Ibsen + Pharnext develop CMT Pleotheraphy

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Ipsen and PHARNEXT Conclude an Exclusive Research, Development and Marketing

Agreement

http://www.earthtimes.org/articles/show/ipsen-and-pharnext-conclude-an-exclusive\

-research-development-and-marketing-agreement,859812.shtml

PARIS - (Business Wire) Regulatory News:

Ipsen (Paris:IPN) (Euronext : IPN), an innovation-driven global pharmaceutical

Group and Pharnext SAS, a biopharmaceutical company specializing in the

development of innovative treatments, today announced they have entered into an

exclusive research, development and marketing agreement regarding innovative

drug candidates intended for the treatment of Charcot Marie-Tooth disease,

issued from the Pleotherapy™ technology. According to this agreement, Ipsen has

been granted an option to Pharnext programme and subscribes to the issuing of

convertible bonds of the company.

Stéphane Thiroloix, Executive Vice-President, Corporate Development, Ipsen Group

states: " Pharnext PleotherapyTM may enable the development of novel innovative

treatments for debilitating diseases with unmet medical needs, and high patient

expectations. We are pleased to support Pharnext's innovation focus, in the

therapeutic field of neurology. "

Cohen, Pharnext's founder and CEO, commented: " We have great confidence

in Ipsen's ability to successfully exploit Pharnext's technology and drug

candidates for the benefit of Charcot-Marie-Tooth patients. We believe that

PleotherapyTM will generate many novel therapies in the Central Nervous System

disease area and, indeed, other fields of medicine " .

Philippe Pouletty MD (a Pharnext co-founder, General Partner at Truffle Capital

and Chairman of France Biotech) emphasized: " We believe that the agreement with

Ipsen demonstrates the pharmaceutical industry's growing understanding for the

value of PleotherapyTM for certain pathologies " .

Professor Jean-Michel andre (former Chairman of the Committee for

Proprietary Medicinal Products at the EMEA and a Pharnext Board Member) added:

" I am strongly convinced that the renewal of pipelines focused on therapeutic

innovation comes with the settlement of new paradigms. In that context, I think

that network pharmacology - based on human genetics and underpinned by robust

scientific arguments - could provide satisfactory answers. "

About the agreement

Under the terms of this agreement, Pharnext will carry out the development of

innovative PleotherapyTM-based drug candidates for the treatment of

Charcot-Marie-Tooth disease until completion of Phase II clinical trials.

Ipsen will further the development up to marketing approvals and will market the

product in Europe, the USA, China and certain other territories. Pharnext

retains exclusive rights in other key territories.

According to the agreement, Ipsen acquires an exclusive option on Pharnext's

programme on Charcot-Marie-Tooth disease and subscribes to the issuing of

convertible bonds. In case the option is exercised at the end of a positive

phase II clinical trial, Ipsen will pay Pharnext milestones, up to a cumulative

amount of €91 million, as well as double-digit royalties on net product sales

and will have the ability to convert its convertible bonds into Pharnext shares;

Moreover, in the event Ipsen develops the drug candidate in another indication

than Charcot-Marie-Tooth disease, the parties shall discuss the payment of

additional development milestones.

About Charcot-Marie-Tooth disease

Charcot-Marie-Tooth disease is a chronic, severe, invalidating neuromuscular

disease which primarily affects peripheral nerves. This condition (for which

there is currently no treatment) affects 3 million people worldwide and is

mostly triggered by genetic factors (Source: Orphanet). Pharnext has developed a

proprietary technology platform (based on network biology) for developing novel

therapies from synergistic mixtures of off-patent drugs, each of which has

already been approved for another disease. To that effect, Phanext is devoted to

the study of biological networks, cell signalling and gene regulation networks.

About Ipsen

Ipsen is an innovation-driven international specialty pharmaceutical group with

over 20 products on the market and a total worldwide staff of nearly 4,200. Its

development strategy is based on a combination of specialty products, which are

growth drivers, in targeted therapeutic areas (oncology, endocrinology and

neurology), and primary care products which contribute significantly to its

research financing. The location of its four Research & Development centres

(Paris, Boston, Barcelona, London) and its peptide and protein engineering

platform give the Group a competitive edge in gaining access to leading

university research teams and highly qualified personnel. More than 800 people

in R & D are dedicated to the discovery and development of innovative drugs for

patient care. This strategy is also supported by an active policy of

partnerships. In 2008, Research and Development expenditure was about €183

million, close to 19% of consolidated sales, which amounted to €971 million

while total revenues exceeded €1 billion. Ipsen's shares are traded on Segment A

of Euronext Paris (stock code: IPN, ISIN code: FR0010259150). Ipsen's shares are

eligible to the " Service de Règlement Différé " ( " SRD " ) and the Group is part of

the SBF 120 index. For more information on Ipsen, visit our website at

www.Ipsen.com.

About Pharnext

Pharnext is a biopharmaceutical company focused on discovering, developing and

licensing new pharmaceutical treatments based on intelligent Pleocompounds™ that

form the basis of Pleodrugs™. Pharnext was founded in Paris, France in April,

2007, by Cohen, MD, PhD, his research group (composed of pioneers in

genome science and technology) and Philippe Pouletty, MD (General Partner at

Truffle Capital). Thanks to Truffle Capital's founding investment, strong

support from OSEO, a grant from AFM (The French Muscular Dystrophy Association)

and the benefits of France's research tax credit scheme, Pharnext has developed

a new proprietary platform (PleotherapyTM) based on network pharmacology and

which may provide a solution for the current decline in pharmaceutical pipeline

productivity. Pharnext is advised by La Compagnie Financière Edmond de

Rothschild. For more information, visit www.pharnext.com.