Guilford Pharmaceuticals Signs License Agreement With Pfizer
Novel NAALADase Inhibitor Technology to be Developed to
Treat Neurodegenerative Diseases
BALTIMORE, May 8 /PRNewswire-FirstCall/ -- Guilford Pharmaceuticals Inc. (Nasdaq:GLFD) announced today that it has entered into an exclusive license agreement with Pfizer for a novel class of potential drugs called NAALADase inhibitors that have been shown in preclinical testing to ameliorate certain central and peripheral neurodegenerative diseases, such as diabetic peripheral neuropathy and neuropathic pain.
Under the terms of the agreement, Pfizer will have exclusive rights to develop Guilford's NAALADase inhibitors worldwide, and will conduct and pay for all costs associated with research, development, manufacturing, and commercialization of any products that may emerge from this agreement. Guilford retains the right to continue to conduct and pay for the development of NAALADase inhibitors not under development by Pfizer for prostate cancer, head and spinal cord injury, and drug addiction. Pfizer has the exclusive right in the future to acquire, for certain consideration, any products developed by Guilford for these indications. In exchange, Pfizer has agreed to pay Guilford $15 million in cash, including $5 million at signing, and $10 million by March 31, 2004 (or earlier depending on whether a lead compound has been selected for clinical development). If Pfizer does not pay the additional $10 million on or before March 31, 2004, rights revert to Guilford at its election, along with data and other information generated by Pfizer relating to Guilford's NAALADase inhibitors.
As part of the agreement, Guilford is eligible to receive royalties on future product sales and milestone payments related to the successful development and commercialization of a NAALADase inhibitor. The schedule of milestone payments outlines a total of $42 million to be paid for each compound developed through commercialization, as well as one additional set of milestone payments totaling $20 million for an additional indication for the same compound.
"We are very pleased to license our NAALADase inhibitor program to Pfizer, the world's leading pharmaceutical company. Pfizer has a major commitment to the fields of central and peripheral nervous system disorders," commented Craig R. Smith, M.D., Chairman, President and Chief Executive Officer of Guilford. "Our agreement with Pfizer is consistent with Guilford's objective of finding the highest-quality strategic partnerships for the programs we intend to license, while continuing to advance select product development efforts in the US independently."
Guilford has one marketed product, GLIADEL(R) Wafer, which recently received FDA approval for an expanded indication for use in patients with newly diagnosed high-grade malignant glioma as an adjunct to surgery and radiation, and a pipeline which includes two product candidates, GPI 1485 and AQUAVAN(TM) Injection, in Phase II clinical testing.
NAALADase Inhibitor Program Background
NAALADase, or N-Acetylated-Alpha-Linked-Acidic-Dipeptidase, is a membrane- bound enzyme found principally in the central and peripheral nervous systems. NAALADase is believed to play a role in modulating the release of glutamate, one of the most common chemical messengers between nerves. During conditions of acute injury or chronic neurodegenerative disorders, there may be a large increase in glutamate release that incites a cascade of biochemical events, ultimately leading to cell injury and death.
Guilford has created several unique classes of NAALADase inhibitors and evaluated their potential therapeutic application in preclinical models of various acute and chronic neurodegenerative disorders, including diabetic peripheral neuropathy, neuropathic pain, Lou Gehrig's Disease (ALS), head and spinal cord trauma, and stroke. NAALADase is the same protein as prostate specific membrane antigen (PSMA), a protein found on the surface of prostate cancer cells. Guilford has also shown that its compounds may have utility for diagnostic or therapeutic purposes in prostate cancer.
In preclinical animal models of diabetic peripheral neuropathy and neuropathic pain, Guilford scientists have shown that treatment with a NAALADase inhibitor can normalize pain sensitivity, increase nerve conduction velocity and prevent or slow peripheral nerve degeneration.
Diabetic peripheral neuropathy is a debilitating and progressive disorder involving increased pain sensitivity, tingling, weakness and numbness in a patient's extremities. It is believed to affect approximately one million people in the United States.
Guilford has 37 issued US patents and 10 pending patent applications, and corresponding foreign counterparts protecting its NAALADase inhibitor technology.
About Guilford
Guilford Pharmaceuticals Inc. is a fully integrated pharmaceutical company engaged in the research, development and commercialization of products that target the hospital and neurology markets. Guilford's product pipeline includes a marketed product, GLIADEL(R) Wafer, for the treatment of brain cancer, and products in development for Parkinson's disease, peripheral nerve damage and anesthesia and sedation.
Contact: Guilford Pharmaceuticals Inc.
Stacey Jurchison 410.631.5022
Internet addresses: www.guilfordpharm.com
Novel NAALADase Inhibitor Technology to be Developed to
Treat Neurodegenerative Diseases
BALTIMORE, May 8 /PRNewswire-FirstCall/ -- Guilford Pharmaceuticals Inc. (Nasdaq:GLFD) announced today that it has entered into an exclusive license agreement with Pfizer for a novel class of potential drugs called NAALADase inhibitors that have been shown in preclinical testing to ameliorate certain central and peripheral neurodegenerative diseases, such as diabetic peripheral neuropathy and neuropathic pain.
Under the terms of the agreement, Pfizer will have exclusive rights to develop Guilford's NAALADase inhibitors worldwide, and will conduct and pay for all costs associated with research, development, manufacturing, and commercialization of any products that may emerge from this agreement. Guilford retains the right to continue to conduct and pay for the development of NAALADase inhibitors not under development by Pfizer for prostate cancer, head and spinal cord injury, and drug addiction. Pfizer has the exclusive right in the future to acquire, for certain consideration, any products developed by Guilford for these indications. In exchange, Pfizer has agreed to pay Guilford $15 million in cash, including $5 million at signing, and $10 million by March 31, 2004 (or earlier depending on whether a lead compound has been selected for clinical development). If Pfizer does not pay the additional $10 million on or before March 31, 2004, rights revert to Guilford at its election, along with data and other information generated by Pfizer relating to Guilford's NAALADase inhibitors.
As part of the agreement, Guilford is eligible to receive royalties on future product sales and milestone payments related to the successful development and commercialization of a NAALADase inhibitor. The schedule of milestone payments outlines a total of $42 million to be paid for each compound developed through commercialization, as well as one additional set of milestone payments totaling $20 million for an additional indication for the same compound.
"We are very pleased to license our NAALADase inhibitor program to Pfizer, the world's leading pharmaceutical company. Pfizer has a major commitment to the fields of central and peripheral nervous system disorders," commented Craig R. Smith, M.D., Chairman, President and Chief Executive Officer of Guilford. "Our agreement with Pfizer is consistent with Guilford's objective of finding the highest-quality strategic partnerships for the programs we intend to license, while continuing to advance select product development efforts in the US independently."
Guilford has one marketed product, GLIADEL(R) Wafer, which recently received FDA approval for an expanded indication for use in patients with newly diagnosed high-grade malignant glioma as an adjunct to surgery and radiation, and a pipeline which includes two product candidates, GPI 1485 and AQUAVAN(TM) Injection, in Phase II clinical testing.
NAALADase Inhibitor Program Background
NAALADase, or N-Acetylated-Alpha-Linked-Acidic-Dipeptidase, is a membrane- bound enzyme found principally in the central and peripheral nervous systems. NAALADase is believed to play a role in modulating the release of glutamate, one of the most common chemical messengers between nerves. During conditions of acute injury or chronic neurodegenerative disorders, there may be a large increase in glutamate release that incites a cascade of biochemical events, ultimately leading to cell injury and death.
Guilford has created several unique classes of NAALADase inhibitors and evaluated their potential therapeutic application in preclinical models of various acute and chronic neurodegenerative disorders, including diabetic peripheral neuropathy, neuropathic pain, Lou Gehrig's Disease (ALS), head and spinal cord trauma, and stroke. NAALADase is the same protein as prostate specific membrane antigen (PSMA), a protein found on the surface of prostate cancer cells. Guilford has also shown that its compounds may have utility for diagnostic or therapeutic purposes in prostate cancer.
In preclinical animal models of diabetic peripheral neuropathy and neuropathic pain, Guilford scientists have shown that treatment with a NAALADase inhibitor can normalize pain sensitivity, increase nerve conduction velocity and prevent or slow peripheral nerve degeneration.
Diabetic peripheral neuropathy is a debilitating and progressive disorder involving increased pain sensitivity, tingling, weakness and numbness in a patient's extremities. It is believed to affect approximately one million people in the United States.
Guilford has 37 issued US patents and 10 pending patent applications, and corresponding foreign counterparts protecting its NAALADase inhibitor technology.
About Guilford
Guilford Pharmaceuticals Inc. is a fully integrated pharmaceutical company engaged in the research, development and commercialization of products that target the hospital and neurology markets. Guilford's product pipeline includes a marketed product, GLIADEL(R) Wafer, for the treatment of brain cancer, and products in development for Parkinson's disease, peripheral nerve damage and anesthesia and sedation.
Contact: Guilford Pharmaceuticals Inc.
Stacey Jurchison 410.631.5022
Internet addresses: www.guilfordpharm.com
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