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Biotech / Medical : 3-DIMENSIONAL PHARMACEUTICALS (DDDP) -- Ignore unavailable to you. Want to Upgrade?


To: scaram(o)uche who wrote (53)1/8/2002 8:19:45 PM
From: Miljenko Zuanic  Read Replies (1) | Respond to of 146
 
2.4 m shares seem plenty, but SKB is taking good portion of risk in this deal.

Tuesday January 8, 8:02 am Eastern Time
Press Release
SOURCE: 3-Dimensional Pharmaceuticals, Inc.
3-Dimensional Pharmaceuticals Licenses TPO Peptide from GlaxoSmithKline
YARDLEY, Pa., Jan. 8 /PRNewswire/ -- 3-Dimensional Pharmaceuticals, Inc. (Nasdaq: DDDP - news; 3DP) today announced that the Company has entered into an exclusive licensing agreement with GlaxoSmithKline (GSK), giving it worldwide development, marketing and distribution rights to GSK's pre-IND compound GW 395058 for the prevention and treatment of thrombocytopenia, or low blood platelet count. GW 395058 is a pegylated synthetic thrombopoietin (TPO) mimetic peptide that stimulates the human body to increase its production of blood platelets, which are responsible for regulating the clotting process.

3DP's initial development focus will be on chemotherapy induced thrombocytopenia because of the frequency with which cancer patients undergoing certain chemotherapy regimens experience thrombocytopenia. The condition can prolong blood clotting times, increase the risk of bruising, and, in extreme cases, prompt internal hemorrhaging. These side effects frequently disrupt cancer treatment protocols, including delays in, and the lowering of chemotherapy dosing regimens.

``Thrombocytopenia is the unfortunate consequence of a wide range of diseases and disease treatments,'' said David U'Prichard, Ph.D., Chief Executive Officer of 3DP. ``We see GW 395058 as an important addition to our rapidly growing pipeline of treatment and supportive therapies for cancer. In addition, we believe there could be significant upside potential from the development of GW 395058 for various non-cancer related indications. We are pleased that we have been able to successfully negotiate this transaction with GSK's Genetics & Discovery Ventures Team.''

The current standard of care for thrombocytopenia is a platelet transfusion; however, there are a number of potentially negative side effects associated with this procedure. About one third of the two million platelet transfusions administered each year in the United States are given to cancer patients, while the remainder are given to patients with a variety of conditions including coronary bypass and hepatic surgery, HIV/AIDS, hepatitis B and C, and idiopathic thrombocytopenia purpura.

Under the terms of the agreement, all payments by 3DP to GSK will be made in the form of 3DP stock. 3DP will make an initial upfront payment of 500,000 shares and future milestone payments based on achievement of certain key development and regulatory events. In total, 3DP may provide 2.4 million shares to GSK.