Business Editors/Health and Medical Writers
SAN DIEGO--(BW HealthWire)--Oct. 15, 1997--CombiChem Inc.
Wednesday announced a collaboration with Athena Neurosciences Inc.,
a wholly owned subsidiary of Elan Corp. PLC, establishing a
collaboration to discover novel therapeutic compounds for treatment
of central nervous system conditions.
Under the terms of the agreement, CombiChem will receive
up-front and research support payments, as well as milestone
payments upon achievement of predetermined objectives. Athena will
have exclusive worldwide rights to develop and market products
resulting from the collaboration. CombiChem will receive royalties
on product sales.
In conjunction with the collaboration agreement, Elan made an
equity investment in CombiChem.
CombiChem will utilize its proprietary Discovery Engine, a
convergent, iterative process for drug discovery, to generate lead
candidates for Athena targeting central nervous system conditions.
Athena has rights under the agreement to initiate the discovery
process by utilizing CombiChem's proprietary Universal Informer
Library, a computer-designed collection of approximately 10,000
physical compounds selected to provide information about novel
"This is a very significant collaboration for CombiChem and
represents an excellent opportunity to apply our technology to
multiple targets in yet another therapeutic area," stated Vicente
Anido Jr., Ph.D., CombiChem's president and chief executive officer.
Athena's vice president of research, Dr. Ivan Lieberburg,
commented, "We believe CombiChem's advanced technology in small
molecule drug discovery, coupled with Athena's proprietary assay
systems, represents a truly exciting collaboration in our quest to
identify treatments for Alzheimer's and other CNS diseases."
CombiChem Inc., based in San Diego, is a computational drug
discovery company that is applying its proprietary design technology
and rapid synthesis capabilities to accelerate the discovery process
for new drugs.
The company believes that its approach offers pharmaceutical and
biotechnology companies the opportunity to conduct their drug
discovery efforts in a more productive and cost-effective manner.
Using its proprietary Discovery Engine process, the company
focuses on the generation, evolution and optimization of potential
new lead candidates for its collaborative partners, who will then
develop, manufacture, market and sell any resulting drugs.
In addition to this collaboration with Athena, CombiChem has
established collaborative partnerships with Teijin Ltd., Roche
Bioscience, Sumitomo Pharmaceuticals Co. Ltd. and ImClone Systems
Elan Corp. PLC is a leading worldwide drug delivery and
biopharmaceutical company, with its principal research and
manufacturing facilities in Ireland, the United States and Israel.
Elan's shares trade on the New York, London and Dublin stock
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 CombiChem's business, including, without
limitation, risks and uncertainties related to the discovery of
novel therapeutic compounds, the achievement of certain milestone
events, the successful development and commercialization of
products, the impact of competitive products and pricing, and
CombiChem's ability to obtain additional financing to support its
operations. CombiChem undertakes no obligation to revise or update
this press release to reflect events or circumstances after the date
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