Pharmacopeia Earns Milestone Payment From Wyeth
PRINCETON, N.J., Jul 29, 2008 (PrimeNewswire via COMTEX) -- Pharmacopeia, an innovator in the discovery and development of novel small molecule therapeutics, today announced that it has received a milestone payment from Wyeth Pharmaceuticals, a division of Wyeth (WYE:WYE
WYE, , ) , for progress made in identifying a systemically administered inhibitor of JAK3 kinase. The compound is being evaluated for the treatment of immunological and inflammatory diseases.
"We are pleased with the progress Wyeth and Pharmacopeia have made in advancing this program," said Joseph A. Mollica, Ph.D., Chairman of the Board and Interim President and Chief Executive Officer of Pharmacopeia. "The advances are critical to the growth of our JAK3 inhibitor program, and we will continue working closely with Wyeth to realize the therapeutic potential of JAK3 inhibitor-based products."
JAK3 is selectively expressed in certain hematopoietic cells and is involved in T-cell activation. The inhibition of JAK3 kinase has been shown to modulate disease outcomes in both preclinical animal models and clinical studies. Potential indications for an inhibitor of JAK3 include rheumatoid arthritis, transplantation and psoriasis.
In 2006, Pharmacopeia licensed certain rights to its JAK3 program to Wyeth under a Research and License Agreement. Under the agreement, each company has the exclusive right to develop and commercialize products resulting from the collaboration. Pharmacopeia retains the exclusive right to develop and commercialize therapeutic products for the treatment of dermatological and ocular diseases via topical administration, and Wyeth retains the development and commercialization rights for all other indications and routes of delivery. Pharmacopeia receives research funding and is eligible to receive additional payments upon Wyeth's achievement of certain development, regulatory and commercialization milestones, as well as royalties on the net sales of any products commercialized by Wyeth under the collaboration.
Pharmacopeia is a clinical development stage biopharmaceutical company dedicated to discovering and developing novel small molecule therapeutics to address significant medical needs. The company has a broad portfolio of clinical and preclinical candidates under development internally or by partners including nine clinical compounds in Phase 2 or Phase 1 development addressing multiple indications including hypertension, diabetic nephropathy, muscle wasting, inflammation and respiratory disease. The company is leveraging its fully integrated drug discovery platform to sustain the growth of its development pipeline. Pharmacopeia has established strategic alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb, Celgene, Cephalon, GlaxoSmithKline, Schering-Plough, and Wyeth Pharmaceuticals. For more information please visit the company's website at http://www.pharmacopeia.com.
This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward-looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia's ability to successfully perform under its collaboration with Wyeth, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia's plans to develop PS433540, a product candidate from its DARA program, Pharmacopeia's Phase 2 and Phase 1 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia's plans to develop PS178990, a product candidate from its SARM program, Pharmacopeia's Phase 1 clinical studies with respect to PS178990, including timing and expected outcomes of such studies, Pharmacopeia's plans to develop PS031291, a product candidate from its chemokine receptor CCR1 program, Pharmacopeia's estimates of the market opportunities for its product candidates, including PS433540, PS178990 and PS031291, Pharmacopeia's ability to raise additional capital, Pharmacopeia's anticipated operating results, financial condition, liquidity
and capital resources, Pharmacopeia's ability to successfully perform under its other collaborations with Bristol-Myers Squibb, Cephalon, GlaxoSmithKline and Schering-Plough, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia's ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions.
Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Pharmacopeia at http://www.pharmacopeia.com. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein
or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.