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PRINCETON, N.J., and COPENHAGEN, Jan. 17, 1996 -- Bristol-Myers Squibb Company (NYSE: BMY) and NeuroSearch A/S of Denmark announced today that they have signed an agreement to develop an oral compound for the treatment of Parkinson's disease. The compound, a modulator of the dopamine transporter protein also known as a dopamine re-uptake inhibitor, was discovered by NeuroSearch scientists and is designated as NS2214. The collaboration between Bristol-Myers Squibb and NeuroSearch gives Bristol-Myers Squibb exclusive rights to develop and market the compound worldwide except in Scandinavia, the Baltics and Japan. According to the terms of the agreement, NeuroSearch will receive up-front andmilestone payments up to US$29 million in addition to royalties. A Phase I clinical trial has been completed in the United Kingdom and Phase II studies are planned to begin in the first quarter of 1996. According to Leon Rosenberg, M.D., president, Bristol-Myers Squibb Pharmaceutical Research Institute, "There has not been a safe and effective new class of treatments for Parkinson's disease for twenty years, and we are delighted to have the opportunity to develop this innovative compound. The collaboration with NeuroSearch fits in with Bristol-Myers Squibb's central nervous system group on three levels; first, at the drug discovery level for our work in the areas of neurodegenerative disease, stroke, and eating and sleeping disorders; second, at the drug development level where we are in clinical trials with novel compounds for migraine headaches and chronic pain; and thirdly at the marketing level where our current CNS products include SERZONE (nefazadone) for the treatment of depression, BUSPAR (buspirone) for the management of anxiety disorders, and STADOL NS (butorphanol nasal spray) for acute pain management." According to Jorgen Buus Lassen, D.V.M., president and chief executive officer of NeuroSearch, "It was important for us to find a strong partner for this program and we are therefore delighted to collaborate with Bristol-Myers Squibb. Together we can accelerate the drug development process for the benefit of Parkinson patients." Parkinson's disease is a serious, progressive and incurable neurological disease with the characteristic symptoms of tremor, muscle rigidity and slow movement. According to the American Parkinson's Disease Association, more than 1.5 million Americans are afflicted with Parkinson's disease. The current treatment relies primarily on dopamine replacement therapy and on dopamine receptor agonists, a class of drugs which has been available for about two decades. Unfortunately, the effectiveness of these drugs wears off over time and they have serious side effects, such as abnormal and uncontrolled movements, or dyskinesia. However, the antiparkinson compound discovered by NeuroSearch, which acts via a mechanism distinct from the current therapies, has shown in animal models to reverse the symptoms of Parkinson'sdisease without causing dyskinesia. The Phase I study in normal volunteers has shown the compound to be well tolerated. The compound is designated BMS-204756 by Bristol-Myers Squibb. NeuroSearch, based in Copenhagen, is engaged in research and development of products for the treatment of diseases of the central nervous system. NeuroSearch employs 80 people, and since its founding in 1989 has initiated eight research programs and entered into collaborative agreements with Bristol-Myers Squibb and other major pharmaceutical companies. Bristol-Myers Squibb is a diversified worldwide health and personal care company whose principal businesses are pharmaceuticals, consumer products, nutritionals and medical devices. It is a leading maker of innovative therapies for cardiovascular, metabolic and infectious diseases, central nervous system and dermatological disorders, and cancer. The company is a leader in consumer medicines, orthopaedic devices, ostomy care, wound management, nutritional supplements, infant formulas, and hair and skin care products. Bill Bell [log in to unmask]