Avera Pharmaceuticals - News Archive

Avera Pharmaceuticals Acquires From GlaxoSmithKline A Proprietary Series of Neuromuscular Blockers
SAN DIEGO - May 22, 2002

Avera Pharmaceuticals, Inc., a neuropharmaceutical licensing and development company, today announced that it has acquired from GlaxoSmithKline (GSK) its ownership rights in a proprietary series of neuromuscular blocking (NMB) agents that were jointly discovered by GSK and researchers at the Weill Medical College of Cornell University. Under the agreement, Avera has acquired from GSK the worldwide rights to the compound series and supporting intellectual property in exchange for an undisclosed equity position in the Company. Concurrently, Avera signed an exclusive, worldwide license agreement with Cornell Research Foundation, Inc. (CRF) for Cornell's interest in the related intellectual property estate for undisclosed future milestone and royalty payments.

The lead compound in the series, GW280430A ("430A") -- a rapid onset, ultra-short acting NMB agent -- has been tested in Phase I human clinical trials and is being readied for Phase II studies. Neuromuscular blocking agents are powerful muscle relaxants primarily used to ease endotracheal intubation as an adjunct to general anesthesia or to provide general muscle relaxation during surgical procedures.

"We are pleased that we have been able to successfully negotiate these transactions with GSK's Genetics & Discovery Ventures Team and CRF and are excited by the opportunity to take 430A into the clinic. We feel that 430A is well positioned to meet the clear unmet market need for a safe, reversible neuromuscular blocker with rapid onset of action and short duration," stated Jeff McKelvy, President and Chief Executive Officer of Avera.

"For Avera," added McKelvy, "this transaction represents the initial execution of our strategy of acquiring or in-licensing and developing novel centrally acting compounds that can potentially meet significant unmet medical needs. Beyond this initial product, Avera will focus on the in license and development of additional pipeline products with a primary focus on licensing candidates that may prove effective in the treatment of major neurologic and psychiatric disorders. We plan to in-license two or more additional compounds in the next 12 months and will pursue in-licensing opportunities of both late preclinical and clinical stage products, although our emphasis will be on later stage candidates. We believe the timing is opportune for Avera to pursue such a strategy as a significant number of mature pharmaceutical companies are actively evaluating out-licensing opportunities for a range of CNS products and technologies."

Cornell Research Foundation, Inc.
Cornell Research Foundation, Inc. (CRF) manages the intellectual property created by Cornell University's faculty and staff. CRF is responsible for obtaining appropriate patent, trademark, or copyright protection on Cornell-owned intellectual property, while concurrently licensing the intellectual property to appropriate commercial partners. Additional information can be found at www.crf.cornell.edu.

GlaxoSmithKline
GlaxoSmithKline, one of the world's leading research-based pharmaceutical and healthcare companies, is committed to improving the quality of human life by enabling people to do more, feel better and live longer. Additional information can be found at www.gsk.com.

Avera Pharmaceuticals, Inc.
Avera Pharmaceuticals, Inc. (San Diego, CA) is a private, emerging pharmaceutical company focused on the development and commercialization of novel compounds in the neuroscience therapeutics arena. The Company's mission is to identify opportunities for therapeutic advances in the treatment of neurologic and psychiatric disorders, and to in-license and develop compounds that can meet these needs. Additional information on the Company can be found at www.averapharm.com.

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