CLEVELAND, Nov. 12, 2008 (GLOBE NEWSWIRE) -- Athersys, Inc. (Nasdaq:ATHX) today announced the achievement of another clinical development milestone related to its discovery alliance with Bristol-Myers Squibb Company (NYSE:BMY). Bristol-Myers Squibb notified the Company that it has initiated a phase II trial for a small molecule discovered using a target provided by Athersys, thereby triggering a milestone payment.
Athersys has collaborated with Bristol-Myers Squibb since 2001, applying its patented RAGE (Random Activation of Gene Expression(r)) technology to provide Bristol-Myers Squibb with validated drug targets for high-throughput screening and lead optimization. Under its collaboration agreement with Bristol-Myers Squibb, Athersys is entitled to receive license fees for targets delivered to Bristol-Myers Squibb, as well as milestone payments and royalties on revenues from compounds developed by Bristol-Myers Squibb using the Athersys technology. Over the course of the partnership, Athersys has successfully delivered drug targets to Bristol-Myers Squibb from distinct target classes in a variety of therapeutic areas. This phase II program represents the most advanced project to date to utilize the RAGE technology.
"We are pleased that our partnership with Bristol-Myers Squibb has successfully resulted in the advancement of a program into Phase II clinical development. We believe this accomplishment reflects the ability of one of our core technology platforms to create meaningful value for a partner through the advancement of drug development programs against a well validated target," said Dr. John Harrington, Chief Scientific Officer at Athersys.
About RAGE
RAGE is a novel gene expression system developed by Athersys scientists that provides the unique ability to produce protein from virtually any gene in the human genome, without requiring the cloning of individual genes or use of cDNA libraries. The technology may be used to facilitate the mapping of complex biological pathways using genome-wide protein expression libraries produced using RAGE in conjunction with cell based assays, or may be used as a means to produce cell lines that express individual drug targets of interest. Athersys has used this technology to support its own internal drug discovery programs, as well as the discovery efforts of multiple collaborators.
About Athersys, Inc.
Athersys is a biopharmaceutical company engaged in the discovery and development of therapeutic product candidates designed to extend and enhance the quality of human life. In addition to its lead product candidate, ATHX-105, which is in clinical development for obesity, the Company is developing other orally active pharmaceutical product candidates for the treatment of metabolic and central nervous system disorders. Athersys is also developing MultiStem(r), a patented, adult-derived "off-the-shelf" stem cell product platform for multiple disease indications, including damage caused by myocardial infarction, bone marrow transplantation/oncology support, ischemic stroke and other indications.
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Forward-Looking Statements
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