RESEARCH TRIANGLE PARK, N.C., Nov. 8, 2011 (GLOBE NEWSWIRE) -- Tranzyme Pharma (Nasdaq:TZYM) today announced the extension of its chemistry-based drug discovery collaboration with Bristol-Myers Squibb Company to discover, develop and commercialize novel macrocyclic compounds directed against targets of interest to Bristol-Myers Squibb.
The collaboration, originally established in December 2009 for a period of two years, has been extended by Bristol-Myers Squibb for an additional six months term to June 2012. Bristol-Myers Squibb has the option to further extend the collaboration.
Under the terms of the agreement, Tranzyme is deploying its proprietary drug discovery technology, Macrocyclic Template Chemistry (MATCH™), to identify novel macrocyclic drug candidates. Bristol-Myers Squibb is responsible for optimizing the identified lead compounds, and completing preclinical and clinical development of all products arising from the collaboration, and for their commercialization globally. Tranzyme will continue to receive research funding from Bristol-Myers Squibb during the duration of the extended term on the same terms and conditions as the current term. In addition, Tranzyme is eligible to receive the same development and regulatory milestones and tiered royalties for each product resulting from the collaboration. Total milestone payments under the agreement, excluding royalties, could reach up to approximately $80 million for each target program.
"Over the past two years, we have enjoyed a productive partnership with the Bristol-Myers Squibb team and are excited to continue this effort," said Helmut Thomas, Ph.D., DABT, Tranzyme Pharma's Senior Vice President, Research and Preclinical Development. "MATCH™ has broad applicability in multiple target types in diverse therapeutic areas."
Macrocyclic Template Chemistry (MATCH™)
MATCH™ is Tranzyme's proprietary drug discovery and medicinal chemistry technology. Tranzyme has successfully used MATCH™ to produce several developmental and clinical stage drug candidates. Although many macrocyclic compounds from natural sources or with complex chemistries have been successfully developed as marketed drugs, MATCH™ allows, for the first time, the efficient and predictable construction of synthetic libraries of these molecules. In the past, the potential of macrocycles as attractive drugs has been largely underutilized.
MATCH™ compounds mimic the favorable binding characteristics of proteins and peptides such as tight receptor binding for high potency and selectivity, while eliminating the drawbacks associated with large biomolecules, such as poor metabolic stability, low oral bioavailability and high manufacturing cost. Tranzyme makes this drug discovery technology available to its partners under the collaboration agreement with BMS.
About Tranzyme Pharma
Tranzyme Pharma is a late-stage biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics for the treatment of upper gastrointestinal (GI) motility disorders. While approximately 20 percent of adults worldwide are affected by these persistent and recurring conditions which disrupt the normal movement of food throughout the GI tract, currently there are a limited number of safe and effective treatment options. Tranzyme is developing an intravenous drug, ulimorelin, for patients in acute (hospital-based) settings, as well as an oral drug (TZP-102) for chronic conditions. Ulimorelin is currently in Phase 3 clinical trials and TZP-102 is entering Phase 2b. Together these product candidates target a significant underserved market. By leveraging its proprietary drug discovery technology, Tranzyme is committed to pursuing first-in-class medicines to address areas of significant unmet medical needs.
Further information about Tranzyme Pharma can be found on the Company's web site at www.tranzyme.com.
Forward Looking Statement
Statements in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "will," and variations of such words or similar expressions. These include statements regarding the expectation of MATCH™ to continue to yield developmental and clinical stage drug candidates. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks related to enrollment and successful completion of our trials, risk of unforeseen side effects, risks related to our collaborations and risks related to regulatory approval of new drug candidates. Further information on these and other factors that could affect the company's financial results is contained in our public filings with the Securities and Exchange Commission (SEC) from time to time, including our Form 10-Q filed with the SEC on August 11, 2011, and subsequent filings with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.