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Metabasis Therapeutics Receives a
Development Event Payment from Roche and Notification That Roche
Plans to Advance MB11362 into Development for the Treatment of
Hepatitis C
SAN DIEGO--(BUSINESS WIRE)--Jun. 5, 2009-- Metabasis
Therapeutics, Inc. (Nasdaq: MBRX) announced today that it
received a $2 million payment from Roche in recognition of
advances made on their research collaboration, which is focused
on applying Metabasis’ HepDirect® liver-targeting technology to
Roche’s proprietary lead nucleosides in order to develop new
treatments for hepatitis C viral (HCV) infection. In addition,
Metabasis announced that Roche has formally accepted MB11362 as
a clinical candidate for development.
Metabasis and Roche entered into a collaboration and license
agreement in August 2008 which included a $10 million upfront
payment and provided for additional payments upon achievement of
predetermined preclinical and clinical development events, as
well as regulatory and commercialization events for each
product, and royalties on net sales of products from the
collaboration. As part of the collaboration, a HepDirect prodrug
of a Roche proprietary nucleoside monophosphate was identified
and evaluated in various pre-clinical studies conducted by
scientists at Metabasis and Roche. The results of these studies
led to a decision by Roche to advance MB11362 into pre-clinical
development.
Metabasis reported last week that it had restructured the
Company due to difficulties in raising capital from a financing
or other sources. Metabasis continues to seek additional capital
in the near-term, and if it is unsuccessful in raising
additional capital, the Company may be forced to cease its
operations entirely.
About Metabasis (www.mbasis.com):
Metabasis is a biopharmaceutical company that has established a
broad pipeline of product candidates and advanced discovery
programs targeting large markets with significant unmet needs.
The Company’s product pipeline includes clinical-stage product
candidates and advanced discovery programs for the treatment of
metabolic diseases such as diabetes and hyperlipidemia, as well
as product candidates and advanced discovery programs for the
treatment of liver diseases such as hepatitis and primary liver
cancer.
Forward-Looking Statements:
Statements in this press release that are not strictly
historical in nature constitute "forward-looking statements."
Such statements include, but are not limited to, the objectives
of, and potential payments provided for under the Company’s
collaboration with Roche; the impact of the Company’s corporate
reorganization and reduction in force; Metabasis’ ability to
raise additional capital; and Metabasis’ ability to continue
operations. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause
Metabasis' actual results to be materially different from
historical results or from any results expressed or implied by
such forward-looking statements. These factors include, but are
not limited to, risks and uncertainties related to Metabasis'
ability to obtain additional financing to support its
operations; the progress and timing of clinical trials for
Metabasis' product candidates; the fact that positive results
from preclinical studies and early clinical trials does not
necessarily mean later clinical trials will succeed;
difficulties or delays in development, testing, obtaining
regulatory approval, producing and marketing Metabasis' product
candidates; serious adverse side effects or inadequate efficacy
of, or serious adverse events related to, Metabasis' product
candidates or proprietary technologies; the risk that Metabasis
will not be able to build more value or retain rights for direct
commercialization of its product candidates; Metabasis'
dependence on its licensees and collaborators for the clinical
development and registration of, as well as information relating
to, certain of its product candidates; potential conflicts with
collaborators that could delay or prevent the development or
commercialization of Metabasis' product candidates; the scope
and validity of intellectual property protection for Metabasis'
product candidates, proprietary technologies and their uses;
competition from other pharmaceutical or biotechnology
companies; Metabasis’ ability to generate financing through
partnerships; Metabasis’ ability to regain compliance with
Nasdaq listing requirements; and other factors discussed in the
"Risk Factors" section of Metabasis' Quarterly Report on Form
10-Q for the quarter ended March 31, 2009. All forward-looking
statements are qualified in their entirety by this cautionary
statement. Metabasis is providing this information as of this
date of this release and does not undertake any obligation to
update any forward-looking statements contained in this release
as a result of new information, future events or otherwise.
Source:
Metabasis Therapeutics, Inc.
Investor Relations
858-622-2223
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