CHEMGENEX TO RECEIVE SIGNIFICANT MILESTONE PAYMENT FROM VERNALIS
MELBOURNE, Australia, and MENLO PARK, California U.S.A. (February 23, 2004)
ChemGenex Pharmaceuticals (ASX: CXS) today announced that it has achieved a research milestone in its depression target discovery program with Vernalis that will result in a milestone payment of A$720,000 (US$568,000).
The research agreement between ChemGenex and Vernalis which was signed in August 2004 has a value of approximately A$2 million (US$1.6 million) in the first year following milestone achievement. The partnership funds ongoing activities in the field of depression target discovery as well as development of discoveries previously made by ChemGenex. A further licensing and collaboration agreement is proposed in the current agreement and this will be developed over the coming months.
“This is a strong endorsement of the progress made by our depression research team” said Greg Collier, PhD., CEO and Managing Director of ChemGenex Pharmaceuticals. “To date we have identified and protected by patent application ten genes and proteins that are linked to depression, and we are working with Vernalis to validate these targets and move towards lead development. There is a real need for targeted new anti-depressants and we believe that our program is leading the way by identifying novel targets and pathways associated with the disease.”
About ChemGenex Pharmaceuticals Limited
ChemGenex Pharmaceuticals is a pharmaceutical development company dedicated to improving the lives of patients by developing therapeutics in the areas of oncology, diabetes, obesity, and depression. ChemGenex harnesses the power of genomics for target discovery and validation, and in clinical trials to develop more individualized therapeutic outcomes. ChemGenex's lead compound, Ceflatonin®, is currently in phase 2/3 clinical trials for chronic myeloid leukemia and Quinamed® is in phase 2 clinical development for prostate, breast and ovarian cancers. The company has a significant portfolio of anti-cancer, diabetes, obesity and depression programs, several of which have been partnered with international pharmaceutical companies. ChemGenex currently trades on the Australian Stock Exchange under the symbol "CXS" and on NASDAQ under the symbol "CXSP".
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