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FOR IMMEDIATE RELEASE
March 9, 2000
PHARMANETICS ACQUIRES EXCLUSIVE LICENSE TO PATENTS DESCRIBING METHODS OF DETERMINING PLATELET FUNCTION
RALEIGH, NC (March 9, 2000) - PharmaNetics, Inc. (NASDAQ NM: PHAR), today announced that the Company has agreed to purchase exclusive rights to certain patents licensed to Somagen Diagnostics, Inc. by the Alberta Cancer Board. These patents cover methods of determining platelet function, and will be used in conjunction with the Company’s own intellectual property in the development of rapid tests to monitor the effect of platelet inhibitors (IIb/IIIa antagonists)1.
The platelet function test will be developed specifically to assess GPIIb/IIIa platelet inhibition in response to drugs like Eli Lilly and Co’s Reopro™ (abciximab) and COR Therapeutics’ Integrilin™ (eptifibatide). These GPIIb/IIIa antiplatelet agents have demonstrated benefit in treating patients undergoing coronary interventions (e.g., PTCA and stent placement) and unstable angina. PharmaNetics estimates that approximately 2.5 million patients within the United States and Western Europe are candidates for intravenous antiplatelet therapy.
The agreement initially calls for Somagen and PharmaNetics to initiate and complete proof of concept testing by the fourth quarter of 2000. Upon and assuming successful completion of the feasibility of the concept, PharmaNetics would issue Somagen a combination of Common Stock and cash at which time the transaction would be closed. Upon receiving FDA clearance to sell a product incorporating the licensed technology, PharmaNetics has agreed to provide Somagen with an additional milestone payment in stock and cash as well as ongoing royalties. Total value of the stock and cash transaction is approximately $1.3 million based on an $8 stock price at the time of negotiation.
Commenting on today's announcement, John Funkhouser, PharmaNetics President, said, "We believe that there are multiple benefits to combining this proprietary technology with our existing platform. Last week we announced that Bayer Diagnostics had agreed to fund the research for this test, and the acquisition of this new technology should help us to simplify the development process and increase the probability of successfully completing feasibility. In turn, this should allow us to shorten the time to bring the product to market."
PharmaNetics believes that by modifying its dry chemistry technology the new platelet function test can be performed on the Company’s existing platform by utilizing a small sample of whole blood. If successful, the addition of this platelet function test to the menu would enable healthcare providers to monitor the effect of platelet inhibitors in addition to numerous other anticoagulants at the point of care on a single instrument platform. As more new anticoagulant therapies are adopted for use, a comprehensive test menu will become increasingly important and will translate into an important competitive advantage.
Funkhouser continued, "With PharmaNetics’ unique capability to manage various thrombin inhibitors, anti-thrombins, low molecular weight heparins, thrombolytics and certain sepsis and stroke therapeutics, our test menu for new therapies is both exciting and comprehensive. Platelet inhibitors represent the last broad therapeutic category of current drugs affecting coagulation for which PharmaNetics is developing a test."
Somagen Diagnostics, Inc. is a private company with offices in Edmonton, Alberta.
PharmaNetics, Inc. develops, manufactures and markets rapid turnaround diagnostics to assess blood clot formation and dissolution. The Company develops tests based on its proprietary, dry chemistry Thrombolytic Assessment System for its principal target market of managing powerful new drug compounds, some of which may have narrow therapeutic ranges, as well as for monitoring routine anticoagulants. The Company’s therapeutic diagnostics are used to monitor the effect of antithrombotic agents in the treatment of angina, myocardial infarction (heart attack), stroke, deep venous thrombosis, and pulmonary and arterial emboli.
This press release contains forward-looking statements regarding future events and the future performance of PharmaNetics that involve risks and uncertainties, such as risks related to market acceptance, clinical trials and dependence on third-party distributors and collaborative partners that could cause actual results to differ materially from those projected in the forward-looking statements. Information concerning these and other of the factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s SEC filings, including Form 10-K, Form 10-Q and Form 8-K reports.
(1) Platelet inhibitors prevent blood clotting, or the formation of blockages within the coronary arteries.
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