EXTON, Pa., Jan. 12, 2005 (PRIMEZONE) -- ViroPharma Incorporated (Nasdaq:VPHM) today announced that the company has received a payment of $6 million from Schering-Plough Corporation (NYSE:SGP) for existing inventory of pleconaril bulk drug substance.
Schering-Plough has assumed responsibility for all future development and commercialization of pleconaril. On December 3, 2004, Schering-Plough paid ViroPharma an initial license fee of $10 million. In addition to these payments, ViroPharma is also eligible to receive up to an additional $65 million in milestone payments upon achievement of certain targeted regulatory and commercial events, as well as royalties on Schering-Plough's sales of intranasal pleconaril in the licensed territories, if Schering-Plough gains approval for pleconaril.
About ViroPharma Incorporated
ViroPharma Incorporated is committed to the development and commercialization of products that address serious diseases treated by physician specialists and in hospital settings. ViroPharma commercializes Vancocin(R) Pulvules(R), approved for oral administration for treatment of antibiotic-associated pseudomembranous colitis caused by Clostridium difficile and enterocolitis caused by Staphylococcus aureus, including methicillin-resistant strains (for prescribing information, please download the package insert at http://www.viropharma.com/docs/pulvules_pi.pdf). ViroPharma currently focuses its drug development activities in viral diseases including cytomegalovirus (CMV) and hepatitis C (HCV). For more information on ViroPharma, visit the company's website at www.viropharma.com.
ViroPharma Forward Looking Statement
This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements include those relating to our ability to receive additional milestone payments upon achievement of certain targeted events, as well as royalties on Schering-Plough's sales of intranasal pleconaril in the licensed territories, if Schering-Plough gains approval for pleconaril. Conducting clinical trials for investigational pharmaceutical products are subject to risks and uncertainties. As a result, our actual results could differ materially from those results expressed in, or implied by, this press release. The results shown in ViroPharma's earlier proof-of-concept challenge study for the intranasal formulation of pleconaril may not be indicative of results seen in larger clinical trials involving natural infections. There can be no assurance an intranasal formulation of pleconaril will demonstrate efficacy, limit systemic exposure and thereby reduce the risk of drug interactions in such clinical trials. There can be no assurance that pleconaril will ultimately be approved by the FDA, that following any such approval Schering-Plough will be successful in commercializing pleconaril, or that we will ever receive the additional milestones and royalties referred to in the press release. These factors, and other factors, including but not limited to those described in ViroPharma's quarterly report on Form 10-Q for the period ended September 30, 2004 filed with the Securities and Exchange Commission, could cause future results to differ materially from the expectations expressed in the answers to this press release. The forward-looking statements contained in this press release may become outdated over time. ViroPharma does not assume any responsibility for updating any forward-looking statements.