Guest guest Posted May 24, 1999 Report Share Posted May 24, 1999 AXONYX Enters Peptide Development Agreement With Ares-Serono 09:02 a.m. May 20, 1999 Eastern NEW YORK--(BUSINESS WIRE)--May 20, 1999-- Collaborative R&D to focus on neurodegenerative diseases, including Alzheimer's Disease AXONYX Inc. (OTC BB:AXYX) announced today that it has entered into a research and development agreement with the Swiss-based biotechnology company Ares-Serono (TK:AREB). The agreement centers on platform peptide technology identified by AXONYX as showing potential to treat neurodegenerative diseases that are associated with accumulations of abnormal forms of proteins. Under the terms of the agreement, former New York University School of Medicine researcher, Dr. Claudio Soto has joined the Serono Pharmaceutical Research Institute (SPRI), Geneva, Switzerland, to conduct preclinical development and trials of AXONYX's patented peptides, which he originally identified. Ares-Serono will have the exclusive right to license from AXONYX any drug candidates that emerge from this program. " The platform biotechnology that is the subject of the Ares-Serono agreement has the potential to yield pharmaceutical compounds for treating Alzheimer's Disease and other disorders associated with abnormal or toxic protein formation. This would represent a major breakthrough in the treatment and prevention of those diseases, " explained AXONYX's President and Chief Executive Officer, Marvin S. Hausman, M.D. " We are delighted with this agreement with AXONYX " , said Dr. Silvano Fumero, Senior Executive Vice President and head of R&D for The Ares-Serono Group. " This program will allow Dr. Soto to take advantage of the impressive expertise and infrastructure offered by our SPRI facility to follow-up new molecules he is exploring for neurodegenerative diseases for which there are currently no effective therapeutic solutions. " The research program will focus on proprietary peptide technology that has shown, in previous preclinical studies, the potential to inhibit the formation of toxic protein plaques, that typically form in the brains of people affected by this category of diseases. It will be conducted in Geneva, Switzerland by Dr. Soto working with SPRI's Neurobiology group. SPRI has existing projects in neurodegenerative diseases headed by Dr. Jean-Claude ou. Ares-Serono's contribution will include developing other drug candidates from AXONYX's original peptides and conducting preclinical trials of promising compounds. Ares-Serono is making an initial payment of $250,000 to AXONYX and will also bear the direct and indirect costs of this development work at SPRI. The right to license, which Ares-Serono may invoke after one or two years of development work, will bring into force a structured licensing agreement, the terms of which have already been agreed and which could involve payments by Ares-Serono to AXONYX of up to $22.5 million, plus royalties on sales of drugs resulting from the development project. The work of Dr. Soto has been published in numerous scientific journals, including Nature and Nature Medicine. Dr. Soto is also the originator of several landmark patents in the field of new variant Creutzfeldt-Jakob Disease. AXONYX Inc. is a biotechnology company engaged in the discovery, acquisition and development of proprietary pharmaceutical compounds and new technologies useful in the diagnosis and treatment of cognitive disorders, including Alzheimer's Disease, a debilitating and fatal disease for which there is currently no cure. The Ares-Serono Group, headquartered in Geneva, Switzerland, is a leading biotechnology company. The world leader in reproductive health, Ares-Serono is also active in growth/metabolism and multiple sclerosis/immunology. With 1998 sales of US $918 million, Ares-Serono operates in more than 40 countries and its products are sold in over 100 countries. Shares of Ares-Serono S.A., the holding company of the group, are traded on the Swiss stock exchange. This press release may contain forward-looking statements or predictions. These statements represent our judgment as of this date and are subject to risks and uncertainties that could materially affect the Company. AXONYX undertakes no obligation to publicly release the result of any revisions to such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 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