Important note: Information in this article was accurate in 2002. The state of the art may have changed since the publication date.
PRNewswire - November 14, 2002
Under the terms of the agreement, ViroLogic becomes Pfizer's preferred supplier for HIV resistance testing technology and services to support Pfizer's HIV drug discovery and development programs, and Pfizer will guarantee undisclosed service minimums for a period of three years. In addition Pfizer will make an equity investment in ViroLogic resulting in their ownership of approximately 5% of the Company.*
ViroLogic has developed technologies to assess drug resistance among a number of antiretroviral therapies in both preclinical and clinical studies including PhenoSense(TM) HIV, GeneSeq(TM), PhenoSenseGT(TM), PhenoSense HIV Entry(TM) and PhenoScreen(TM).
"We are pleased to enter this more comprehensive agreement with Pfizer, a leader in HIV drug development, to help implement this increasingly important component of its novel discovery and development process," said Bill Young, ViroLogic's Chairman and Chief Executive Officer. "We believe this highlights how ViroLogic can serve as the drug resistance partner of choice to address a multitude of needs for the discovery and development of new HIV therapeutics."
Biopharmaceutical companies are increasingly using HIV resistance testing technology to enhance next-generation HIV drug development. The industry currently has 16 approved HIV drugs and another 40 new drugs in the pipeline, all of which will require resistance testing for their development.
ViroLogic's patented technology can be applied to new HIV drug targets and is being further modified for use in vaccine research and development.
* Pfizer's ownership percentage is calculated on an as-converted to common stock basis, assuming conversion of all the outstanding preferred stock.
About ViroLogic
ViroLogic is a biotechnology company advancing individualized medicine by discovering, developing and marketing innovative products to guide and improve treatment of serious viral diseases such as AIDS and hepatitis. The Company's products are designed to help doctors optimize treatment regimens for their patients that lead to better outcomes and reduced costs. The Company's technology is also being used by numerous biopharmaceutical companies to develop new and improved antiviral therapeutics and vaccines targeted at emerging drug-resistant viruses.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities of ViroLogic. Certain statements in this press release are forward-looking, including statements relating to the equity investment expected from Pfizer and activities expected to occur in connection with, and benefits anticipated from, ViroLogic's preferred provider agreement with Pfizer. These forward-looking statements are subject to risks and uncertainties and other factors, which may cause actual results to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that the equity investment may not be completed, the risk that ViroLogic's status as a preferred supplier to Pfizer may not result in any significant benefit to ViroLogic, risks related to conditions and limits placed on Pfizer's guaranteed service minimums under the preferred provider agreement, whether ViroLogic's products will achieve market acceptance, the timing of pharmaceutical company clinical trials, whether payors will authorize reimbursement for its products, whether the Company will be able to expand its sales and marketing capabilities, whether the FDA or any other agency will decide to regulate its products or services, whether the Company encounters problems or delays in automating its processes, whether it successfully introduces new products, whether others introduce competitive products, whether intellectual property underlying its PhenoSense technology is adequate, whether it is able to build brand loyalty and expand revenues, whether it will be able to raise sufficient capital and other risks and uncertainties detailed from time to time in the Company's reports to the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2001.
SOURCE ViroLogic, Inc.
Web Site: http://www.virologic.com
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