Araxes Pharma Enters Into Cancer Drug Discovery and Development Agreement With Janssen Biotech

Araxes Pharma Enters Into Cancer Drug Discovery and Development Agreement With
                               Janssen Biotech

PR Newswire

SAN DIEGO, Calif., Feb. 27, 2013

SAN DIEGO, Calif., Feb. 27, 2013 /PRNewswire/ --Araxes Pharma LLC announced
today it has entered into an exclusive arrangement with Janssen Biotech, Inc.
to develop first-in-class therapeutics against a certain target for the
treatment of cancer.

Araxes Pharma brings together a proven team of early drug developers. The
scientific founders are Kevan Shokat, Ph.D., HHMI Investigator and Professor
of Molecular and Cellular Pharmacology at UCSF, and Frank McCormick, Ph.D.,
FRS, Professor and Director of the Helen Diller Family Comprehensive Cancer
Center at UCSF. Joining them in the new venture are Troy Wilson, Ph.D., J.D.,
President and Chief Executive Officer, Yi Liu, Ph.D., Chief Scientific
Officer, and Pingda Ren, Ph.D., Senior Vice President of Chemistry.

Drs. Wilson, Liu, Ren and Shokat previously co-founded Intellikine, which
discovered three drug candidates against the PI3K/mTOR pathway. The first
drug candidate, a PI3Kdelta/gamma inhibitor, was licensed to Infinity
Pharmaceuticals in July 2010 in a deal valued up to $489 million. Separately,
Intellikine advanced two more drug candidates—a TORC1/2 inhibitor and a
PI3Kalpha inhibitor—into human clinical trials. In January 2012, Millennium
Pharmaceuticals, the Takeda Oncology Company, acquired Intellikine in a deal
valued up to $310 million.

The Intellikine co-founders recently reunited to form Wellspring Biosciences,
a pharmaceutical incubator focused on the discovery and development of drugs
targeting signal transduction networks for the treatment of cancer and other
serious diseases. Wellspring is organized as a drug discovery incubator, with
its scientific programs organized in separate, asset-centered affiliates.
Araxes Pharma LLC represents the first publicly announced affiliate.

Under the agreement with Janssen Biotech, Araxes Pharma will advance its
program through Phase I to clinical proof-of-concept. Thereafter, Janssen
Biotech will have sole responsibility for the continued development and
worldwide commercialization of products arising under the agreement. Araxes
Pharma will receive an upfront payment and research and development funding
and is eligible to receive milestone payments in addition to tiered royalties
on the worldwide sales of products under the agreement.

"We are delighted to work with Janssen on a very exciting approach for the
treatment of patients with cancer," said Troy Wilson, President and CEO of
Araxes Pharma. "Their sophisticated outlook and capabilities for development
of molecularly-targeted therapeutics will enable us to accelerate development
of our novel, high-quality small molecules."

About Wellspring Biosciences LLC

Wellspring Biosciences LLC is a privately held, drug discovery and development
company committed to creating breakthrough medicines for the treatment of
cancer and other serious diseases. Our team has a proven track record, having
previously played pivotal roles in the discovery of clinical-stage compounds
for the treatment of cancer and immune-mediated inflammatory diseases at
Intellikine. Wellspring is organized as a drug discovery incubator, with
scientific programs organized in asset-centered affiliates. We are
headquartered in San Diego, California. For more information, please visit
www.wellspringbiosciences.com.

Contact: Anna Nadolski, 858-500-8803, anna@wellspringbiosciences.com

SOURCE Araxes Pharma LLC

Website: http://www.wellspringbiosciences.com
 
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