Myogen (NASDAQ:MYOG)
Historical Stock Chart
From May 2019 to May 2024
Myogen, Inc. (NASDAQ: MYOG) today announced a two-year
extension of its research collaboration with Novartis for the
discovery and development of novel drugs for the treatment of heart
muscle disease.
Under the extension of the collaboration, which began in September
2003, Novartis will provide research funding through October 2008 in
exchange for rights to license compounds developed under the
collaboration. The agreement includes milestone payments and royalty
payments on sales of products that are successfully commercialized.
Upon the completion of Phase 2 clinical trials of product candidates
that Novartis has licensed under the collaboration, Myogen has an
option to enter into a co-promotion and profit sharing agreement in
the cardiac field in certain markets, subject to Myogen reimbursing
Novartis for certain costs incurred through the completion of Phase 2
trials as well as a commensurate portion of future development and
marketing costs and the elimination of the associated royalty. To
date, Myogen has achieved three research milestones under the existing
collaboration. In addition, a related collaboration was added in 2005
to include Myogen's histone deacetylase inhibitor program in the field
of heart disease.
"We are delighted with the progress made to date under our
collaboration agreement and we are pleased to extend the collaboration
for an additional two years," said Richard Gorczynski, Ph.D., Senior
Vice President, Research & Development, of Myogen, Inc. "We believe
our research programs have significant potential therapeutic value.
Through this collaboration, we have an exciting opportunity to advance
the discovery and development of novel small molecule compounds for
treatment of cardiac diseases."
About Myogen
Myogen is a biopharmaceutical company focused on the discovery,
development and commercialization of small molecule therapeutics for
the treatment of cardiovascular disorders. Myogen has two product
candidates in late-stage clinical development: ambrisentan for the
treatment of patients with pulmonary arterial hypertension (PAH) and
darusentan for the treatment of patients with resistant hypertension.
Myogen, in collaboration with Novartis, conducts a target and drug
discovery research program focused on the development of
disease-modifying drugs for the treatment of chronic heart failure and
related cardiovascular disorders. Please visit Myogen's website at
www.myogen.com.
Safe Harbor Statement
This press release contains forward-looking statements that
involve significant risks and uncertainties, including the statements
relating to the potential to discover collaboration targets and small
molecule development candidates through Myogen's discovery research
program and Myogen's collaboration with Novartis. Actual results could
differ materially from those projected and Myogen cautions investors
not to place undue reliance on the forward-looking statements
contained in this release.
Among other things, Myogen's operating loss may increase and its
development program may be delayed if Novartis terminates all or a
portion of the collaboration prior to October 2008, as is allowed
under the terms of the agreement, or if Novartis or Myogen elect not
to renew the research collaboration in the future. In addition,
Myogen's results may be affected by competition from other
pharmaceutical and biotechnology companies, Myogen's ability to
successfully develop and market its current products, difficulties or
delays in its clinical trials, regulatory developments involving
current and future products and, its effectiveness at managing its
financial resources. The discovery research program and the company's
collaboration with Novartis may not succeed in identifying additional
therapeutic targets, product candidates or products. If the company's
product candidates, including ambrisentan and darusentan, do not meet
the safety or efficacy endpoints in clinical evaluations, they will
not receive regulatory approval and the company will not be able to
market them. If the company is unable to raise additional capital when
required or on acceptable terms, it may have to significantly delay,
scale back or discontinue one or more of its drug development or
discovery research programs. Myogen may not ever have any products
that generate significant revenue.
Additional risks and uncertainties relating to the company and its
business can be found in the "Risk Factors" section of Myogen's Form
10-K for the year ended December 31, 2005, and Myogen's periodic
reports on Form 10-Q and Form 8-K. Myogen does not undertake any
obligation to update any forward-looking statements contained in the
anticipated presentation as a result of new information, future events
or otherwise. The company cautions investors not to place undue
reliance on the forward-looking statements contained in this press
release or the presentation. No forward-looking statement can be
guaranteed and actual events and results may differ materially from
those projected.