AUTOIMMUNE
INC. AND TEVA PHARMACEUTICALS
SIGN EXCLUSIVE AGREEMENT
-- Oral Tolerance Therapies for Multiple Sclerosis and Myasthenia Gravis --
Lexington, Massachusetts, February 23, 1999 -- AutoImmune Inc. (Nasdaq: AIMM) today announced the signing of an exclusive agreement with Teva Pharmaceutical Industries, Ltd. (Nasdaq: TEVIY) for two applications of its proprietary technology for oral immune modulation. The agreement covers the development by Teva of an oral formulation of COPAXONE® (glatiramer acetate), its currently available injectable drug for multiple sclerosis.
Aaron Schwartz, Ph.D., Vice President of the COPAXONE Division, said, "Data from animal studies on the orally delivered product are very encouraging." With human safety studies already completed, efficacy trials on the new formulation are expected to begin by the end of the year. If successful, it is anticipated the product will have a significant impact on the competition, most of which require frequent injections.
The exclusive agreement also covers an orally delivered product to treat myasthenia gravis developed by Teva. It is expected the myasthenia gravis product will enter the clinic before the end of this year.
AutoImmune will receive up to $20 million in milestone payments upon product approvals and escalating royalties based on cumulative sales for all products covered by the agreement. Robert C. Bishop, Ph.D., President and CEO of AutoImmune, said, "We are pleased to see Teva making a substantial commitment to the development of oral tolerance therapies for autoimmune diseases."
Teva Pharmaceutical Industries, Ltd. develops, manufactures and markets human pharmaceuticals, bulk pharmaceutical chemicals, medical disposables and veterinary products. As the largest supplier of such products to Israel’s public and private healthcare markets, the company has manufacturing facilities in Israel, Western Europe, Eastern Europe and the United States, with about 80 percent of its sales generated outside of Israel.
AutoImmune is developing a new class of pharmaceuticals for the treatment of autoimmune and cell-mediated inflammatory diseases and conditions. It anticipates having results late this summer from a Phase III trial of its lead product, Colloral® for rheumatoid arthritis.
This release contains forward-looking statements which involve risks and uncertainties. The Company’s actual results may differ significantly from results discussed in the forward-looking statements due to a number of important factors, including, but not limited to, the developmental stage of the Company’s products and uncertainties of clinical trial results; the Company’s capital requirements, history of operating losses and lack of product revenue, its limited manufacturing and marketing experience, and the risks of technological change and competition. These factors are more fully discussed in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission in the section "Business-Factors to be Considered." The discussion in the Annual Report on Form 10-K is hereby referenced into this release.
Marcia
Kean
Partner
Feinstein Kean Partners Inc.
(508) 490-0954