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| 3-Dimensional Pharmaceuticals Announces an Extension of Research Funding on Thrombin Collaboration |
YARDLEY, Pa., Feb. 4 /PRNewswire-FirstCall/ -- 3-Dimensional Pharmaceuticals, Inc. (3DP) (Nasdaq: DDDP), a drug discovery and development company, today announced that the research term under its thrombin collaboration with Centocor, Inc., and Johnson & Johnson Pharmaceutical Research and Development, L.L.C., both members of the Johnson & Johnson family of companies, has been extended through December 2003. Under the extension, 3DP will receive approximately $1.4 million in additional research funding and will continue to be eligible for milestone payments and royalties on sales of any products marketed under the agreement. The original agreement granted worldwide rights to 3DP's orally active direct thrombin inhibitor program to Centocor in December 2000. Since entering into the collaboration, the companies have expanded it to include inhibitors of other targets. In October 2001, 3DP received a $4 million development milestone payment under the agreement. "We are pleased with the extension of our existing relationship," said David C. U'Prichard, Ph.D., Chief Executive Officer of 3DP. Earlier this month Johnson & Johnson and 3DP signed a definitive agreement under which Johnson & Johnson will acquire 3DP. The acquisition is expected to close during the first half of the second quarter of 2003, subject to regulatory approvals and other closing conditions. Thrombin is an enzyme that converts fibrinogen to fibrin, causing blood clotting. Excessive blood clotting, or thrombosis, is a significant factor in cardiovascular and related diseases. It is estimated that more than 5 million people in the United States are treated each year for thrombotic conditions associated with heart attack, stroke, unstable angina, pulmonary embolism, bypass surgery, angioplasty, atrial fibrillation and venous thrombosis associated with surgical procedures. 3DP (http://www.3dp.com) is an integrated bio-pharmaceuticals company dedicated to revolutionizing small molecule drug discovery and development. 3DP's proprietary platform, DiscoverWorks(R), has the potential to produce drug candidates suitable for faster development, with fewer resources and a higher probability of success than using conventional drug discovery methods. 3DP is developing its own drug pipeline and collaborates with other pharmaceutical companies in discovery and development. Statements in this press release that are not historical are "forward- looking" statements that involve a high degree of risk and uncertainty. Such statements are only predictions, and the actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks associated with the satisfaction of closing conditions to the completion of the acquisition by Johnson & Johnson, our new and uncertain technologies, clinical trials and product development, the long and arduous process of obtaining regulatory approval, our dependence on existing strategic alliances and new collaborations, our dependence on patents and proprietary rights, our ability to protect and enforce our patents and proprietary rights, the development and availability of competitive products or technologies, our ability to attract and retain talented employees, our cash burn and our ability to manage our efforts as a company increasingly focused on internal product research and development. These risks and uncertainties are discussed in the section of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission entitled "Factors Affecting the Company's Prospects."SOURCE 3-Dimensional Pharmaceuticals, Inc.
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CONTACT:
Corporate: Scott Horvitz, Chief Financial
Officer of 3-Dimensional Pharmaceuticals, +1-267-757-7208,
horvitz@3dp.com; or Investor and Media Inquiries: Melody Carey,
Co-President of Rx Communications, +1-917-322-2571,
mcarey@rxir.com, for 3-Dimensional Pharmaceuticals
