Cubist Announces Exclusive Option to Acquire Adynxx

  Cubist Announces Exclusive Option to Acquire Adynxx

Business Wire

LEXINGTON, Mass. and SAN FRANCISCO -- February 25, 2013

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) and Adynxx, Inc. announced today
that they have entered into an option agreement under which Cubist has the
exclusive right to acquire Adynxx following the data readout of Adynxx’s Phase
2 trial for its lead product candidate, AYX1.

Adynxx, a privately held, clinical-stage pharmaceutical company focused on
developing novel analgesic therapies, is studying AYX1 as a potential
treatment for the reduction of acute pain and prevention of persistent and
chronic pain following surgery. The current Phase 2 study is designed to
assess the ability of a single administration of AYX1 at the time of
unilateral total knee arthroplasty to reduce movement evoked pain, as well as
improve the rate and extent of functional recovery. AYX1 targets EGR1 which is
a key transcription factor in the establishment of pain that is rapidly
induced after painful stimuli or injury.

“This option agreement with Adynxx is an example of our disciplined efforts to
expand our acute care pipeline, consistent with our Building Blocks of Growth
goals,” said Steven Gilman, Executive Vice President, Research & Development
and Chief Scientific Officer of Cubist. “We are impressed with the
pre-clinical and Phase 1 results to date of AYX1 and believe this program has
the potential to become an important, new therapy that may help patients to
address the significant issue of post-surgical and chronic pain. We are
pleased to continue to advance AYX1 through this mutually beneficial agreement
which provides Cubist exclusive rights to acquire Adynxx in the future.”

Added Rick Orr, Chief Executive Officer of Adynxx, “We believe AYX1 has the
potential to revolutionize the treatment of post-surgical pain. Based on the
growing need for new pain therapies that offer more than temporary symptom
relief, Adynxx is committed to developing AYX1 as rapidly and robustly as
possible. Given Cubist’s proven expertise in the hospital setting, this
agreement maximizes our chances of bringing this transformative therapy to
market.”

Pursuant to the agreement, Cubist will pay Adynxx to secure the option right.
Cubist will fund the consideration with cash on hand. If Cubist exercises its
right to acquire Adynxx, Cubist will make additional payments to the Adynxx
stockholders.

About Cubist

Cubist Pharmaceuticals, Inc. is a biopharmaceutical company focused on the
research, development, and commercialization of pharmaceutical products that
address significant unmet medical needs in the acute care environment. Cubist
is headquartered in Lexington, Mass. Additional information can be found at
Cubist’s web site at www.cubist.com.

About Adynxx

Adynxx, Inc., located in San Francisco, California, is a clinical stage
pharmaceutical company developing a transformative technology platform
addressing pain at its molecular roots – preventing the development of pain
following surgery or trauma and resolving established chronic pain syndromes.
Adynxx’s unique approach is to transform pain management by approaching pain
as a disease rather than a symptom. Adynxx is funded exclusively by Domain
Associates, LLC. For more information, visit www.adynxx.com.

Cubist Safe Harbor Statement

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and other federal
securities laws. Any statements contained herein which do not describe
historical facts, including but not limited to, statements regarding: (i) the
potential for Cubist to ultimately acquire Adynxx and the anticipated
strategic benefit to Cubist of any such acquisition; (ii) the therapeutic
potential of AYX1 for post-surgical and chronic pain; and (iii) the ability of
Adynxx to successfully continue to develop AYX1, are forward-looking
statements which involve risks and uncertainties that could cause actual
results to differ materially from those discussed in such forward-looking
statements.

Such risks and uncertainties include, without limitation: that we do not
control the execution of the current Phase 2 trial, which will be managed and
executed by Adynxx; that drug discovery and development is an uncertain,
complex, time-consuming and expensive process that is fraught with risk and a
high rate of failure; general risks related to drug development, including
adverse side effects or safety issues; the potential that the Phase 2 clinical
program for AYX1 will not yield positive results or support further
development of AYX1; the scope and validity of patent protection for AYX1;
manufacturing issues related to the production of AYX1; and those additional
factors discussed in our most recent quarterly report on Form 10-Q filed with
the Securities and Exchange Commission. We caution investors not to place
considerable reliance on the forward-looking statements contained in this
press release. These forward-looking statements speak only as of the date of
this document, and we undertake no obligation to update or revise any of these
statements.

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Contact:

Cubist Pharmaceuticals Contacts
INVESTORS:
Cubist Pharmaceuticals, Inc.
Eileen C. McIntyre, 781-860-8533
Senior Director, Investor Relations
eileen.mcintyre@cubist.com
or
MEDIA:
Cubist Pharmaceuticals, Inc.
Julie DiCarlo, 781-860-8063
Senior Director, Corporate Communications
julie.dicarlo@cubist.com
or
Adynxx Contacts
MEDIA:
Russo Partners
Ian Stone, 619-308-6541
ian.stone@russopartnersllc.com
 
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