PTC Therapeutics and CV Therapeutics Announce Collaboration and License Arrangement
June 12 2006 - 9:00AM
PR Newswire (US)
SOUTH PLAINFIELD, N.J. and PALO ALTO, Calif., June 12 /PRNewswire/
-- PTC Therapeutics, Inc. and CV Therapeutics, Inc. (NASDAQ:CVTX)
announced today that they have entered into an exclusive research
collaboration and licensing arrangement for the development of
orally bioavailable small molecules through the application of
PTC's proprietary GEMS (Gene Expression Modulation by
Small-Molecules) technology. Pursuant to the collaboration, PTC and
CV Therapeutics will jointly select five targets, including targets
with the potential to raise HDL, through a collaborative process of
determining the applicability of the GEMS technology to targets of
interest. (Logo:
http://www.newscom.com/cgi-bin/prnh/20010919/PTCLOGO ) Under the
terms of the collaboration and license agreement, CV Therapeutics
will make an initial payment to PTC of $10 million. The initial
payment consists of a cash upfront payment of $2 million and two
loans for an aggregate of $8 million. One of the loans is
forgivable over the course of the research term provided the
agreement remains in effect, and the other is convertible into PTC
equity. CV Therapeutics has the exclusive option to enter into one
or more worldwide, exclusive licenses, on a target-by-target basis,
for collaboration compounds it decides to take forward, and will be
obligated to pay PTC royalties on worldwide net sales of products
developed pursuant to the collaboration. If CV Therapeutics
licenses and commercializes a product based on each of the five
selected targets during the term of the agreement, PTC could earn
milestone payments of up to $335 million if all specified
development, regulatory and commercial goals are achieved over the
product life cycle. PTC retains the option to co-fund research and
development for increased royalties or co-promotion rights. "We are
very excited to start our collaboration with PTC, which we believe
has the potential to deliver innovative oral treatments for
well-validated targets in important areas of cardiovascular
disease, such as dyslipidemia and diabetes," said Brent K.
Blackburn, Ph.D., senior vice president, drug discovery and
development of CV Therapeutics. "This alliance complements our
internal research efforts with PTC's proprietary GEMS technology
that allows the potential development of small-molecule drugs to
address challenging targets." "We are extremely pleased to enter
into this collaboration with CV Therapeutics," said Stuart Peltz,
president and chief executive officer of PTC Therapeutics. "This
collaboration is part of our strategy of applying our GEMS
technology to therapeutic areas outside of our core research areas
through collaborators who bring disease-specific expertise. With CV
Therapeutics, we have a collaborator with a significant presence
and experience in molecular cardiology and drug development." About
CV Therapeutics CV Therapeutics, Inc., headquartered in Palo Alto,
California, is a biopharmaceutical company focused on applying
molecular cardiology to the discovery, development and
commercialization of novel, small molecule drugs for the treatment
of cardiovascular diseases. CV Therapeutics' approved products
include Ranexa(R) (ranolazine extended-release tablets) and
ACEON(R) (perindopril erbumine) Tablets. Ranexa is indicated for
the treatment of chronic angina in patients who have not achieved
an adequate response with other antianginal drugs, and should be
used in combination with amlodipine, beta-blockers or nitrates. In
addition, CV Therapeutics co-promotes ACEON(R), an ACE inhibitor,
for reduction of the risk of cardiovascular mortality or nonfatal
myocardial infarction in patients with stable coronary artery
disease and treatment of essential hypertension. CV Therapeutics
also has other clinical and preclinical drug development candidates
and programs, including regadenoson, which is being developed for
potential use as a pharmacologic stress agent in myocardial
perfusion imaging studies. Regadenoson has not been approved for
marketing by any regulatory authorities. CV Therapeutics Disclosure
Statement Except for the historical information contained herein,
the matters set forth in this press release, including statements
as to drug research and development, clinical studies, regulatory
review and approval, and commercialization of products, are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including, early stage of development; regulatory review and
approval of our products; the conduct and timing of clinical
trials; commercialization of products; market acceptance of
products; and other risks detailed from time to time in CV
Therapeutics' SEC reports, including its Quarterly Report on Form
10-Q for the quarter ended March 31, 2006. CV Therapeutics
disclaims any intent or obligation to update these forward-looking
statements. About PTC PTC is a biopharmaceutical company focused on
the discovery and development of orally administered, proprietary
small-molecule drugs that target post-transcriptional control
processes. Post-transcriptional control processes regulate the rate
and timing of protein production and are of central importance to
proper cellular function. PTC has assembled proprietary
technologies and extensive knowledge of post-transcriptional
control processes that it applies in its drug discovery and
development activities. PTC's current pipeline of clinical and
preclinical product candidates addresses multiple indications,
including genetic disorders, oncology, and infectious diseases.
About GEMS Gene Expression Modulation by Small-molecules (GEMS) is
PTC's novel and proprietary screening technology for the
identification of small-molecules that modulate
post-transcriptional control mechanisms. Compounds identified
through the GEMS technology modulate gene expression by targeting
the post-transcriptional control processes that act through the
untranslated regions (UTRs) of messenger RNA (mRNA) molecules. GEMS
was the basis for the discovery of PTC's product candidate, PTC299
and also for compounds in PTC's Hepatitis C virus program. PTC is
using GEMS in multiple ongoing drug discovery programs.
http://www.newscom.com/cgi-bin/prnh/20010919/PTCLOGO DATASOURCE:
PTC Therapeutics, Inc. CONTACT: Investor: Christopher Chai, Vice
President, Treasury and Investor Relations CV Therapeutics, Inc.
+1-650-384-8560; or Media: John Bluth, Senior Director, Corporate
Communications of CV Therapeutics, Inc., +1-650-384-8850; or Jane
Baj, Associate Director, Corporate Development of PTC Therapeutics,
Inc., +1-908-222-7000 x167 Web site: http://www.ptcbio.com/
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