AMED Amedeo Res

RNS No 3282x                                    1
CHIROSCIENCE GROUP PLC
1st March 1999 
                                    
        CHIROSCIENCE TO REGAIN LICENCE FOR CHIROCAINE FROM ZENECA
                                    
                                    
Chiroscience Group plc today announces that Zeneca Group PLC has reached
agreement in principle with Chiroscience  for a mutually acceptable
solution to the issues arising from the licence agreement with Zeneca
regarding  Chirocaineregarding Chirocaine, as a consequence of Zeneca's
proposed merger with Astra AB. In March 1998 Zeneca secured a licence
from Chiroscience for Chirocaine in all markets, excluding Japan where
the product is licensed to Maruishi. The principles of the agreement
with Zeneca will ensure the ongoing commercialisation of Chirocaine.
 
Arrangements by which Chiroscience will take back all its rights to
Chirocaine are being made as a direct result of an undertaking given by
Zeneca to the EU competition authorities who wish to ensure that
effective competition will be maintained in Europe in the area of long-
acting local anaesthetics.  The European Commission has approved the
terms of the undertaking.  The US competition authorities are reviewing
the proposals for the return of the licence, which includes the
appointment of a Trustee (which the European Commission also requires)
to monitor the commitments made by Zeneca, with a similar objective to
maintain competition in the United States market.
 
Chiroscience and Zeneca have already agreed that Chiroscience may hold
early negotiations with prospective new partners.  These discussions may
use commercial information and promotional material created by Zeneca.
 
Further details of the current arrangements include
 
*  Continuing in full for a transitional period, the planned support
   by Zeneca, which they will fund, to enable Chirocaine's continued
   development and commercialisation.
*  Ensuring that no confidential information relating to Chirocaine
   can or will be disclosed or used by AstraZeneca
*  Extending the earliest date when Zeneca would be able to sell the
   shares in Chiroscience they acquired in March 1998.
 
The final terms of the agreement with Zeneca will be disclosed when the
Federal Trade Commission gives final US clearance.
 
The licence agreement for Japan between Chiroscience and Maruishi is
unaffected by these developments.
 
Dr John Padfield, Chief Executive of Chiroscience Group plc, commented:
 
" The period since Zeneca announced its intention of merging with Astra
has created uncertainty regarding the commercialisation of Chirocaine.
The anaesthesia community has been looking forward to the introduction
of Chirocaine and the competition authorities in the US and EU have been
very keen to ensure that Chirocaine has every opportunity to succeed in
the marketplace.
 
The EU clearance of the merger between Astra and Zeneca announced today
is an important step in Chiroscience regaining the full rights to
commercialise Chirocaine, while ensuring that its competitive position
is not adversely affected by the merger. Zeneca's ongoing support will
maintain the excellent progress made to date, including regulatory
approval in Sweden announced in December 1998 and the receipt of an
approvable letter from the FDA, announced today.
 
Discussions with potential new partners have been underway for some
time. FDA review of the proposed final printed labellinglabeling is at
an advanced stage, which enables us to take into account the views of
potential partners before the FDA approval process is concluded."
 
This document is intended to provide information on Chiroscience to
interested members of the public and not to provide product information
to health professionals.
 
For further information contact:
 
Dr John Padfield, Chief Executive    Giles Sanderson
Dr Andy Richards, Executive          Victoria Springett
Director                             Financial Dynamics
Chiroscience Group plc               Tel: +44 (0)171 831 3113
Tel: +44 (0)1223 420430
http://www.chiroscience.com
                                     
Chiroscience Group plc
Chiroscience  is  an  emerging pharmaceutical  company  which  uses  its
diverse  technology platform to discover, develop and  bring  to  market
novel  medicines  for  improved healthcare.  It  has  three  businesses:
Chiroscience R&D, Rapigene and ChiroTech.
 
Chiroscience  R&D's  focus  is on innovative small  molecule  drugs  and
related  diagnostics  in the therapeutic areas of inflammatory  disease,
pain,  osteoporosis,  cancer and autoimmune  diseases.   Its  technology
platform  allows  the conception and development of  receptor-based  and
enzyme-inhibiting small molecule drugs with high selectivity of  action.
Rapigene   is  involved  in  the  creation  and  provision  of   genomic
technologies  and  services to partner companies and  to  Chiroscience's
drug  discovery  programmes.  Its DNA analysis systems comprise  of  DNA
hybridization, DNA arrays and mass spectrometry tags. ChiroTech provides
chiral  technology  services to pharmaceutical and  related  industries,
including Chiroscience R&D.
 
Chiroscience  Group plc is listed on the London Stock  Exchange  and  is
based in Cambridge and Stevenage, UK, and Seattle, Washington, USA.
 
Chiroscience financial highlights for the six months to 31  August  1998
(unaudited):
+ Revenues increased to #11.4m (H1 1997: #9.2m); net loss for the period
#11.4m (H1 1997: #14.4m)
+  ChiroTech contributed sales of #6.8m (H1 1997: #5.9m); Chiroscience's
drug discovery business contributed revenues of #4.5m (H1 1997: #3.3m).
+  Investment in research and development of #13.5m (1H 1997: #19.0m).
+  Current cash reserves of #59m as at 24 September 1998.
 
 
END 


MSCCCDCBCDKKCNK

Grafico Azioni Amedeo Res (LSE:AMED)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Amedeo Res (LSE:AMED)
Storico
Da Lug 2023 a Lug 2024