 |
 |
SIBIA Neurosciences, Inc. Signs Licensing Agreement with Meiji Seika Kaisha, Ltd. For Development and Marketing of Parkinson's Disease Compound in Asia Source: PR Newswire LA JOLLA, Calif., March 3 /PRNewswire/ via Individual Inc. -- SIBIA Neurosciences, Inc. (Nasdaq-NNM: SIBI) today announced that it has signed a licensing agreement with Meiji Seika Kaisha, Ltd. for the development and commercialization of SIB-1508Y as a first-of-type treatment for Parkinson's disease. Because of SIB-1508Y's unique mechanism of action, SIBIA believes the compound has the potential to fundamentally change the treatment paradigm for Parkinson's disease. Under the agreement, SIBIA will receive from Meiji a substantial licensing fee, milestone payments and royalties on future product sales. SIBIA will supply SIB-1508Y to Meiji for clinical use and will retain rights for the commercial manufacture of SIB-1508Y. The territory covered by the agreement includes Japan, China and certain other Asian countries, where the total number of Parkinson's patients exceeds that of the United States. SIBIA's proprietary nicotinic acetylcholine receptor agonist, SIB-1508Y, is one of several new classes of compounds discovered by SIBIA that are selective for specific human receptor/ion channel subtypes in the brain. These receptor subtypes modulate communication between nerve cells and play a key role in a variety of neurological disorders. SIB-1508Y acts at certain nicotinic acetylcholine receptor subtypes that regulate the release of the neurotransmitters dopamine and acetylcholine, both particularly relevant in the deficits caused by Parkinson's disease. A deficiency of dopamine in specific brain regions has been shown to be a major factor in the onset and progression of Parkinson's disease, which has traditionally been viewed as a disorder of motor function. It is now recognized that cognitive deficits, including difficulties in planning and abstract thinking, are also frequently seen in Parkinson's patients, and reduced acetylcholine levels are presumed to be important in these aspects of the disease. In pre-clinical animal models of Parkinson's disease, SIB-1508Y has demonstrated a positive effect on both motor and cognitive deficits. Based on these studies, SIBIA believes SIB-1508Y offers distinct advantages over currently available therapies that only address the motor deficits of this disorder. Also, given its receptor subtype selectivity, SIB-1508Y could be more effective and have fewer side effects than existing drugs. Commenting on the announcement, SIBIA President and CEO William T. Comer, Ph.D., stated, "We are pleased to announce this strategic licensing agreement for SIB-1508Y, our lead candidate for the treatment of Parkinson's disease. Meiji is building a strong presence in therapeutics for central nervous system (CNS) disorders, and we expect SIBIA to benefit from their efforts. The Asian marketplace represents a significant opportunity for this compound, and we look forward to working with Meiji to advance this revolutionary approach to a devastating disease." Dr. Comer added that signing this agreement reflects the Company's business strategy to focus on the discovery and early-stage development of innovative drug candidates, then partner with larger pharmaceutical companies for their clinical development and commercialization. SIBIA believes such a strategy enables the Company to maximize the potential of its technology platforms by increasing the number of compounds it can study in the clinic and increasing near-term revenue opportunities. The Company currently is in discussions with potential licensing partners for the development and commercialization of SIB-1508Y in the U.S. and Europe. Meiji Seika Kaisha, Ltd. is engaged in the manufacture and sale of confectioneries and pharmaceuticals including agrochemicals and animal health products. The Company's drug discovery and development efforts are focused on CNS disorders and cardiovascular diseases in addition to infectious diseases. SIBIA Neurosciences, Inc. is engaged in the discovery and development of novel, small molecule therapeutics for treating disorders of the nervous system based on its unique approach to characterizing the molecular processes involved in such disorders. SIBIA is focusing its efforts on developing compounds for the treatment of Parkinson's disease, Alzheimer's disease, stroke, head trauma, epilepsy, chronic pain, schizophrenia and other disorders. The Company currently has collaborations with Eli Lilly and Company, Novartis (formerly CIBA-GEIGY Limited) and Bristol-Myers Squibb Company. This press release contains forward-looking statements that involve risks and uncertainties. As a result, actual results could differ materially from those discussed herein. These risks and uncertainties include SIBIA's early stage of development, the new and uncertain state of SIBIA's technologies, SIBIA's future capital needs and the uncertainty of receiving additional funding, uncertainties regarding patents, proprietary rights and regulatory matters, and other research, development and market risks. These and other risks and uncertainties are more fully set forth in SIBIA's Prospectus included in its Registration Statement on Form S-1 filed in connection with its initial public offering, as well as in SIBIA's most recently filed Form 1O-Q. SOURCE SIBIA Nuerosciences /CONTACT: Michael J. Dunn, Vice President, Business Development of SIBIA Neurosciences, 619-452-5892/ (SIBI) CO: SIBIA Neurosciences, Inc.; Meji Seika Kaisha, Ltd. ST: California IN: MTC SU: BG-TM -- LAM100 -- 3189 03/03/97 14:17 EST >