Avalon (NASDAQ:AVRX)
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Avalon Pharmaceuticals, Inc. (Nasdaq: AVRX), today announced the
initiation of the next phase in its drug discovery collaboration with
Novartis. The collaboration aims to discover small molecule therapeutic
compounds targeted against a pathway selected by Novartis. The terms of
the collaboration provide for upfront, research support and milestone
payments.
AvalonRx®, Avalon’s
proprietary drug discovery platform, was used to screen, identify and
characterize compounds from Novartis’
proprietary compound library. Candidate hit compounds were successfully
identified by monitoring gene expression changes of a transcriptional
signature reflecting disruption of the selected pathway. The parties
have agreed to initiate characterization of the identified compounds
which triggers an undisclosed payment to Avalon for research support
under the terms of the agreement.
“We are very pleased with the progress of this
collaboration,” stated Stephen K. Horrigan,
Ph.D., Vice President of Research. “Our
AvalonRx® drug
discovery platform brings real value to programs through greater speed
in identifying compounds with more selectivity against virtually any
pathway or target, including those which historically have been
considered undruggable.”
AvalonRx®
AvalonRx® is a
comprehensive, innovative and proprietary suite of technologies based
upon large-scale gene expression analysis. This platform facilitates
drug discovery by expanding the range of therapeutic targets for drug
intervention, including targets and target pathways frequently
considered intractable using conventional HTS approaches. It also allows
more informed decisions about which compounds to advance towards
clinical trials and facilitates drug development through identification
of biomarkers of efficacy that can stratify patients or provide early
indicators of response.
About Avalon Pharmaceuticals
Avalon is a biopharmaceutical company focused on the discovery,
development and commercialization of first-in-class cancer therapeutics.
Avalon’s lead product candidate, AVN944, an
IMPDH inhibitor, is in Phase II clinical development. Avalon also has
preclinical programs to develop inhibitors of the Beta-catenin and
Aurora/Centrosome pathways, discovery programs for inhibitors of the
Survivin and Myc pathways and partnerships with Merck, MedImmune,
ChemDiv, Medarex, and Novartis. AvalonRx®
is the company’s proprietary platform which
is based on large-scale biomarker identification and monitoring, used to
discover and develop therapeutics for pathways that have historically
been characterized as "undruggable." Avalon is headquartered in
Germantown, MD.
Safe Harbor Statement
This announcement contains, in addition to historical information,
certain forward-looking statements that involve risks and uncertainties.
Such statements reflect the current views of Avalon management and are
based on certain assumptions. Actual results could differ materially
from those currently anticipated as a result of a number of factors,
risks and uncertainties, including those specified under the “Risk
Factors” section of our 2006 Annual Report on
Form 10-K and updates contained in subsequent filings we make with the
Securities and Exchange Commission.