Establish Target-Based Drug Discovery Collaboration in Oncology Health/Medical Writers NEW YORK and SAN DIEGO--(BW HealthWire)--Oct. 13, 1997-- ImClone Systems Incorporated (Nasdaq:IMCL) and CombiChem, Inc. announced today a collaboration to discover and develop novel small molecules against selected targets for the treatment of cancer. In this joint effort, CombiChem will utilize its proprietary Discovery Engine(TM) to generate lead candidates, which ImClone will test against its biological assays to determine activity against key receptors and signaling molecules associated with cancer. ImClone will provide CombiChem with research funding for two years, milestone payments and royalties on marketed products. Additionally, ImClone has made an equity investment in CombiChem. ImClone will have exclusive worldwide rights to develop and market products resulting from the collaboration. "It is our belief that CombiChem's lead generation capabilities can expedite the identification of compounds with promising biological activity, as compared to traditional methodologies," commented Samuel D. Waksal, Ph.D., President and Chief Executive Officer of ImClone Systems. "These capabilities, coupled with ImClone's advanced expertise in critical signaling pathways in cancer, should accelerate our efforts to identify important new compounds for commercial development." In the collaboration, the companies will utilize CombiChem's Discovery Engine(TM) and proprietary Universal Informer Library(TM) to generate small molecules for screening in ImClone's assays for identification of lead candidates. "We are pleased to bring together our computational drug discovery process with ImClone's expertise in oncology," stated Vicente Anido, Jr., Ph.D., CombiChem's President and Chief Executive Officer. CombiChem, Inc. is a computational drug discovery company that is applying its proprietary design technology and rapid synthesis capabilities to accelerate the discovery process. Using its Discovery Engine(TM), a convergent, iterative process for drug discovery, the Company focuses on the generation, evolution and optimization of potential new lead candidates for its collaborative partners. CombiChem's Universal Informer Library(TM) consists of a computer-designed, proprietary collection of approximately 10,000 physical compounds selected to provide information about targets where little or no prior information is available. In addition to this collaboration with ImClone Systems, CombiChem has established collaborative partnerships with Teijin, Limited of Japan, Roche Bioscience and Sumitomo Pharmaceuticals Co., Ltd. CombiChem, Inc. is a privately held company based in San Diego, CA. ImClone Systems has two oncology products in late-stage clinical development and is advancing earlier drug candidates to the clinical stage. The Company is currently evaluating C225, an epidermal growth factor receptor (EGFr) antagonist, in head and neck cancer patients in three Phase Ib/IIa dose-escalation trials in combination with other anti-cancer therapies. ImClone expects to initiate Phase II/III studies to evaluate the potential of C225 in various tumor types. In addition, ImClone intends to initiate a Phase III multinational trial in small cell lung cancer patients with the Company's anti-cancer vaccine, BEC2, in the fourth quarter of this year. In preclinical research, the Company is evaluating the therapeutic potential of its anti-FLK-1/KDR monoclonal antibody as an anti-angiogenic agent, especially against tumors known to secrete vascular endothelial growth factor. ImClone Systems Incorporated, headquartered in New York, is a biopharmaceutical company developing novel therapeutic products including interventional therapeutics, cancer vaccines and blood cell growth factors for the treatment of cancer and cancer-related disorders. Except for the historical information contained herein, the matters discussed in this news release may include forward-looking statements. Actual results may differ materially from those predicted in such forward-looking statements due to the risks and uncertainties inherent in the Companies' businesses, including, without limitation, risks and uncertainties in obtaining and maintaining regulatory approval, market acceptance of and continuing demand for the Companies' products, the impact of competitive products and pricing, and the Companies' ability to obtain additional financing to support their operations. The Companies undertake no obligation to revise or update this press release to reflect events or circumstances thereof.
IMCLONE SYSTEMS AND COMBICHEM
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