February
10, 1999
Bristol-Myers Squibb and EntreMed, Inc.
Modify Research Agreement
(PRINCETON, NJ and ROCKVILLE, MD, February 09, 1999/ /WiredBird
at PSA Rising/ Bristol-Myers Squibb Company (NYSE:BMY) and EntreMed,
Inc., (NASDAQ: ENMD) announced today a modification of the research
agreement that exists between the two companies regarding Angiostatinｮ
protein, an antiangiogenic molecule under study as a potential cancer
therapy. Under the new terms, EntreMed will assume from Bristol-Myers
Squibb (BMS) responsibility for all future preclinical and clinical
work on the Angiostatinｮ molecule. Bristol-Myers Squibb will have
the option to reassume development and marketing rights for Angiostatin
protein once clinical proof of principal has been demonstrated.
"At this time, Angiostatinｮ protein in its present form does not
meet our criteria for molecules that advance to clinical trials,"
said Robert A. Kramer, Ph.D., vice president, Oncology Drug Discovery
for Bristol-Myers Squibb. "We have chosen to direct our resources
to other programs in our broad oncology pipeline. We continue to
view antiangiogenesis as an important and viable target in the spectrum
of oncology research. Our internal discovery programs that cover
a range of antiangiogenesis targets will continue in full strength."
Dr. John W. Holaday, Chairman, President and CEO of EntreMed, Inc.
stated, "EntreMed has been working on a parallel track with BMS
for the production of Angiostatinｮ protein since 1995 using the
Pichia pastoris yeast recombinant expression system. EntreMed currently
uses the Pichia pastoris yeast expression system for the GMP production
of Endostatin™ protein. EntreMed痴 development plan for Angiostatinｮ
will include scale-up GMP manufacturing of the protein for clinical
trials and submission of an Investigational New Drug (IND) application
this year."
Currently, Bristol-Myers Squibb continues an extensive program to
discover and develop antiangiogenic small molecules. The Company
has a broad portfolio of programs that encompass most major oncology
targets. Among these are oncogene signaling pathways and the development
of cancer vaccines, matrix metalloprotease inhibitors, second-generation
taxane-like molecules, other novel chemotherapeutic agents, and
hormonal therapies.
Bristol-Myers Squibb is a diversified worldwide health and personal
care company whose principal businesses are pharmaceuticals, consumer
products, nutritionals, and medical devices. It is a leading maker
or innovative therapies for cardiovascular, metabolic and infectious
diseases, central nervous system and dermatological disorders, and
cancer. The company is a leader in consumer medicines, orthopaedic
devices, ostomy care, wound management, nutritional supplements,
infant formulas, and hair and skin care products.
Rockville, Md.-based EntreMed, Inc., The Angiogenesis CompanyTM,
is a leader in the field of antiangiogenesis research, which involves
the inhibition of abnormal blood vessel growth recently associated
with a broad range of diseases. The Company痴 strategy is to accelerate
development of its core technologies through collaborations and
sponsored research programs with university medical departments,
research companies and government laboratories.For further information,
please visit the EntreMed web site at www.entremed.com.
Statements herein that are not descriptions of historical facts
are forward-looking and subject to risk and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors, including those set forth in the Company痴
Securities and Exchange Commission filings under "Risk Factors,"
including risks relating to the early stage of products under development;
uncertainties relating to clinical trials; dependence on third parties;
future capital needs; and risks relating to the commercialization,
if any, of the Company痴 proposed products (such as marketing, safety,
regulatory, patent, product liability, supply, competition and other
risks).
SOURCE EntreMed,
Inc.
Contact: CONTACT: William Dunnett, Peggy Ballman: Bristol-Myers
Squibb (609) 818-3016; (609) 818-3015
Mary P. Sundeen EntreMed, Inc. 301-738-2490
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