements represent HPI's
judgment as of the date of this release. Actual results may differ materially
from those projected. HPI disclaims, however, any intent or obligation to
update these forward-looking statements.
HPI's releases are on the World Wide Web at http://www.houghten.com and PR
Newswire's fax-on-demand at 1-800-758-5804, extension 374050.
SOURCE Houghten Pharmaceuticals, Inc.
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CONTACT:
Noel M. Byczek, Director, Corporate
Communications Houghten Pharmaceuticals, Inc., 619-455-2877
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