Virologic (NASDAQ:VLGC)
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ViroLogic Announces Three-Year Service Agreement With
GlaxoSmithKline to Support New HIV Drug Discovery and Development Efforts
SOUTH SAN FRANCISCO, Calif., Feb. 3 /PRNewswire-FirstCall/ -- ViroLogic, Inc.,
(NASDAQ:VLGC) announced today that the Company has signed a three-year, $7.5
million service agreement with GlaxoSmithKline (NYSE:GSK) to use ViroLogic's
novel HIV resistance testing technology to support GSK's drug discovery and
development programs.
GSK plans to use ViroLogic's assays across its virology portfolio, including
its entry inhibitor program, where ViroLogic's PhenoSense(TM) HIV Co-receptor
Tropism assay will be used to identify patients for clinical trials and to
monitor response to drug treatment during the trials. Entry inhibitors are a
promising new treatment option for HIV-infected individuals.
"We have become the preferred partner of industry leaders, like GSK, to provide
them with the drug resistance technology they need for the discovery and
development of new HIV therapeutics, such as entry inhibitors," stated Bill
Young, ViroLogic's Chairman and Chief Executive Officer. "ViroLogic pioneered
the use of testing to help guide better treatment of patients, and we believe
our tests have enabled breakthroughs in the way clinical trials are designed.
Our tropism assay can help both pharmaceutical companies and the FDA to
effectively monitor clinical studies of entry inhibitors, offering visibility
into the effectiveness of this exciting new class of drugs."
ViroLogic has developed technologies to assess drug resistance among a number
of antiretroviral therapies in both preclinical and clinical studies.
As recommended by the U.S. FDA Antiviral Drugs Advisory Committee,
biopharmaceutical companies are using HIV resistance testing technology to
enhance next-generation HIV drug development. The industry currently has 20
approved HIV drugs and nearly 60 new drugs in the pipeline, which may require
resistance testing for their development. ViroLogic's patented technology can
be applied to new HIV drug targets and for use in vaccine research and
development. Current ViroLogic tests for pharmaceutical development include
PhenoSense(TM) HIV, GeneSeq HIV(TM), PhenoSenseGT(TM), PhenoSense and GeneSeq
HIV Entry(TM), Replication Capacity HIV(TM), PhenoScreen(TM), Phenosense HIV
Antibody Neutralization(TM), and the new PhenoSense(TM) HIV Co-receptor Tropism
assay.
About ViroLogic
ViroLogic is a biotechnology company advancing individualized medicine by
discovering, developing and marketing innovative products to guide and improve
treatment of serious infectious diseases and cancer. The Company's products are
designed to help doctors optimize treatment regimens for their patients that
lead to better outcomes and reduced costs. The Company's technology is also
being used by numerous biopharmaceutical companies to develop new and improved
antiviral therapeutics and vaccines as well as targeted cancer therapeutics.
More information about the Company and its technology can be found on its web
site at http://www.virologic.com/.
FORWARD LOOKING STATEMENTS
Certain statements in this press release are forward-looking, including
statements regarding activities expected to occur in connection with the
service agreement with GlaxoSmithKline discussed in this press release and the
potential role for entry-inhibitor drugs in the management of HIV-infected
patients. These forward-looking statements are subject to risks and
uncertainties and other factors, which may cause actual results to differ
materially from the anticipated results or other expectations expressed in such
forward-looking statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties relating to the performance of our
products; our ability to successfully conduct clinical studies and the results
obtained from those studies; whether larger confirmatory clinical studies will
confirm the results of initial studies; our ability to establish reliable,
high-volume operations at commercially reasonable costs; expected reliance on a
few customers for the majority of our revenues; the annual renewal of certain
customer agreements such as the service agreement with GSK; actual market
acceptance of our products and adoption of our technological approach and
products by pharmaceutical and biotechnology companies; our estimate of the
size of our markets; our estimates of the levels of demand for our products;
the timing and ultimate size of pharmaceutical company clinical trials; whether
payors will authorize reimbursement for its products; whether the FDA or any
other agency will decide to regulate ViroLogic's products or services; whether
the Company will encounter problems or delays in automating its processes;
whether intellectual property underlying the Company's PhenoSense technology is
adequate; whether licenses to third party technology will be available; whether
ViroLogic is able to build brand loyalty and expand revenues; and whether
ViroLogic will be able to raise sufficient capital when required. For a
discussion of other factors that may cause ViroLogic's actual events to differ
from those projected, please refer to the Company's most recent annual report
on Form 10-K and quarterly reports on Form 10-Q, as well as other subsequent
filings with the Securities and Exchange Commission.
DATASOURCE: ViroLogic, Inc.
CONTACT: Alfred Merriweather, Vice President and CFO of ViroLogic,
+1-650-635-1100; or Carolyn Bumgardner Wang of WeissComm Partners,
+1-415-692-4218, or , for ViroLogic, Inc.
Web site: http://www.virologic.com/