Healthcare Industry News: Lexicon Genetics
News Release - May 31, 2006
Bristol-Myers Squibb Extends Neuroscience Alliance With Lexicon GeneticsTHE WOODLANDS, Texas, May 31 (HSMN NewsFeed) -- Lexicon Genetics Incorporated (Nasdaq: LEXG ) announced today that Bristol-Myers Squibb Company (NYSE: BMY ) has extended the target discovery term of its neuroscience alliance with Lexicon for an additional two years. Bristol-Myers Squibb and Lexicon initiated this alliance in December 2003 to accelerate the discovery, development and commercialization of therapies that address unmet medical needs in psychiatry and neurology. Bristol-Myers Squibb will provide Lexicon $20 million in additional research funding over the two-year extended research term which begins in January 2007.
The drug target discovery portion of the alliance encompasses the physiological and behavioral analysis of genes to identify promising new neuroscience targets for the development of small molecule drugs to treat disorders including depression, anxiety, schizophrenia, pain and Alzheimer's disease. The extended term provides for further advanced research on selected targets.
Under the original alliance, Bristol-Myers Squibb has worked with Lexicon on medicinal chemistry, preclinical research and development of drugs addressing promising neuroscience targets. Bristol-Myers Squibb may assume responsibility for clinical development and commercialization of any drugs resulting from the alliance that enter clinical trials.
Under the terms of the alliance, Lexicon received an upfront payment from Bristol-Myers Squibb and, in addition, annual research funding over the initial, three-year research term of the agreement. For each drug developed and commercialized by Bristol-Myers Squibb from the alliance, Lexicon will also receive clinical and regulatory milestone payments and will earn royalties on net sales.
"We have made significant progress in the first phase of our alliance," said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Lexicon. "We have discovered several exciting new targets and moved promising compounds into lead optimization. By combining Lexicon's unique drug discovery capabilities with Bristol-Myers Squibb's discovery, development and commercialization expertise, we believe that together we are positioned to play a leadership role in the creation of novel therapies for neuropsychiatric disease."
About Lexicon Genetics
Lexicon Genetics is a biopharmaceutical company focused on discovering and developing breakthrough treatments for human disease. Lexicon is systematically discovering the physiological and behavioral functions of genes to identify potential points of therapeutic intervention, or drug targets. Lexicon makes these discoveries using its proprietary gene knockout technology to model the physiological effects that could be expected from prospective drugs addressing these targets. For targets that the company believes have high pharmaceutical value, it engages in programs for the discovery and development of small molecule, antibody and protein drugs. Lexicon has advanced knockout-validated targets into drug discovery programs in six therapeutic areas: diabetes and obesity, cardiovascular disease, psychiatric and neurological disorders, cancer, immune system disorders and ophthalmic disease. Lexicon is working both independently and through collaborations and strategic alliances to accelerate the development and commercialization of its discoveries. Additional information about Lexicon is available through its corporate website, http://www.lexicon-genetics.com .
Safe Harbor Statement
This press release contains "forward-looking statements," including statements about Lexicon's growth and future operating results, discovery and development of products, strategic alliances and intellectual property, as well as other matters that are not historical facts or information. These forward-looking statements are based on management's current assumptions and expectations and involve risks, uncertainties and other important factors, specifically including those relating to Lexicon's ability to successfully conduct preclinical development of its drug candidates and advance such candidates into clinical development, achieve its operational objectives, obtain patent protection for its discoveries and establish strategic alliances, as well as those relating to manufacturing, the regulatory process, intellectual property rights, and the therapeutic or commercial value of its drug candidates, that may cause Lexicon's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Information identifying such important factors is contained under "Factors Affecting Forward-Looking Statements" and "Business - Risk Factors" in Lexicon's annual report on Form 10-K for the year ended December 31, 2005, as filed with the Securities and Exchange Commission. Lexicon undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Lexicon Genetics
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.