GLFD Guilford Pharmaceuticals (MM)

Guilford Pharmaceuticals Receives $6 Million For Rights to Polymer Drug Delivery Patents BALTIMORE, Sept. 17 /PRNewswire-FirstCall/ -- Guilford Pharmaceuticals Inc. (NASDAQ:GLFD) today announced that it has entered into a transaction pursuant to which Angiotech Pharmaceuticals, Inc., obtains access to patents Guilford had previously licensed from the Massachusetts Institute of Technology (MIT) and the Johns Hopkins University (JHU). Guilford will receive net proceeds of approximately $6 million from Angiotech. The patents (U.S. Patent Nos. RE 37,410, 5,626,862 and 5,846,565 and other corresponding foreign patents and patent applications) relate to the use of biocompatible polymers for delivery of chemotherapeutic drugs. In connection with the transfer of these rights, Guilford has entered into a new license agreement with MIT and JHU that grants Guilford limited rights under these patents to develop PACLIMER(R) Microspheres (polilactofate/paclitaxel) for certain indications in oncology and women's health. Craig R. Smith, M.D., Chairman, President and Chief Executive Officer of Guilford, stated, "We previously announced our intention to divest certain of our biopolymer-based drug delivery technology. Today's agreement is an important step toward achieving this goal. We have obtained fair value for the transfer of our rights to patents that no longer fit with our long-term corporate objectives while at the same time retaining rights to our PACLIMER(R) product candidate for several potential clinical indications." PACLIMER(R) is an injectable biopolymer-based formulation of paclitaxel developed by Guilford that is designed to provide localized delivery of the drug directly to the site of a tumor, potentially offering significant advantages over traditional systemic treatment. Paclitaxel is one of the world's best selling chemotherapeutic agents and is used in the treatment of many forms of cancer, including ovarian, breast and lung cancers. About Guilford Guilford Pharmaceuticals Inc. is a pharmaceutical company engaged in the research, development and commercialization of proprietary drugs that target the hospital and neurology markets. Presently, Guilford markets two commercial products, GLIADEL(R) Wafer (polifeprosan 20 with carmustine implant), for the treatment of brain cancer, and AGGRASTAT(R) Injection (tirofiban hydrochloride), a glycoprotein GP IIb/IIIa receptor antagonist, for the treatment of acute coronary syndrome (ACS). Guilford's product pipeline includes a novel sedative/anesthetic, AQUAVAN(R) Injection and drugs for treating peripheral nerve injury. For additional information please visit http://www.guilfordpharm.com/ under Products / Marketed Products. This press release contains forward-looking statements that involves risks and uncertainties, including those described in the section entitled "Risk Factors" contained in the Company's Quarterly Report on Form 10-Q filed on August 9, 2004, that could cause the Company's actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. Among other things, there can be no assurance that the Company will be able to continue to develop PACLIMER(R) either on its own or through corporate partners. Contact: Guilford Pharmaceuticals Inc. Stacey Jurchison, Director, Corporate Communications 410.631.5022 DATASOURCE: Guilford Pharmaceuticals Inc. CONTACT: Stacey Jurchison, Director, Corporate Communications of Guilford Pharmaceuticals, +1-410-631-5022, Web site: http://www.guilfordpharm.com/ Company News On-Call: http://www.prnewswire.com/comp/112882.html

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