EXTON, Pa., Aug. 25, 2004 (PRIMEZONE) -- ViroPharma Incorporated (Nasdaq:VPHM) announced that it has sold certain of its early stage biodefense assets, including compounds, assays and other intellectual property related to the development of antiviral drugs targeting the smallpox virus and viral hemorrhagic fever viruses, to SIGA Technologies, Inc. (Nasdaq:SIGA), a company that focuses on the development of products for the prevention and treatment of infectious diseases, with an emphasis on products for biological warfare defense. As consideration for such assets, SIGA Technologies paid ViroPharma $1,000,000 in cash and issued ViroPharma 1,000,000 shares of SIGA common stock.
"ViroPharma had a successful track record in preclinical development of promising antivirals against many potential biodefense agents," commented Michel de Rosen, ViroPharma's chief executive officer. "However, our focus has shifted away from biodefense, as we transition toward becoming a development and commercial organization. We believe SIGA to be the ideal company to further develop these assets due to their expertise in biological warfare defense products, their relationship with the U.S. Army and National Institutes of Health, and the significant funding they have just received from the NIH."
The assets sold to SIGA are the result of work initiated in late 2002 by ViroPharma to discover and advance potential antiviral product candidates that address Category A viruses, including smallpox virus and viral hemorrhagic fever viruses. Earlier this year, ViroPharma announced that it had discontinued its early stage research efforts, including efforts to develop molecules targeting bioterrorism viral threats.
ViroPharma Incorporated is committed to the development and commercialization of products that address serious diseases treated by physician specialists and in hospital settings. ViroPharma is currently focused on drug development activities in viral diseases including cytomegalovirus (CMV) and hepatitis C (HCV).
This press release may contain, in addition to historical information, certain forward-looking statements that involve risks and uncertainties, including statements relating to SIGA Technologies and the biodefense assets sold to SIGA. Advancing promising active compounds through preclinical development and clinical development, and pursuing regulatory approval of product candidates that appear to demonstrate the requisite safety and efficacy, requires considerable time and expense. The forward-looking statements contained in this press release may become outdated over time. These factors, and other factors, including, but not limited to those described in ViroPharma's most recent annual report on Form 10-K filed with the Securities and Exchange Commission, could cause future results to differ materially from the expectations expressed in this press release. ViroPharma does not assume any responsibility for updating any forward-looking statements.