Myogen Announces Extension of Drug Discovery Collaboration
July 11 2006 - 8:30AM
Business Wire
Myogen, Inc. (NASDAQ: MYOG) today announced a two-year extension of
its research collaboration with Novartis for the discovery and
development of novel drugs for the treatment of heart muscle
disease. Under the extension of the collaboration, which began in
September 2003, Novartis will provide research funding through
October 2008 in exchange for rights to license compounds developed
under the collaboration. The agreement includes milestone payments
and royalty payments on sales of products that are successfully
commercialized. Upon the completion of Phase 2 clinical trials of
product candidates that Novartis has licensed under the
collaboration, Myogen has an option to enter into a co-promotion
and profit sharing agreement in the cardiac field in certain
markets, subject to Myogen reimbursing Novartis for certain costs
incurred through the completion of Phase 2 trials as well as a
commensurate portion of future development and marketing costs and
the elimination of the associated royalty. To date, Myogen has
achieved three research milestones under the existing
collaboration. In addition, a related collaboration was added in
2005 to include Myogen's histone deacetylase inhibitor program in
the field of heart disease. "We are delighted with the progress
made to date under our collaboration agreement and we are pleased
to extend the collaboration for an additional two years," said
Richard Gorczynski, Ph.D., Senior Vice President, Research &
Development, of Myogen, Inc. "We believe our research programs have
significant potential therapeutic value. Through this
collaboration, we have an exciting opportunity to advance the
discovery and development of novel small molecule compounds for
treatment of cardiac diseases." About Myogen Myogen is a
biopharmaceutical company focused on the discovery, development and
commercialization of small molecule therapeutics for the treatment
of cardiovascular disorders. Myogen has two product candidates in
late-stage clinical development: ambrisentan for the treatment of
patients with pulmonary arterial hypertension (PAH) and darusentan
for the treatment of patients with resistant hypertension. Myogen,
in collaboration with Novartis, conducts a target and drug
discovery research program focused on the development of
disease-modifying drugs for the treatment of chronic heart failure
and related cardiovascular disorders. Please visit Myogen's website
at www.myogen.com. Safe Harbor Statement This press release
contains forward-looking statements that involve significant risks
and uncertainties, including the statements relating to the
potential to discover collaboration targets and small molecule
development candidates through Myogen's discovery research program
and Myogen's collaboration with Novartis. Actual results could
differ materially from those projected and Myogen cautions
investors not to place undue reliance on the forward-looking
statements contained in this release. Among other things, Myogen's
operating loss may increase and its development program may be
delayed if Novartis terminates all or a portion of the
collaboration prior to October 2008, as is allowed under the terms
of the agreement, or if Novartis or Myogen elect not to renew the
research collaboration in the future. In addition, Myogen's results
may be affected by competition from other pharmaceutical and
biotechnology companies, Myogen's ability to successfully develop
and market its current products, difficulties or delays in its
clinical trials, regulatory developments involving current and
future products and, its effectiveness at managing its financial
resources. The discovery research program and the company's
collaboration with Novartis may not succeed in identifying
additional therapeutic targets, product candidates or products. If
the company's product candidates, including ambrisentan and
darusentan, do not meet the safety or efficacy endpoints in
clinical evaluations, they will not receive regulatory approval and
the company will not be able to market them. If the company is
unable to raise additional capital when required or on acceptable
terms, it may have to significantly delay, scale back or
discontinue one or more of its drug development or discovery
research programs. Myogen may not ever have any products that
generate significant revenue. Additional risks and uncertainties
relating to the company and its business can be found in the "Risk
Factors" section of Myogen's Form 10-K for the year ended December
31, 2005, and Myogen's periodic reports on Form 10-Q and Form 8-K.
Myogen does not undertake any obligation to update any
forward-looking statements contained in the anticipated
presentation as a result of new information, future events or
otherwise. The company cautions investors not to place undue
reliance on the forward-looking statements contained in this press
release or the presentation. No forward-looking statement can be
guaranteed and actual events and results may differ materially from
those projected.
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