Ligand Licenses Patents for Desulfated Heparin Technology to ParinGenix
SAN DIEGO--
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced today
that a subsidiary of Ligand has entered into an exclusive license
agreement with ParinGenix Inc. under which ParinGenix was granted
exclusive license rights to three issued U.S. patents relating to
certain desulfated heparin compounds. Under the terms of this agreement,
Ligand will receive an upfront payment as well as a royalty on net sales
in the United States by ParinGenix of 2-O, 3-O desulfated heparin
products. ParinGenix's lead compound, PGX-100 is an intravenous
formulation of 2-O, 3-O desulfated heparin which is in a Phase IIb trial
for the treatment of acute COPD exacerbations.
"We are pleased to enter into this collaboration, which monetizes
intellectual property acquired in our 1995 merger with Glycomed.
Furthermore, this deal adds another potential lucrative royalty stream
to Ligand's already promising list of partnered, fully funded,
royalty-bearing programs," said John L. Higgins, President and Chief
Executive Officer of Ligand Pharmaceuticals. "The agreement with
ParinGenix further validates Ligand's rich intellectual property
portfolio, which has gained significant industry recognition, including
Ligand being named as a top innovator in the Patent Board's
Pharmaceuticals Patent Scorecard."
Commenting on the transaction, Stephen G. Marcus M.D., President and
Chief Executive Officer of ParinGenix stated, "We are pleased to have
obtained an exclusive license to these three patents which expand and
strengthen our intellectual property portfolio. Our lead compound, 2-O,
3-O desulfated heparin, has minimal anticoagulant activity while
retaining the robust anti-inflammatory and other biologic activities of
unfractionated heparin."
About Ligand Pharmaceuticals
Ligand discovers and develops new drugs that address critical unmet
medical needs of patients with muscle wasting, frailty, hormone-related
diseases, osteoporosis, inflammatory diseases, anemia, asthma,
rheumatoid arthritis and psoriasis. Ligand's proprietary drug discovery
and development programs are based on advanced cell-based assays,
gene-expression tools, ultra-high throughput screening and one of the
world's largest combinatorial chemical libraries. Ligand has strategic
alliances with major pharmaceutical and biotechnology companies,
including Bristol-Myers Squibb, Celgene, Cephalon, GlaxoSmithKline,
Schering-Plough, Pfizer and Wyeth Pharmaceuticals. With nine
pharmaceutical deals and more than twenty different molecules in various
stages of development, Ligand utilizes proprietary technologies for
identifying drugs with novel receptor and enzyme drug targets.
About ParinGenix
ParinGenix Inc., is developing PGX-100, an intravenous formulation of
2-O, 3-O desulfated heparin for the treatment of acute exacerbations of
chronic obstructive pulmonary disease (COPD) and other inflammatory lung
diseases. A placebo-controlled, randomized, double-blind, Phase IIb
trial is ongoing in subjects with COPD exacerbations.
Caution Regarding Forward-Looking Statements
This news release contains forward looking statements by Ligand that
involve risks and uncertainties and reflect Ligand's judgment as of the
date of this release. Actual events or results may differ from Ligand's
expectations. For example, there can be no assurance that any product in
the Ligand or ParinGenix pipelines will be successfully developed, that
regulatory approvals will be granted, that patient and physician
acceptance of these products will be achieved, that final results of
human clinical trials will be consistent with any interim results or
that final results will be supportive of regulatory approvals required
to market products. Additional information concerning these and other
risk factors affecting Ligand's business can be found in prior press
releases available via www.ligand.com
as well as in Ligand's public periodic filings with the Securities and
Exchange Commission at www.sec.gov.
Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release. This caution
is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Source: Ligand Pharmaceuticals Incorporated
Released June 25, 2009