Axovan AG signs agreement with Biolipox AB to discover anti-inflammatory drugs using its integrated GPCR drug discovery

Axovan AG signs agreement with Biolipox AB to discover anti-inflammatory drugs using its integrated GPCR drug discovery platform Allschwil/Basel, Switzerland -- AXOVAN AG, the Swiss GPCR drug discovery company, announced today the signing of a research collaboration with Biolipox AB, a Swedish pharmaceutical R&D company developing novel anti-inflammatory drugs. Under the terms of the agreement, AXOVAN will first identify a specific receptor and will then screen its proprietary GPCR -biased library for compounds that bind effectively to the receptor. The resulting "hit" compounds will be supplied to Biolipox for optimization and further development. In addition to an upfront payment, Biolipox will pay AXOVAN R&D funding, milestones and royalties. "In order to fully exploit the power of our technology and expertise in GPCRs, our strategy is to partner with pharma and biotech companies at different stages of the discovery and development process. This agreement will provide lead candidates that will move quickly into product development thanks to the expertise of Biolipox in inflammatory mechanisms," stated Dr Olivier Valdenaire, CEO of AXOVAN. "We are very pleased to be collaborating with AXOVAN, a world leader in GPCR drug discovery. GPCRs play a key role in the inflammation process and so this collaboration naturally complements the work we are conducting in-house," said Dr Carl-Johan Darlsgaard, CEO of Biolipox. About Biolipox AB Biolipox AB is a Swedish pharmaceutical R&D company, focused on creating novel, efficacious and cost effective anti-inflammatory therapeutics for respiratory diseases and other inflammatory disorders. Biolipox's scientific platform is based on world-class arachidonic acid cascade research, performed at the Karolinska Insitute. The company has a broad portfolio of potential blockbusters within the respiratory and anti-inflammatory fields. The company's main assets include a strong scientific platform and profound knowledge of disease mechanisms and disease models. Biolipox is a privately held company with HealthCap of Stockholm and Sofinnova of Paris, as the main shareholders. For further information visit www.biolipox.com. About Axovan AXOVAN is a fully integrated drug discovery company focusing its efforts on a broad family of potential drug targets called G-Protein Coupled Receptors (GPCRs). The integration of chemistry and biology, supported by proprietary technologies and software has allowed AXOVAN to generate a growing portfolio of lead compounds for various indications. The company has also developed a validated GPCR-biased chemical library through its AXADDIS chem-informatics predictive platform. Complimenting its discovery pipeline, AXOVAN has acquired certain rights from Roche to an endothelin antagonist currently in Phase II trials in Europe. AXOVAN intends to partner at various stage of development the compounds resulting from its research to pharmaceutical or biotech partners. Founded in Basel (Switzerland) in April 2000 by an experienced pharmaceutical research team, AXOVAN has 43 employees. Further information can be found at www.axovan.com. Forward-looking statement. Statements included in this press release that are not historical in nature are "forward looking statements". The company caution readers that these forward looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from the expectations. Such risks and uncertainties include among others: delay of failure in drug development, change in regulatory requirement, ability to obtain and maintain patent or intellectual property rights, changes in competitive environment, loss of key personnel, inability to finance the company. For further information contact: AXOVAN Dr. Philippe Dro CFO and Head, Business Development Tel: +41 (0)61 487 76 88 Fax: +41 (0)61 487 76 00 Email: philippe.dro@axovan.com Burns McClellan Mike Sinclair Director Tel: +44 (0)20 7534 1521 Fax: +44 (0)20 7534 1555 Email: msinclair@burnsmc.co.uk Biolipox Carl-Johan Dalsgaard, MD, PhD CEO Mobile: +46 70975 98 63 Fax: +46 (0)8 545 281 41 Email: carl-johan.dalsgaard@ofco.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/12/19/20040511BIT20930/wkr0006.pdf