ALLSCHWIL/BASEL, Switzerland, June 17, 2003 (PRIMEZONE) -- Actelion Ltd. (SWX:ATLN) and privately held Axovan AG announced today that they have entered into a research collaboration. The two companies will join forces to optimize and develop novel molecules identified by Axovan to act on certain endothelial drug targets belonging to the family of G-protein-coupled receptors (GPCRs).
The agreement has resulted in an undisclosed upfront payment to Axovan. In addition to R&D funding, Axovan will also receive milestones and royalties on successful compounds. Under the terms of the two-year agreement, Axovan will use its expertise in medicinal chemistry to optimize "hit" compounds identified with its GPCR screening platform. Actelion will provide expertise in the biology of the vascular endothelium and in preclinical pharmacology. The development and commercialization of any new drugs arising from this joint research effort will be carried out by Actelion. The vascular endothelium constitutes the principal research focus of Actelion. The pathology of the endothelium is linked to a wide variety of health disorders, and drugs targeting growth factors of the endothelium may have therapeutic potential in the cardiovascular field as well as in inflammation, metabolic diseases and cancer. The novelty of this field and the medical need of many of these indications make the endothelium a very attractive target for drug discovery.
"We are pleased to have entered this collaboration with Actelion. It is an important affirmation of the value of Axovan's research capabilities. Axovan's team has already demonstrated its ability to convert its expertise in drug discovery into active compounds in a quick and productive manner. The terms of the agreement along with the expertise and efficiency of Actelion in clinical development will allow Axovan to generate significant value in the future" said Dr. Olivier Valdenaire, founder and CEO of Axovan.
"We are excited to collaborate with the Axovan team, who share with us a passion for discovering new therapeutic principles. They have developed outstanding capabilities in the early stages of drug discovery, and the target receptors that we have chosen to pursue together are complementary to Actelion's growing drug pipeline. We are committed to ensure Actelion's future growth by investing in our own drug discovery research," said Dr. Jean-Paul Clozel, CEO of Actelion.
Axovan AG
Axovan AG is a privately held company founded in Basel (Switzerland) in April 2000. Active in pharmaceutical research and development, Axovan is focusing its efforts on the super family of drug targets called G Protein-Coupled Receptors (GPCRs), which are involved in a high number of pathologies. The company has screening capacity as well as medicinal and combinatorial chemistry. In addition Axovan has developed a validated GPCR-biased chemical library through its proprietary chem-informatics platform AXADDIS. While building up its own portfolio of proprietary compounds for vascular indications (sub-arachnoid hemorrhage in Phase II, thrombosis) Axovan is partnering non-core indication projects (pain, metabolic diseases, inflammation) at earlier stages. The company has 50 employees. Axovan has closed a second round of financing early 2002 of 20 Euro Mio led by Atlas Venture UK. Further information can be found at www.axovan.com.
Actelion Ltd.
Actelion Ltd. is a biopharmaceutical company with its corporate headquarter in Allschwil/Basel, Switzerland. Actelion's first drug Tracleer(R), an orally available dual endothelin receptor antagonist, has been approved as a therapy for pulmonary arterial hypertension. Actelion markets Tracleer(R) through its own subsidiaries in key markets worldwide, including the United States (based in South San Francisco), the European Union as well as Canada and Switzerland. Actelion, founded in late 1997, is a leading player in innovative science related to the endothelium -- the single layer of cells separating every blood vessel from the blood stream. Actelion focuses on the discovery, development and marketing of innovative drugs for significant unmet medical needs. Actelion shares are traded on the SWX Swiss Exchange (ticker symbol: ATLN).