Healthcare Industry News: Isis Pharmaceuticals
News Release - January 31, 2006
Isis Pharmaceuticals Licenses Proprietary Antibiotic Program to AchaogenCARLSBAD, Calif., Jan. 31 (HSMN NewsFeed) -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS ) has announced today that it has licensed its proprietary aminoglycosides program to Achaogen, a biotechnology company pursuing unique strategies to combat drug-resistant pathogens. Aminoglycosides are a group of antibiotics that inhibit bacterial protein synthesis and are used to treat serious bacterial infections. The Isis program that has been licensed to Achaogen resulted from research conducted in Isis' Ibis division to identify drugs to treat antibiotic-resistant infections.
"This licensing agreement will allow us to benefit from Achaogen's expertise and highly focused research efforts in developing therapies against drug-resistant bacteria, while Achaogen will benefit from our aminoglycoside research and access to our intellectual property," said C. Frank Bennett, Ph.D., Senior Vice President, Antisense Research at Isis Pharmaceuticals. "This transaction with Achaogen is another example of our successful satellite company partnering program. Through these relationships, we are expanding the reach and potential of our research programs and participating in the success of multiple companies and products."
In exchange for the exclusive, worldwide license to Isis' aminoglycoside program, Achaogen will issue $1.5 million of Achaogen stock to Isis and make milestone payments for key clinical and regulatory achievements and royalties on product sales. Achaogen will be solely responsible for the continued development of the aminoglycoside program and products.
ABOUT Isis Pharmaceuticals, INC.
Isis is exploiting its expertise in RNA to discover and develop novel drugs for its product pipeline and for its partners. The Company has successfully commercialized the world's first antisense drug and has 12 antisense drugs in development to treat metabolic, cardiovascular, ocular and inflammatory diseases, and cancer. In its Ibis division, Isis is developing and commercializing the TIGER biosensor system, a revolutionary system to identify infectious organisms. As an innovator in RNA-based drug discovery and development, Isis is the owner or exclusive licensee of approximately 1,500 issued patents worldwide. Additional information about Isis is available at www.isispharm.com.
This press release includes forward-looking statements regarding Isis Pharmaceuticals and Achaogen's licensing agreement and the development and therapeutic potential of aminoglycosides to combat drug-resistant bacteria. Any statement describing Isis' goals, expectations, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement, including those statements that are described as Isis' goals. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing, and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such products. Isis' forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Isis' forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Isis. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Isis' programs are described in additional detail in Isis' annual report on Form 10-K for the year ended December 31, 2004, and its quarterly report on Form 10-Q for the quarter ended September 30, 2005, which are on file with the SEC. Copies of these and other documents are available from the Company.
Source: Isis Pharmaceuticals
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