Discovery Partners International Announces Receipt of Success Milestone Payment in Its Lead Finding Collaboration With Seikagaku Corporation
SAN DIEGO, Nov. 9 /PRNewswire-FirstCall/ -- Discovery Partners
International, Inc. (Nasdaq: DPII) and Seikagaku Corporation (Seikagaku)
announced today that the lead finding collaboration announced in 2003 has
resulted in a success milestone payment to DPI. Seikagaku has advanced a
compound identified by DPI in the collaboration to the next stage of
development. The actual figure of the success payment and the therapeutic
focus of the collaboration were not disclosed.
"We are very excited that our lead finding collaboration with Seikagaku
has resulted in the accomplishment of the milestone," stated
Michael C. Venuti, Ph.D., Chief Scientific Officer of Discovery Partners.
"This serves as a strong validation of our integrated drug discovery platform,
as well as our commitment to building long-term and value-added relationships
with our pharmaceutical partners. Our collaboration model complements the
needs of our partners to support any or all phases of the drug discovery
process and to help a partner advance its programs."
About Discovery Partners International, Inc.
Discovery Partners International, Inc. (DPI) is a technology-driven drug
discovery company, offering collaborations and services complementing the
internal capabilities of pharmaceutical and biopharmaceutical companies. DPI
has the platform, the process, and the people, to carry out drug discovery
from target to optimized leads. DPI has actively contributed to dozens of
drug discovery collaborations. The company is headquartered in San Diego,
California and has operations in the United States and Europe.
About Seikagaku Corporation
Seikagaku Corporation is a pioneer and leader in the field of glycoscience
and glycoconjugate-related therapeutics, producing unique products in this
field since its foundation in 1947. Sodium Hyaluronate injection (proprietary
name: Supartz(R), Artz(R) or Artzal(R)) was developed based on the company
concept focusing on the glycoconjugates, is the first specialty for
osteoarthritis and now on the market in 19 countries, including major European
countries and the USA. Seikagaku Corporation has no direct sales force,
instead, it traditionally devotes to R&D activities, with 1/3 of the total
employee and expenses approximately 20% of the total revenue.
Statements in this press release that are not strictly historical are
"forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and involve a high degree of risk and
uncertainty. These include statements related to the collaboration's ability
to utilize Discovery Partners' services, products and systems to identify
potential lead compounds for Seikagaku. Discovery Partners' actual results
may differ materially from those projected in the forward looking statements
due to risks and uncertainties that exist in their operations, collaborative
relationships (including the collaboration with Seikagaku), development
efforts and business environment, including risks and uncertainties more fully
described in Discovery Partners' annual report on Form 10-K for the year ended
December 31, 2004 as filed with the Securities and Exchange Commission and
Discovery Partners' other SEC reports.
SOURCE Discovery Partners International, Inc.
/CONTACT: Riccardo Pigliucci, Chief Executive Officer,
firstname.lastname@example.org, or Craig Kussman, Chief Financial Officer, both of
Discovery Partners International, Inc., +1-858-228-4113/
/Web site: http://www.discoverypartners.com /
CO: Discovery Partners International, Inc.; Seikagaku Corporation
IN: HEA MTC
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0374 11/09/2005 09:00 EST http://www.prnewswire.com