STOCKHOLM, Sweden, April 28, 2004 (PRIMEZONE) -- Biovitrum AB has agreed with Synaptic Pharmaceutical Corporation to license a novel and competitive project within the field of metabolic diseases. The agreement provides an opportunity for Biovitrum to access unique biological assays and chemical starting points for further development of drugs targeting SMT- 3, a novel G-protein coupled receptor discovered by Synaptic. Biovitrum expects to develop a drug with capacity to promote insulin secretion and decrease body weight, a very much desired profile of a novel drug for the treatment of patients suffering from obesity and type 2 diabetes.
The agreement includes upfront and milestone payments as the project progresses to the market, summing up to more than 5M USD, plus royalty on net sales of the product.
"SMT-3 is a very promising project that we for a long time have desired to incorporate into our portfolio of projects. We share Synaptic's view that SMT-3 combines the necessary features of a drug target, having the capacity to combat both type 2 diabetes and obesity", says Dr Johan Kordel, SVP, Business Development at Biovitrum.
Peter Hoengaard Andersen, CEO of Synaptic and Vice President of Research at H. Lundbeck A/S said, "We are very pleased to have obtained Biovitrum as a partner for this program. Since the acquisition of Synaptic, we have of course focused all of Synaptic's programs in the field of CNS. Prior to that, SMT-3 was one of Synaptic's lead programs and we are delighted to see it being carried forward by a company with the skill base and resources of Biovitrum."
Biovitrum enquiries: Mikael Widell SVP, Communications +46 8 703 11 99 60 mikael.widell@biovitrum.com
Synaptic enquiries: Peter Hoengaard Andersen Chief Executive Officer Phone: +45 36 30 13 11 E-mail: mailto:phqa@lundbeck.com
About Biovitrum
Biovitrum is a privately held biotech company active in the discovery and development of drugs to treat metabolic diseases, such as type 2 diabetes and obesity, and is in the process of development and contract manufacturing of protein therapeutics. The company has strong intellectual property and technology platforms, with a number of compounds in pre-clinical and clinical development. Biovitrum is one of the largest biotech companies in Europe with more than 550 employees. Annual revenues, including royalties and contract service fees, finance a major part of the annual research budget. For more information, please visit Biovitrum's website at http://www.biovitrum.com.
About Synaptic/Lundbeck
Synaptic Pharmaceutical Corp. is a wholly owned subsidiary of H. Lundbeck A/S. H. Lundbeck A/S is an international pharmaceutical company engaged in the research and development, production, marketing and sale of drugs for the treatment of psychiatric and neurological disorders. In 2003, the Company's revenue was DKK 9.9 billion. The number of employees is approximately 5,300.
For further information: www.synapticcorp.com or http://www.lundbeck.com.
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