Tranzyme Pharma Announces Successful Completion of Drug Discovery Collaboration With Bristol-Myers Squibb
Compounds Transferred to Bristol-Myers Squibb for Further Development
RESEARCH TRIANGLE PARK, N.C., Jan. 4, 2013 (GLOBE NEWSWIRE) --
Tranzyme Pharma (Nasdaq:TZYM), a biopharmaceutical company focused
on discovering, developing and commercializing novel small molecule
macrocyclic compounds, today announced the successful completion of
its chemistry-based drug discovery collaboration with Bristol-Myers
Squibb.
As a result of the joint research efforts, Tranzyme has transferred
compounds to Bristol-Myers Squibb for further development across
multiple drug targets. As part of this agreement, Tranzyme retains
the option to further pursue select collaboration targets for
internal development.
The goal of the strategic collaboration, established in December 2009, was to deploy Tranzyme's proprietary chemistry technology, Macrocyclic Template Chemistry (MATCH(TM)), in the discovery of novel active macrocycles against a range of diverse biological targets that have historically been difficult to access with conventional small molecule chemistry. These macrocycles represent a distinct and underexplored compound class that displays favorable characteristics exhibited by large biomolecules, such as high potency and selectivity, while maintaining the benefits typically associated with small molecule drugs, such as high oral availability, good tissue and cell permeability and low cost of goods.
Under the terms of the agreement, Tranzyme had primary responsibility for early lead compound discovery. Bristol-Myers Squibb has primary responsibility for optimizing the identified lead compounds, and sole responsibility for completing preclinical and clinical development of all products arising from the collaboration, and for their commercialization globally. Total milestone payments under the agreement, excluding royalties and sales milestones, could reach up to approximately $80 million for each target program.
"We have enjoyed an exceptionally close and productive relationship with Bristol-Myers Squibb and are excited to be transitioning now the fruits of our discovery collaboration to our partner for further development," said Helmut Thomas, PhD, Tranzyme's Senior Vice President of Research and Preclinical Development. "This milestone serves to further validate our technology's broad application to a diverse range of difficult drug targets and its value in the discovery of drugs for the treatment of diseases far beyond our own internal focus on gastrointestinal and metabolic disorders."
About Tranzyme Pharma
Tranzyme Pharma is a biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics for the treatment of upper gastrointestinal (GI) motility disorders. While approximately 40 percent of people in the U.S. are affected by these persistent and recurring conditions which disrupt the normal movement of food throughout the GI tract, there are a limited number of safe and effective treatment options. By leveraging its proprietary drug discovery technology, MATCH(TM), Tranzyme is committed to pursuing first-in-class medicines to address areas of significant unmet medical needs.
Further information about Tranzyme Pharma can be found on the Company's web site at www.tranzyme.com.
Forward-Looking Statements
Statements in this press release may include statements which
are not historical facts and are considered forward-looking within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act, which are usually identified by the
use of words such as "anticipates," "believes," "estimates,"
"expects," "intends," "may,"
"plans," "projects," "seeks," "should," "will," and variations of
such words or similar expressions. We intend these forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act and
are making this statement for purposes of complying with those safe
harbor provisions.
These forward-looking statements reflect our current views about
our plans, intentions, expectations, strategies and prospects,
including the potential receipt of milestone payments, which are
based on the information currently available to us and on
assumptions we have made.
Although we believe that our plans, intentions, expectations,
strategies and prospects as reflected in or suggested by those
forward-looking statements are reasonable, we can give no assurance
that the plans, intentions, expectations or strategies will be
attained or achieved. Furthermore, actual results may differ
materially from those described in the forward-looking statements
and will be affected by a variety of risks and factors that are
beyond our control including, without limitation, risks related to
enrollment and successful completion of our trials, risk of
unforeseen side effects, risks related to our collaborations and
risks related to regulatory approval of new drug candidates.
Further information on these and other factors that could affect
the company's financial results is contained in our public filings
with the Securities and Exchange Commission (SEC) from time to
time, including our Form 10-Q for the quarter ended September 30,
2012 which was filed with the SEC on November 9, 2012, and
subsequent filings with the SEC. Existing and prospective investors
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. We assume no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACT: Corporate Inquiries:
Susan Sharpe
Director, Corporate Communications
(919) 328-1109
ssharpe@tranzyme.com
Investor Inquiries:
David Carey
Lazar Partners, Ltd.
(212) 867-1768
dcarey@lazarpartners.com
Posted: January 2013
