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Avera Pharmaceuticals
Inc. Licenses from Novartis AG Late-Stage Compound for the Treatment of Depression
SAN DIEGO - October 28, 2003
Avera Pharmaceuticals, Inc., a private, development-stage, pharmaceutical company, today announced that it has licensed from Novartis AG (NYSE: NVS) a novel, late-stage compound that has shown promise in clinical studies conducted to date for the treatment of depression and anxiety.
Under the agreement, Avera has acquired from Novartis the worldwide rights to the compound and supporting intellectual property in exchange for undisclosed upfront, milestone and royalty payments. As part of the upfront payment, Novartis will also receive an undisclosed equity ownership position in Avera. Avera will be responsible for the design and execution of a clinical development program to further demonstrate human safety and efficacy. Previously, Novartis had advanced the compound into Phase II human clinical trials.
"We are very excited to add this advanced clinical-stage asset to Avera’s portfolio and look forward to developing a novel therapeutic that may yield significant advances in the treatment of depression,” stated Jeffrey McKelvy, Ph.D., President and Chief Executive Officer of Avera. Added Dr. McKelvy, “Despite a number of high profile advances over the last 15 years, available depression therapies continue to offer poor long-term efficacy combined with undesirable side effect profiles.”
Daniel Kisner, M.D., Chairman of the Board for Avera Pharmaceuticals explained, “This significant deal confirms Avera’s position as a leading player in the emerging class of private pharmaceutical companies focused on drug development, and further demonstrates the Company’s ability to successfully in-license novel compounds from major pharmaceutical companies who are leaders in the neuroscience field.”
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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