NeoRx Joins The Scripps Research Institute in First Scientific Collaboration at
Scripps Florida
-- Florida Governor Jeb Bush Lauds Research Agreement as First Major Biotech
Collaboration for Scripps Florida --
-- Focus to Be on Discovery of Novel, Small-Molecule, Multi-Targeted, Protein
Kinase Inhibitors for Cancer Treatment --
SEATTLE and PALM BEACH COUNTY, Fla., Aug. 4 NeoRx Corporation (Nasdaq:
NERX), a cancer therapeutics development company,
and The Scripps Research Institute, a non-profit biomedical research
organization, today announced the first collaboration at Scripps Florida,
focusing on discovering novel, small-molecule, multi-targeted, protein kinase
inhibitors as therapeutic agents, including cancer treatments.
"The choice of NeoRx as Scripps Florida's first partner in biotech
research is truly exciting and is only the beginning of the many scientific
collaborations sure to come," said Governor Jeb Bush. "This partnership with
Scripps Florida will surely strengthen our state's position as a world leader
in curing disease and improving the human condition."
NeoRx is the first biotechnology company to enter into a research alliance
with Scripps Florida, the newly established division of Scripps Research in
Palm Beach County. NeoRx will provide $2.5 million over 26 months,
approximately $140,000 of which will be paid in 2005, to support the research
and will have the option to negotiate a worldwide exclusive license to any
compounds developed through the collaboration.
"We are excited to have selected NeoRx as our first biotech partner at
Scripps Florida and to move forward with this collaboration to identify
potential cancer treatments," said Richard A. Lerner, M.D., Scripps Research
president. "This is a significant opportunity, the first of many to come at
Scripps Florida, for collaboration between leading scientists to do
world-class science and discovery, ultimately leading to improvements in human
health."
"We are pleased to have entered into a research agreement with this
premier research institution and are hopeful that our collaboration will lead
to novel and unprecedented cancer products for our pipeline," said Jerry
McMahon, Ph.D., chairman and CEO of NeoRx. "While we are currently focusing
our resources on the clinical development of picoplatin, a next-generation
intravenous platinum compound, we are committed to broadening our cancer
portfolio to include agents with various mechanisms of action, including
targeted cancer therapies such as protein kinase inhibitors. It is becoming
clear that the use of both platinum-based chemotherapeutics and kinase
inhibitors either in combination or sequentially may provide important
clinical benefit to patients."
"Scripps Florida's selection of NeoRx as its first biotech partner
reflects NeoRx's experience and focus in oncology," said Thomas J. Pritzker,
chairman and co-founder of Bay City Capital and chairman and CEO of The
Pritzker Organization. "As a NeoRx investor, I am excited about the promise
of this research partnership."
The research collaboration will be led by Chris Liang, Ph.D., director of
medicinal chemistry at Scripps Florida. Dr. Liang's research focuses on the
discovery of novel pharmaceuticals for the treatment of cancer, arthritis and
asthma. He previously served as director of chemistry at SUGEN, Inc., a
biopharmaceutical company focused on the discovery and development of novel,
targeted small-molecule drugs. SUGEN, where Dr. McMahon previously served as
president, was acquired by Pharmacia in 1999, which subsequently was acquired
by Pfizer in 2003. While at SUGEN, Drs. Liang and McMahon were involved in
the discovery and development of SUTENT (SU11248), a novel, oral multi-
targeted tyrosine kinase inhibitor, currently in registrational trials with
Pfizer for the treatment of advanced cancers. Dr. Liang also developed a
novel computational model for predicting kinase selectivity of inhibitors by
analyzing the entire human kinase genome, or the kinome. In addition, he was
a key participant in the discovery of several additional drug candidates
currently in various stages of development by Pfizer.
About The Scripps Research Institute
The Scripps Research Institute in La Jolla, California, and Palm Beach
County, Florida, is one of the world's largest, independent, non-profit
biomedical research organizations. It stands at the forefront of basic
biomedical science that seeks to comprehend the most fundamental processes of
life. Scripps Research is internationally recognized for its research into
immunology, molecular and cellular biology, chemistry, neurosciences,
autoimmune, cardiovascular, and infectious diseases, and synthetic vaccine
development.
Scripps Florida, a 364,000 square-foot, state-of-the-art biomedical
research facility, will be built in the near future in Palm Beach County. The
facility will focus on basic biomedical science, drug discovery, and
technology development. Palm Beach County and the State of Florida have
provided start-up economic packages for development, building, staffing, and
equipping the campus. Scripps Florida now operates with approximately
100 scientists, technicians, and administrative staff at 40,000 square-foot
lab facilities on the Florida Atlantic University campus in Jupiter.
About NeoRx
NeoRx is a cancer therapeutics development company. The Company currently
is focusing its development efforts on picoplatin (NX 473), a next-generation
platinum therapy. A Phase II trial of picoplatin is currently under way for
patients with small cell lung cancer. The Company also plans to undertake a
Phase I/II trial of picoplatin in colorectal cancer in late 2005 or early
2006. As of June 30, 2005, the Company had cash and investment securities of
$11.5 million. For more information, visit www.neorx.com.
This release contains forward-looking statements relating to the parties'
research collaboration and product development efforts which are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. The words "believe," "expect," "intend",
"anticipate," variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that the statement
is not forward-looking. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and assumptions
that are difficult to predict. Factors that could affect the parties'
research collaboration and product development efforts include the risks of
the uncertainties relating to the ability of the parties to successfully
discover, develop, test, secure regulatory approval of and finance any
compounds under the collaboration, the timing and amount of payments under the
arrangement, the sources and availability of additional financing of the
research and development of any product candidates, the parties' dependence on
patents and other proprietary rights; and, as to NeoRx Corporation, the risks
and uncertainties described in NeoRx's current and periodic reports filed with
the Securities and Exchange Commission, including NeoRx's Annual Report on
Form 10-K for the year ended December 31, 2004 and its latest Quarterly Report
on Form 10-Q. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this release.
The parties undertake no obligation to update any forward-looking statement to
reflect new information, events or circumstances after the date of this
release or to reflect the occurrence of unanticipated events.
SOURCE NeoRx Corporation
Web Site: www.neorx.com
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