BUSINESS WIRE - 44 Montgomery St, 39th Floor, San Francisco, CA 94104; Tel: (415) 986-4422; FAX: (415) 788-5335 - 22 Dec 1995
Currently, Boehringer Mannheim has an anti-HIV nucleoside-lipid conjugate in phase I studies for the treatment of HIV-1 infection. In exchange for these rights, Boehringer Mannheim will pay NeXstar milestones and royalties on the development and commercialization of any anti-HIV nucleoside-lipid conjugates.
In addition, the two companies have signed a letter of intent to codevelop and copromote a lipid conjugate of the antiviral drug foscarnet. This agreement will include provisions for Boehringer Mannheim to conduct preclinical studies with the foscarnet-lipid conjugate. The two companies will split the cost of any clinical trials that they conduct. NeXstar will conduct human clinical trials for human cytomegalovirus (HCMV), while Boehringer Mannheim will conduct all other clinical trials. The agreement, which should close within six months, will also call for NeXstar and Boehringer Mannheim to copromote the products in worldwide markets where NeXstar has a sales organization, and for NeXstar to receive royalties from sales in all other markets.
In a separate transaction, Boehringer Mannheim has made an equity investment of $5 million in NeXstar Pharmaceuticals. This purchase was for 297,619 shares of the Company's common stock at $16.80 per share.
"We are delighted to have Boehringer Mannheim as a partner in the development of our lipid-conjugated foscarnet. Their experience with developing and manufacturing these types of compounds will certainly move this program forward," said Patrick J. Mahaffy, NeXstar's President and Chief Executive Officer. "At the same time, this agreement also honors the clinical expertise and marketing skills we possess with regard to anti-infective agents."
NeXstar's lipid conjugate technology was developed by Karl Y. Hostetler, M.D., professor of medicine at the University of California, San Diego, School of Medicine. In 1993, NeXstar purchased all rights to this technology from Vical, Inc., in return for future considerations. The Company now owns four patents and additional pending U.S. and foreign patent applications covering the chemical attachment of certain phospholipids to small molecules in order to improve the biological properties of those molecules. It is believed that the lipid "tail" conjugated to certain organic molecules facilitates cell uptake and retention of these agents.
NeXstar Pharmaceuticals, Inc. is an integrated pharmaceutical company engaged in the discovery, development, manufacturing and marketing of products to treat life-threatening diseases. The Company currently markets two drugs, AmBisome and DaunoXome. The Company has headquarters in Boulder, Colorado; research, development and manufacturing facilities in San Dimas, California; Antwerp, Belgium; Lakewood, Colorado, and Boulder; and marketing subsidiaries worldwide.
CONTACT: NeXstar Pharmaceuticals, Inc., Boulder Joseph Alper, 303/546-7717
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