IDEC Pharmaceuticals Announces Extension of Its Collaborative Agreement With Mitsubishi Pharma for IDEC-114 in Psoriasis

(BW HealthWire) — IDEC Pharmaceuticals Corporation (NASDAQ: IDPH) announced today that it had entered into an extension of its collaborative agreement with Mitsubishi Pharma Corporation to support clinical development of IDEC-114 in psoriasis. Financial terms of the collaborative agreement are valued at approximately $35 million, subject to the attainment of product development objectives.

Under the terms of the collaborative agreement Mitsubishi Pharma will share in the costs of the clinical development of IDEC-114, and will also conduct parallel clinical trials in psoriasis in Japan. Under the terms of an existing license agreement IDEC has granted Mitsubishi Pharma an exclusive license in Asia to develop and commercialize anti-CD80 (anti-B7) antibody products. Mitsubishi Pharma will pay IDEC royalties on sales of anti-CD80 (anti-B7) antibody products in Mitsubishi Pharma’s exclusive territories.

“This agreement is a significant strategic step in developing one of our first therapeutics in the autoimmune diseases category while leveraging our extensive expertise in monoclonal antibody-based technologies,” said William R. Rohn, IDEC’s Chief Operating Officer. “By extending our previous collaborative agreement with Mitsubishi Pharma, we have the opportunity to strive jointly to satisfy the unmet medical needs of psoriasis patients worldwide.”

IDEC-114 has the potential to selectively regulate the immune response by binding to CD80 (anti-B7), a key co-stimulatory molecule on antigen-presenting cells. Because IDEC-114 is highly targeted to cells that are directly related to the pathogenesis of psoriasis, it has the potential to achieve clinical activity while maintaining a very favorable safety profile.

About IDEC

IDEC Pharmaceuticals focuses on the commercialization and development of targeted therapies for the treatment of cancer and autoimmune diseases. IDEC’s antibody products act chiefly through immune system mechanisms, exerting their effect by binding to specific, readily targeted immune cells in the patient’s blood or lymphatic systems.

For a menu of IDEC’s current news releases and quarterly reports or to retrieve a specific release, call (888) 329-2309. On the Internet check the News Center at IDEC’s website:

About Mitsubishi Pharma

Effective October 1, 2001, Welfide Corporation and Mitsubishi-Tokyo Pharmaceuticals, Inc., merged and began operating as Mitsubishi Pharma Corporation (Mitsubishi Welpharma Kabushiki Kaisha in Japanese).

Combining capabilities in drug discovery and commercialization, sales and marketing, and overseas development, Mitsubishi Pharma Corporation looks forward to serving the global community and improving the quality of life for people.

The statements made in this press release contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from IDEC’s expectations. For example, the timing, success and cost of preclinical research and clinical studies, the timing, acceptability and review periods for regulatory filings, the timing of and ability to obtain regulatory approval of products, the achievement of future product sales, the level of manufacturing performance and the risk factors listed from time to time in IDEC’s SEC filings including but not limited to its Annual Report on Form 10-K for the year ended December 31, 2000 and Form 10-Q for the quarter ended June 30, 2001 may affect the actual results achieved by IDEC. These forward-looking statements represent the company’s judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

IDEC Pharmaceuticals is a registered U.S. trademark of the company. The company is headquartered at 3030 Callan Road, San Diego, CA 92121.

CONTACT: IDEC Pharmaceuticals, San Diego Vince Reardon, Director, Corporate Communications 858/431-8656 URL: Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
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