Pharmacopeia (MM) (PCOP) Quote

Ligand to buy Pharmacopeia for $70 million
Wednesday September 24, 6:23 pm ET
Ligand to buy Pharmacopeia for $70 million in stock-for-stock deal with contingent payment

SAN DIEGO (AP) -- Ligand Pharmaceuticals Inc. said Wednesday it will buy biotechnology company Pharmacopeia for about $70 million in a move to expand drug discovery resources and the product pipeline.

The transaction is structured as a stock-for-stock exchange. In addition, Pharmacopeia stockholders will be entitled to a contingent value right, Ligand said. That will entitle holders under certain circumstances to a cash payment of about $15 million for all Pharmacopeia stockholders.

Under the deal, Ligand will issue about 17.5 million shares, or 0.58 shares for each outstanding share of Pharmacopeia. Current Ligand shareholders would own 84 percent of the combined company.

Based on Ligand's closing price of $3.12 Wednesday, the deal implies a price of $1.81 per share for Pharmacopeia, making it a 52 percent premium. That totals about $55 million, with an additional $15 million potentially for the contingent value right.

The deal is expected to close in the first quarter of 2009.

Shares of Ligand rose 2 cents to close at $3.12 while shares of Cranbury, N.J.-based Pharmacopeia fell 6 cents, or 4.8 percent, to close at $1.19. It has traded in a 52-week range of $1 to $6.10.

7:32AM Pharmacopeia and GlaxoSmithKline collaboration identifies sixth lead compound; receives a $500K milestone payment (PCOP) 1.59 : Co announced that it has identified a new lead for advancement in its alliance with GlaxoSmithKline (GSK), through its collaboration with the Center of Excellence for External Drug Discovery. This newly identified lead compound is from a program being evaluated as a potential treatment for inflammatory pain and is the sixth lead compound identified through the collaboration. As a result of this success, Pharmacopeia received a $500,000 milestone payment from GSK.

Pharmacopeia shares fall as Oppenheimer cuts price
Thursday August 28, 2:04 pm ET
Pharmacopeia shares decline as Oppenheimer cuts price target, citing development time

NEW YORK (AP) -- Shares of Pharmacopeia Inc. fell Thursday as Oppenheimer & Co. slashed its price target on the biotechnology company, saying it will likely face a long road focusing its drug development efforts on a kidney disease condition caused by diabetes.

The stock fell 22 cents, or 9.5 percent, to $2.10 in afternoon trading. Shares, which have traded in a 52-week range of $2.31 to $6.10, tumbled to $2.02 earlier in the session, their lowest point in more than four years.

Oppenheimer & Co. analyst Brian Abrahams, in a note to investors, reaffirmed a "Outperform" rating but slashed his price target to $4 from $9. He said the company's move to refocus its drug development on diabetic nephropathy, or kidney disease caused by diabetes, could take time to pay off.

Earlier in August, the Cranbury, N.J., company said it would slash its work force for the second time in 2008, eliminating about 40 percent of its jobs to reduce costs. Meanwhile, it is considering strategic initiatives to develop its business while beginning a midstage clinical trial of a drug candidate aimed at treating diabetic nephropathy.

The company had previously been focusing on a range of drugs, including a high blood pressure treatment. Several of those programs are still ongoing.

"We conclude PS433540 (drug candidate) will likely be effective in diabetic nephropathy, and diabetic nephropathy may be an easier market to penetrate," Abrahams wrote in a note to investors. "However, proof of concept in diabetic nephropathy is likely far off."

That could delay a partnership, he said. Meanwhile, upcoming study data on another drug candidate is unlikely to provide a meaningful catalyst.

7:32AM Pharmacopeia announces immediate workforce reduction of approx 40% through termination of positions (PCOP) 2.85 : Co announces it has implemented the restructuring noted in its recent quarterly earnings release and conference call. This effort includes an immediate workforce reduction of approx 40% through termination of positions. As a result of its reductions in operating expenditures, PCOP expects the cash burn for the quarter ending December 31, 2008 to be approx $10 mln, exclusive of severance related costs. The company expects its quarterly burn to be less than $10 mln in 2009. In 3Q08, PCOP expects to record a charge of approx $3 mln in connection with the severance provided to employees directly affected by the latest reduction in staffi

7:31AM Pharmacopeia will receive a $500k milestone payment from GSK (PCOP) 3.34 : The co announces that it has identified a new lead for advancement in its alliance with GlaxoSmithKline (GSK), through its collaboration with the Center of Excellence for External Drug Discovery. This newly identified lead is the first from a program being evaluated as a potential treatment for pain and the fifth lead identified since the alliance was initiated in 2006. As a result of this success, Pharmacopeia will receive a $500,000 milestone payment from GSK.

Investors Aplenty For Pharmacopeia

Pharmacopeia is good for its shareholders' blood pressure in two ways: Its stock jumped Friday on a report that its primary drug under development, a blood-pressure treatment, is exhibiting better benefits than competing medicines now on the market.

Shares of the Princeton, N.J.-based company jumped 27.1%, or 86 cents, to close at $4.04 on Friday.

The drug that was making investors flock to the stock was PS433540, a compound being researched for the treatment of high blood pressure and diabetic kidney disease. Mid-stage drug trials testing the drugs effectiveness against a placebo showed that it significantly reduced mean 24-hour systolic ambulatory blood pressure, mean 24-hour diastolic ambulatory blood pressure, as well as seated blood pressure. Side effects from the drug were indistinguishable from those of the placebo.

PS433540 is unique from treatments currently on the market because it includes two different approaches to treating hypertension in one molecule. "For us, what was exciting was that the hypothesis was that this chemical would have the potential to be more effective than any monotherapy, and indeed, that's what the data showed us," said Eric Liebler, executive vice president of corporate development for Pharmacopeia (nasdaq: PCOP - news - people ).

The study treated 93 people with hypertension with the drug or the placebo and measured their blood pressure every 20 minutes for 24 hour periods. PS433540 decreased the seated blood pressure levels by 17/11 millimeters of mercury. Current drugs on the market only achieve drops of 10/11 millimeters of mercury. Normal blood pressure levels for a healthy person are 120/80 millimeters of mercury. "This could allow a higher percentage of patients to get their blood pressure under control even using a monotherapy," said Conaccord Adams analyst Joseph Pantginis.

Pharmacopeia has already begun a new set of drug trials testing the efficacy and safety of the drug at different doses. It hopes to have the data from those studies at the end of the year. The company bought the original drug compound from Bristol-Myers Squibb before beginning research.

"This is the primary value driver for the company," said Conaccord Adams analyst Joseph Pantginis. "You look at the market potential of this drug after today's data and you realize this could be something special."

"There is a lot of interest from large pharmaceutical companies in novel products," said Liebler. "We've had a lot of interest previously on a scientific front and expect that to increase now that we have proof of concept in patients. Clearly, we would be open to considering a partnership that would allow for the broadest possible development of the program, but we would hope to stay involve in the product so that our shareholders could benefit from the product's success."
http://www.forbes.com/2008/05/16/pharmacopeia-hypertension-closer-markets-equity-cx_lal_0516markets32.html?partner=yahootix

Pharmacopeia's First-in-Class Investigational Therapy PS433540 Achieves Statistically Significant Reductions in Blood Pressure in Hypertensive Patients
Friday May 16, 7:30 am ET
Single Molecule with Dual Mechanism May Offer Novel Approach to Blood Pressure Management

NEW ORLEANS, May 16 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that PS433540, its first-in-class Dual Acting Receptor Antagonist (DARA), showed statistically significant blood pressure reductions in a Phase 2a study in patients with mild to moderate hypertension. PS433540 is being developed as a potential treatment for both hypertension and diabetic nephropathy and is a novel blood pressure product candidate that possesses two validated mechanisms of action in a single molecule. The data will be presented today at the Recent and Late Breaking Clinical Trials Session at the American Society of Hypertension (ASH) Twenty-Third Annual Scientific Meeting and Exposition in New Orleans.

The Phase 2a study met its primary endpoint by showing a statistically significant reduction in mean 24-hour systolic ambulatory blood pressure over placebo. The study also showed statistically significant improvements over placebo in mean 24-hour diastolic ambulatory blood pressure as well as seated blood pressure. In this double-blind, placebo-controlled study, patients treated with 200 mg of PS433540 once daily experienced a 12/9mmHg drop in mean 24-hour systolic and diastolic blood pressure and those treated with 500 mg experienced a 15/10mmHg drop in mean 24-hour systolic and diastolic blood pressure. These reductions were highly statistically significant vs. placebo (P<0.001). Mean seated office systolic and diastolic blood pressure, the typical blood pressure measure, was also evaluated, with observed blood pressure drops of 17/11mmHg with the 200 mg dose and 17/10mmHg with the 500 mg dose (P<0.001 vs. placebo).

Once-daily treatment with 200 or 500 mg of PS433540 was well tolerated. Most of the adverse events reported were mild or moderate in severity and included headaches and minor musculoskeletal and respiratory complaints. All of these events occurred with similar frequency in the three treatment groups. There was one case of peripheral edema in the placebo arm and one case of peripheral edema in one of the treated arms. There were no increases in liver enzymes above 2 times the upper limit of normal. On average, liver enzyme levels tended to decrease from baseline in the treated arms. There were no serious adverse events on PS433540 treatment. Three subjects discontinued therapy for adverse events, all of which were in the placebo group.

The leading, single-therapy antihypertensives across a broad range of classes, according to their labels, have the ability to lower seated office blood pressure up to 12/8mmHg.(1) Data show that a 2mmHg reduction in blood pressure decreases the average death rate from coronary heart disease by an estimated 4 percent and stroke by 6 percent.(2)

"These positive results indicate that PS433540 may be a unique new treatment option for physicians and patients," said Joel Neutel, M.D., Associate Professor of Medicine in the Department of Medicine at the University of California in Irvine, and Medical Director of Clinical Pharmacology at the Orange County Research Center in Tustin, CA, who was the lead investigator of the Phase 2a study. "The magnitude of the blood pressure reductions we saw in this study were very impressive, and we look forward to further evaluating the benefits of this novel compound."

An estimated 73 million Americans suffer from high blood pressure, a major risk factor for cardiovascular events and heart disease.(3) More than half of people diagnosed and treated with high blood pressure never reach suggested treatment goals and those who do often require two or more medications.(4) PS433540 is the first and only compound specifically designed to incorporate two proven mechanisms -- endothelin (ETA) and angiotensin (AT1) receptor blockade -- in one molecule to treat high blood pressure.

"We are very pleased with the results of this important Phase 2a trial and look forward to future studies which will further assess the potential of PS433540, perhaps even beyond blood pressure lowering," said Joseph A. Mollica, Ph.D., Chairman of the Board and Interim President and Chief Executive Officer of Pharmacopeia. "We believe PS433540's dual mechanism of action may have a positive effect on diabetic kidney disease."

Patients with diabetes are at an increased risk for many complications, including high blood pressure and diabetic kidney disease. Up to 73 percent of patients with diabetes have been or are being treated for high blood pressure,(5) and an estimated 20-30 percent of diabetic patients will progress to diabetic kidney disease,(6) a devastating disease that may require patients to undergo dialysis or a kidney transplant.(7)

Pharmacopeia recently initiated a 12-week, Phase 2b clinical trial with PS433540 to evaluate the compound's safety and efficacy at three different doses versus placebo in 375 subjects with Stage I and Stage II hypertension. The study will also compare blood pressure reductions for each dose with irbesartan. Pharmacopeia anticipates completion of the Phase 2b trial at the end of 2008.

About the Phase 2a study

In this prospective study, 234 men and women with Stage I and Stage II hypertension entered into a single blind placebo run-in period for 3-4 weeks, after which 114 were randomized to receive double blind study medication for four weeks. At the time of the database lock, 108 subjects were available for evaluation, 93 of whom had both baseline and follow-up ambulatory blood pressure measurements (placebo: 25; PS433540 200mg: 35; PS433540 500mg: 33). The primary endpoint was the subjects' change from baseline in mean 24-hour systolic ambulatory blood pressure after 4 weeks of treatment. Additionally, investigators evaluated 24-hour diastolic ambulatory blood pressure and mean seated office systolic and diastolic blood pressure as well as a number of other endpoints.

Investor event at ASH

Pharmacopeia will host a meeting for investors today, Friday, May 16th at 7:00am CDT (8:00am EDT) to review the Phase 2a study results from its PS433540 program, including a presentation by Joel Neutel, M.D., the study's lead investigator. A live webcast and 90-day archive of the presentation can be accessed on the Investors section of the company's website at http://www.pharmacopeia.com.

Pharmacopeia Announces Upcoming Late-Breaker Presentation of Phase 2a Results for Its First-in-Class Investigational DARA Compound, PS433540
Tuesday April 15, 7:30 am ET

PRINCETON, N.J., April 15 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that results from the company's Phase 2a clinical trial evaluating PS433540, its first-in-class Dual Acting Receptor Antagonist (DARA), will be presented as a late-breaking clinical trial at the American Society of Hypertension (ASH) Twenty-Third Annual Scientific Meeting and Exposition in New Orleans, May 14-17, 2008.

PS433540 is being developed as a potential treatment for both hypertension and diabetic nephropathy and is the first and only blood pressure product candidate in development that possesses two validated mechanisms of action in a single compound.

Joel Neutel, MD, lead investigator and Director of Research, Orange County Research Center, Tustin, Calif., will present results of the Phase 2a clinical trial. In addition to the late-breaker, Pharmacopeia will also present data from its Phase 1 Multiple Ascending Dose (MAD) Study of PS433540.

Late-breaker presentation:
-- "A Double Blind, Placebo Controlled Study to Evaluate the Safety and
Efficacy of a Novel New Dual Acting Receptor Antagonist (DARA
Compound) in Human Subjects with Hypertension"
-- Friday, May 16, 2008, 5:38 - 5:55 p.m. CDT (6:38 - 6:55 p.m. EDT)
-- New Orleans Marriott, Acadia Ballroom, 3rd Floor


Poster presentation:
-- "PS433540 a Novel Dual Acting Receptor Antagonist Dose Dependently
Increases Plasma Renin Activity in Healthy Volunteers"
-- Abstract # P-14
-- Wednesday, May 14, 2008, Posters on Display: 3:00 - 7:00 p.m. CDT
(4:00 - 8:00 p.m. EDT), Poster Discussion: 5:15 - 6:15 p.m. CDT
(6:15 - 7:15 p.m. EDT)
-- New Orleans Marriott, Le Galerie Ballroom, 2nd Floor

Pharmacopeia to Receive $5 Million Payment from GlaxoSmithKline
Tuesday March 18, 7:30 am ET
Payment Triggered by Pharmacopeia's Achievement of Collaboration Criteria

PRINCETON, N.J., March 18 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that it will receive a payment of $5 million from GlaxoSmithKline (NYSE: GSK - News). With this payment, Pharmacopeia will have received over $16 million in connection with the companies' ongoing product development and commercialization alliance.

This payment is triggered by Pharmacopeia's completion of certain early discovery activities established under its agreement with GSK. Pharmacopeia is entitled to success-based milestone payments totaling up to $83 million per program for any drug development program pursued through the multi-program alliance and up to double-digit royalties on the sales of any products commercialized by GSK from the alliance. Should GSK decline its option to complete pivotal trials of programs resulting from the alliance, Pharmacopeia may independently pursue development of these programs, subject to its obligations to GSK under the agreement.

Hugh Cowley, Senior Vice President and Head of GSK's Center of Excellence for External Drug Discovery (CEEDD) at GSK noted, "The CEEDD and Pharmacopeia have shown themselves to be excellent collaborators from the outset of this alliance. The alliance's significant progress toward the discovery and advancement of molecules that have the potential to address significant clinical unmet need represents the type of results that we envisioned when we established the CEEDD collaboration model at GSK."

"The exceptional productivity of the alliance so far reflects how well its goals fit with Pharmacopeia's strengths," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "We expect the excellent progress to continue as we focus on moving candidates toward the clinic."

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Pharmacopeia Collaboration With Celgene Corporation Advances Compound Into Phase 1 Clinical Development
Wednesday March 5, 7:30 am ET

PRINCETON, N.J., March 5 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that Celgene Corporation has initiated a Phase 1 clinical study of a compound based on its collaboration with Pharmacopeia.

"We are pleased to see our collaboration with Celgene advance a program into Phase 1 trials," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "This milestone expands our clinical development stage pipeline to eight programs, of which we are developing two internally."

Celgene is solely responsible for the funding and management of development and commercialization of this inflammatory disease candidate. Pharmacopeia currently receives an annual license fee from Celgene for this program and is eligible to receive milestone payments if the program advances further in clinical trials. Pharmacopeia will also receive royalties on sales of any resulting therapeutic products incorporating compounds derived from the program.

Pharmacopeia Initiates Second Phase 2 Hypertension Study with PS433540 (DARA)
Monday March 3, 7:30 am ET
Phase 2b Trial to Examine Safety and Efficacy of DARA versus Active Control

PRINCETON, N.J., March 3 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, today announced the initiation of a Phase 2b clinical study of PS433540, the company's lead internal product candidate. This randomized, double-blind, placebo and active-controlled, parallel-group study is designed to evaluate the compound's safety and efficacy at three different doses in subjects with Stage 1 and Stage 2 hypertension.

After a lead-in period, the multi-center trial is expected to randomize approximately 375 subjects into five study arms receiving PS433540 (200 mg, 400 mg or 800 mg); irbesartan (300 mg), an angiotensin II receptor antagonist; or placebo. All doses will be administered once daily for 12 weeks. The trial's primary objective is to compare the change from baseline in mean seated systolic blood pressure for each dose of PS433540 with placebo. Additional study objectives include comparisons of changes in blood pressure for each dose of PS433540 with irbesartan.

"We are pleased with the DARA program's rapid progress. This is our second Phase 2 study of PS433540 in hypertensive patients to provide key indications of the compound's therapeutic potential," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "We look forward to the completion of this study by the end of 2008 as well as the reporting of results from our on-going Phase 2a trial in the second quarter of 2008."

Pharmacopeia recently completed enrollment in its ongoing Phase 2a trial of PS433540 in patients with Stage 1 and Stage 2 hypertension. Results from that study are expected during the second quarter of 2008. In Phase 1, PS433540 has been shown to be safe and well tolerated at a range of doses. The Phase 1 data also demonstrated that PS433540 produced statistically significant dose dependent increases versus placebo in plasma-renin activity levels as well as reductions in systolic and diastolic blood pressure in non- hypertensive healthy subjects.

PS433540 is a dual-acting angiotensin (AII) and endothelin (ET1) receptor antagonist that is being developed as a potential treatment for hypertension and diabetic nephropathy. PS433540, the first and only DARA compound in development, possesses two clinically validated mechanisms of action in a single compound. There is considerable preclinical and initial clinical data suggesting that compared to either agent alone, simultaneously blocking the actions of both AII and ET1 may provide significantly improved treatment options for several cardiovascular diseases.

Pharmacopeia Announces Fourth Quarter and Year-End Financial Results for 2007
Thursday February 28, 4:00 pm ET
Company advances DARA in the clinic, adds SARM clinical program and achieves milestones in GSK alliance

PRINCETON, N.J., Feb. 28 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News) today announced results for the quarter and year ended December 31, 2007, and highlighted several important therapeutic developments and corporate milestones achieved since the completion of the third quarter of 2007.

During the fourth quarter of 2007, the company achieved the following milestones:

-- Pharmacopeia announced additional positive results from the company's Phase 1 multiple ascending dose (MAD) study of its lead internal product candidate, PS433540 (DARA). The data demonstrated that PS433540 produced statistically significant, dose dependent increases versus placebo in plasma- renin activity levels, as well as reductions in systolic and diastolic blood pressure. These findings are in addition to previously reported top line results from the MAD trial that showed all doses of PS433540 up to 1,000 mg daily for 4 weeks to be safe and well-tolerated.

This MAD study was designed to evaluate the 14-day safety and tolerability of 50, 100, 250, 500 and 1,000 mg doses of PS433540 in healthy volunteers. Study investigators witnessed a dose dependent increase in plasma-renin activity levels for PS433540, which was more pronounced at Day 15 than at Day 1. This observed increase in plasma-renin activity is indicative of PS433540's ability to block the angiotensin receptor, which is involved in blood pressure control. Furthermore, associated with the increase in plasma-renin activity levels was a decrease in both diastolic and systolic blood pressure for PS433540 of up to 15 mmHg. The company believes that these preliminary results may support the potential use of PS433540 as a new therapeutic option for certain patients affected by hypertension and related disorders.

-- Pharmacopeia announced that it licensed a Phase 1 selective androgen receptor modulator (SARM) program from Bristol-Myers Squibb Company (BMS), including lead and back-up compounds. Pharmacopeia plans to develop the lead compound from this program, PS178990, as a potential novel treatment for muscle wasting associated with end-stage renal disease, cancer- and AIDS- related cachexia and recovery from severe burns and traumatic surgery. The SARM program has a broad portfolio of pending composition of matter patent applications that, if granted, would provide intellectual property coverage to the SARM program through at least 2023. PS178990 has been well characterized both in preclinical studies and in a Phase 1 single ascending dose study. The company plans to conduct several Phase 1 studies in 2008, including the initiation of a multiple ascending dose study of PS178990, to obtain additional safety and tolerability data before entering Phase 2.

In consideration for the SARM program license, Pharmacopeia will apply a portion of its existing medicinal chemistry resources to an unrelated BMS discovery program for up to three years. In addition, the company would pay BMS milestone payments at submission and on approval of a therapeutic product for marketing and a stepped royalty on net sales of therapeutic products, if any, resulting from the SARM program.

-- Pharmacopeia announced that it identified two new lead compounds for advancement in its alliance with GlaxoSmithKline (GSK), through its collaboration with the Center of Excellence for External Drug Discovery. As a result of the identification of these new lead compounds, Pharmacopeia received milestone payments totaling $1 million from GSK. The first of the lead compounds is the initial lead in a program addressing respiratory disease. The other newly identified lead compound is the second from a program in inflammatory pain.

Subsequent to the end of the year:

-- Pharmacopeia announced the completion of recruitment in the company's multi-center Phase 2a clinical study of PS433540. The objective of the Phase 2a randomized, double-blind, placebo-controlled, parallel-group study is to evaluate the efficacy and safety of 200 and 500 mg of PS433540 in subjects with Stage I and Stage II hypertension. The company expects to announce results from this Phase 2a study in the second quarter of 2008.

-- Pharmacopeia announced the nomination of a development compound from its internal CCR1 discovery program. The compound, known as PS031291, is a potent and highly selective antagonist at the CCR1 chemokine receptor, which has been implicated as playing a significant role in multiple inflammatory and autoimmune disease processes. Pharmacopeia believes PS031291 may possess significant potential in the oral treatment of multiple myeloma and various inflammatory diseases including rheumatoid arthritis.

"During 2007, Pharmacopeia's therapeutic pipeline grew and matured more than at any time in the past. Phase 2a DARA results that are expected in the second quarter have the potential to add important value to the program," stated Les Browne, Ph.D., Pharmacopeia's President and Chief Executive Officer. "Also during 2007, our alliances with GlaxoSmithKline, Schering-Plough and Bristol-Myers Squibb each achieved significant milestones. In 2008, we anticipate that successes with internal programs and external alliances will continue to build our therapeutics portfolio."

FOURTH QUARTER & YEAR END 2007 FINANCIAL RESULTS

At December 31, 2007, Pharmacopeia had cash, cash equivalents and marketable securities of $71.3 million, exceeding the company's year-end guidance of between $65 million and $70 million. Net cash used in operating activities for the year ended December 31, 2007 was $11.1 million, which included the receipt of an aggregate $20.0 million in up-front payments in connection with Pharmacopeia's alliances with Wyeth and Organon and $5.0 million in additional research funding in connection with Pharmacopeia's alliance with GSK. Absent the receipt of $25.0 million from these collaborators, Pharmacopeia's net cash used in operating activities in 2007 would have been approximately $36.1 million.

Pharmacopeia reported a net loss of $19.3 million, or ($0.65) per share, for the quarter ended December 31, 2007. The company recorded a net loss of $8.2 million, or ($0.41) per share, for the same quarter in 2006. For the year ended December 31, 2007, Pharmacopeia recorded a net loss of $47.9 million, or ($1.79) per share. Pharmacopeia recorded a net loss of $27.8 million, or ($1.69) per share for the 2006 year.

http://biz.yahoo.com/prnews/080228/neth083.html?.v=39

Pharmacopeia Nominates Novel Chemokine Receptor Antagonist for Development
Monday February 11, 7:30 am ET
Company Also Provides Update on DARA Program's Ongoing Phase 2a Hypertension Study

PRINCETON, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, today announced the nomination of PS031291 as a preclinical development compound from its internal CCR1 discovery program. PS031291 is a potent and highly selective antagonist at the chemokine receptor CCR1, which has been implicated to play a significant role in multiple inflammatory and autoimmune disease processes. Pharmacopeia believes PS031291 may possess significant potential in the oral treatment of multiple myeloma and various inflammatory diseases including rheumatoid arthritis. The company intends to initiate GLP toxicology studies on the compound in the current quarter.

"PS031291 strengthens Pharmacopeia's internal pipeline with a wholly-owned development candidate with the potential to address significant therapeutic needs," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "We believe this nomination is a testament to our drug discovery expertise which has already generated a number of clinical compounds for our strategic partners."

While a number of compounds discovered by Pharmacopeia are being developed by its various collaborators, PS031291 is the first compound to emerge from Pharmacopeia's internal drug discovery efforts into its internal development portfolio. Pharmacopeia's internal clinical pipeline consists of PS433540 (DARA) for hypertension and diabetic nephropathy and PS178990 (SARM) for muscle wasting associated with a number of serious medical conditions including end-stage renal disease.

In addition, Pharmacopeia announced that enrollment in its ongoing Phase 2a PS433540 (DARA) clinical trial in subjects with Stage I and Stage II hypertension is progressing well. The trial remains on schedule with results expected in the second quarter of 2008.

PS433540 is a dual-acting angiotensin (AII) and endothelin (ET1) receptor antagonist (DARA) that is being developed as a potential treatment for hypertension and diabetic nephropathy. PS433540, the first and only DARA compound in development, possesses two clinically validated mechanisms of action in a single compound. There is considerable preclinical and initial clinical data suggesting that compared to either agent alone, simultaneously blocking the actions of both AII and ET1 may provide significantly improved treatment options for several cardiovascular diseases.

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6-Dec-07 Rodman & Renshaw Initiated PCOP with Market Outperform

Oversold with an Improving RSI (PCOP)

Pharmacopeia Announces Additional Positive Findings from Phase 1 Multiple Ascending Dose Study of PS433540 (DARA)
Monday December 3, 7:30 am ET
Results Show Statistically Significant Indications of PS433540's Potential in Treating Hypertension

PRINCETON, N.J., Dec. 3 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today additional results from the Company's Phase 1 multiple ascending dose (MAD) study of its lead internal product candidate, PS433540 (DARA). Data demonstrated that PS433540 produced statistically significant, dose dependent increases in plasma-renin activity levels, as well as reductions in systolic and diastolic blood pressure. These findings are in addition to previously reported initial results from the MAD trial that showed all doses of PS433540 to be safe and well-tolerated. This MAD study was designed to evaluate the 14-day safety and tolerability of 50, 100, 250, 500 and 1,000 mg doses of PS433540 in healthy volunteers.

The trial's positive plasma-renin activity and blood pressure findings provide preliminary insight into the potential of PS433540 to treat hypertension. Study investigators witnessed a dose dependent increase in plasma-renin activity levels for PS433540, which was more pronounced at Day 15 than at Day 1. This observed increase in plasma-renin activity is indicative of PS433540's ability to block the angiotensin receptor, a key target in efforts to lower and control blood pressure in hypertensive patients. Furthermore, associated with the increase in plasma-renin activity levels was a decrease in both diastolic and systolic blood pressure for PS433540 of up to 15 mmHg.

"While safety and tolerability of PS433540 across a broad range of doses up to 1,000 mg are the most important results of the MAD study, we are especially pleased to see, that even in healthy normotensive volunteers, signs of the compound's potential therapeutic activity are clearly discernable. Although preliminary, these results support the potential utility of this novel compound as a new therapeutic option for patients affected by hypertension and related disorders such as diabetic nephropathy," stated Rene Belder, M.D., Pharmacopeia's Vice President of Clinical and Regulatory Affairs. "We look forward to the completion of our ongoing Phase 2a study in the first half of 2008 and hope to see the first clear demonstration of the compound's potential efficacy in hypertensive patients."

PS433540 is a dual-acting angiotensin (AII) and endothelin (ET1) receptor antagonist that is being developed as a potential treatment for hypertension and diabetic nephropathy. PS433540, the first and only DARA compound in development, possesses two clinically validated mechanisms of action in a single compound. There is considerable preclinical and initial clinical data suggesting that compared to either agent alone, simultaneously blocking the actions of both AII and ET1 may provide significantly improved treatment options for several cardiovascular diseases.

Pharmacopeia and GlaxoSmithKline Collaboration Identifies Two Additional Lead Compounds
Tuesday November 27, 7:30 am ET
Lead Selections Trigger Milestone Payments Totaling $1 Million to Pharmacopeia

PRINCETON, N.J., Nov. 27 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that it has identified two new lead compounds for advancement in its alliance with GlaxoSmithKline (NYSE: GSK - News), through its collaboration with the Center of Excellence for External Drug Discovery (CEEDD). The first of the lead compounds forms the basis of a new lead optimization program focused on identifying a treatment for respiratory disease. The other newly identified lead compound is the second from a program in inflammatory pain. As a result of the identification of these new lead compounds, Pharmacopeia will receive milestone payments totaling $1 million from GSK.

Under the terms of the companies' collaboration, Pharmacopeia has received $10 million from GSK in connection with early discovery activities and is entitled to an additional $5 million payment upon the completion of additional early discovery activities. Pharmacopeia is also entitled to success-based milestone payments totaling up to $83 million per program and potentially double-digit royalties on the sales of any product commercialized by GSK under the multi-program alliance. Should GSK decline its option to complete pivotal trials of alliance programs, Pharmacopeia may independently pursue them, subject to its obligations to GSK under the agreement.

"With the identification of these two compounds, our collaboration has now identified a total of three new leads this year," said Hugh Cowley, Senior Vice President of GSK and head of the CEEDD at GSK. "We are extremely pleased to see the continued rapid and impressive achievements of the team driving this successful collaboration."

"Since entering into this collaboration just over 18 months ago, we have advanced multiple programs focusing on compelling targets toward development candidates," said David Floyd, Ph.D., Executive Vice President and Chief Scientific Officer of Pharmacopeia "We are very pleased that progress within the collaboration exceeds our initial estimates and that compounds are coming from multiple programs in multiple therapeutic areas. We're particularly happy to have added a second lead to our ongoing pain program as this significantly increases its chances of overall success."

About The CEEDD

GlaxoSmithKline is enhancing the way it discovers and develops drugs by creating a small dedicated team who will feed the GSK pipeline solely through the efforts of its external alliances. The CEEDD (Center of Excellence for External Drug Discovery) was formed as further validation of GSK's strategy to create small, independent and accountable R&D teams (Centers of Excellence for Drug Discovery or CEDDs). In essence, the CEEDD will 'virtualize' a portion of the GSK pipeline; namely, from Target to Clinical Proof of Concept, by forming multiple risk-sharing/reward-sharing alliances. Capitalizing on the speed and efficiency of its collaborators will allow GSK to deliver pharmaceuticals products faster to patients.

http://biz.yahoo.com/prnews/071127/netu033.html?.v=28

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Pharmacopeia Acquires Selective Androgen Receptor Modulator ('SARM') Program from Bristol-Myers Squibb

PRINCETON, N.J., Oct. 15 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced that it has licensed from Bristol-Myers Squibb (NYSE: BMY) a selective androgen receptor modulator (SARM) program, including a lead compound in Phase 1 clinical development and back-up compounds. PS178990 is a non-steroidal selective androgen receptor modulator, or SARM, which was designed to provide the benefits of testosterone without its unwanted side effects on prostate. The program has completed a Phase 1 single ascending dose study.

SARM agonists are a potential novel treatment for muscle wasting associated with a number of serious chronic and acute medical conditions such as surgical and severe burn recovery, end-stage renal disease and cancer- and AIDS-related cachexia. The shortage of existing treatments results in extended hospital stays and recovery time as well as diminished quality of life.

'I am very pleased to have broadened our portfolio under mutually attractive terms by adding PS178990, which is the seventh clinical development-stage compound being advanced by Pharmacopeia or its collaborators,' stated Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. 'Furthermore, this program offers Pharmacopeia another opportunity to build the business by adding a Phase 1 development- stage product candidate with the potential to treat a wide range of underserved conditions.'

In consideration for the SARM program license, Pharmacopeia will apply a portion of its medicinal chemistry resources to an unrelated Bristol-Myers Squibb discovery program for up to three years and pay Bristol-Myers Squibb milestone payments associated with submission and approval of a therapeutic product for marketing and a stepped royalty on net sales of therapeutic SARM products, if any, resulting from the SARM development program.

Pharmacopeia will hold a conference call today, October 15, beginning at 8:30 a.m. Eastern Time to discuss this addition to its clinical portfolio. Forward-looking and material information may be discussed on this conference call.

Date: October 15, 2007
Time: 8:30 a.m. EDT
Domestic Callers: (877) 879-6174
International Callers: (719) 325-4810
Confirmation Code: 3655914
Name of Conference: Pharmacopeia
Webcast information can be accessed by visiting www.pharmacopeia.com

A replay of the conference call can be accessed by dialing toll-free (888) 203-1112 in the U.S., or (719) 457-0820 outside the U.S. The access code for the replay is 3655914. A replay of the webcast will also be accessible on Pharmacopeia's website on the 'Investors' page at http://www.pharmacopeia.com. The replays will be available for two weeks.

ABOUT PHARMACOPEIA

Pharmacopeia is a clinical development stage biopharmaceutical company dedicated to discovering and developing novel small molecule therapeutics to address significant medical needs. The company has a broad portfolio of clinical and preclinical candidates under development internally or with partners including seven clinical compounds in Phase 2 or Phase 1 development addressing hypertension, diabetic nephropathy, muscle wasting, inflammation and respiratory disease. The company is leveraging its fully integrated drug discovery platform to sustain the growth of its development pipeline. Pharmacopeia has established strategic alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb, Cephalon, GlaxoSmithKline, Organon, Schering-Plough, and Wyeth Pharmaceuticals. For more information please visit the company's website at http://www.pharmacopeia.com.

Contact:
Brian M. Posner
Executive Vice President and Chief
Financial Officer
(609) 452-3643
ir_pr@pcop.com

This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward- looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia's plans to develop PS178990, a product candidate from its SARM program, Pharmacopeia's plans to develop PS433540, a product candidate from its DARA program, Pharmacopeia's Phase 1 clinical studies with respect to PS178990, Pharmacopeia's Phase 1 and Phase 2 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia's estimates of the market opportunities for its product candidates, including PS178990 and PS433540, Pharmacopeia's ability to successfully perform under its collaborations with Bristol-Myers Squibb, Cephalon, GlaxoSmithKline, Organon and Wyeth, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia's ability to raise additional capital, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia's anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia's ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions.

Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Pharmacopeia at http://www.pharmacopeia.com. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.

SOURCE Pharmacopeia

Source: PR Newswire (October 15, 2007 - 6:15 AM EST)

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Pharmacopeia Confirms Blockade of Angiotensin II Response with First-In-Class PS433540 (DARA)
Results Demonstrate DARA's Potential as Treatment for Hypertension

PRINCETON, N.J., Sept. 27 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced confirmation of the ability of PS433540 (DARA) to block the angiotensin II (AII) response in a Phase 1 trial in healthy volunteers. Numerous similar studies with other agents that block the renin-angiotensin system support that this result is a strong indication that PS433540 can be expected to lower blood pressure in hypertensive patients. The study showed that all doses of PS433540 compared with placebo produced a statistically significant (p<0.01) inhibition of the expected AII-induced increase in blood pressure. Additionally, the findings showed that the 250 mg and 500 mg doses of PS433540 were at least as effective in blocking the AII response as irbesartan, a leading angiotensin receptor blocker for the treatment of hypertension. Furthermore, support for once-a-day oral dosing was provided by PS433540's ability in this study to block the angiotensin II induced blood pressure increase for 24 hours.

'The AII challenge study has been frequently used to confirm the pharmacology and establish the dose for Phase 2 evaluation of compounds that block the renin-angiotensin system,' said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. 'These positive findings are exciting as they give us further confidence in the DARA concept at a relatively early stage of clinical development.'

This AII challenge study was a double-blind evaluation of placebo and four dose levels of PS433540 (20, 100, 250 and 500 mg) and open label 300 mg of irbesartan in healthy male volunteers. Seventeen subjects received each of the six treatments once, at weekly intervals. At baseline and 2, 4, 12 and 24 hours post-dose, subjects received a six-minute infusion of AII and had their blood pressure measured.

'These encouraging results combined with the positive safety and tolerability data that we have collected from our single and multiple ascending dose studies of PS433540 paint a compelling picture of DARA as a potentially valuable new therapeutic option,' stated Rene Belder, M.D., Pharmacopeia's Vice President of Clinical and Regulatory Affairs. 'We look forward to completing our recently initiated Phase 2a trial of DARA with the hope that the findings of this AII challenge study will be confirmed in hypertensive patients.'

PS433540 is a dual-acting angiotensin and endothelin receptor antagonist (DARA) that is being developed as a potential treatment for hypertension and diabetic nephropathy. PS433540, the first and only DARA compound in development, possesses two clinically proven mechanisms of action in a single compound. The compound works by selectively blocking the action of two potent vasoconstrictor and mitogenic agents, angiotensin II (AII) and endothelin 1 (ET1), at their respective receptors. Preclinical studies have shown that PS433540 is highly selective for the AII receptor sub-type 1 and the ET receptor sub-type A. As such PS433540 combines the properties of an angiotensin receptor blocker (ARB) and an endothelin receptor antagonist (ERA) in the same molecule. There are considerable preclinical and initial clinical data suggesting that compared to either agent alone, simultaneously blocking the actions of both AII and ET1 may provide significantly improved treatment options for several cardiovascular diseases.

Pharmacopeia Earns Milestone Payment From Schering-Plough on Initiation of Phase 1 Clinical Trials of Novel Therapeutic Candidate

PRINCETON, N.J., Sept. 25 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced that Schering-Plough has initiated a Phase 1 clinical trial in the United States with PS948115, a compound identified from the collaboration between the two companies. The compound is being evaluated as a potential treatment for respiratory disease. Pharmacopeia will receive a $1 million milestone payment from Schering-Plough as a result of this trial initiation.

'The Schering-Plough collaboration continues to yield very attractive therapeutic candidates,' said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. 'This compound is the third drug candidate resulting from the collaboration that has been advanced by Schering-Plough in clinical trials this year.'

Schering-Plough is solely responsible for further development and commercialization of this respiratory disease candidate. However, Pharmacopeia is eligible to receive additional milestone payments if the program advances further in clinical trials, and will also receive royalties on sales of any resulting therapeutic products incorporating compounds derived from the program.

Discovering Pharmacopeia
By Brian Lawler September 20, 2007

Drug developers with strong discovery platforms often make the best investments in pharma land because they can grow their pipelines organically rather than rely on acquisitions. This is why I've highlighted Pharmacopeia (Nasdaq: PCOP) as a drugmaker that all pharma investors should watch.

On Monday, Pharmacopeia presented at the Merriman Curhan Ford (MCF) investor conference following a busy couple of days with multiple announcements on its lead drugs.

Pharmacopeia's lead internally held drug is a dual-mechanism hypertension treatment that targets two known receptors involved in the disorder. At MCF, Pharmacopeia estimated the worldwide market for treatments in all stages of hypertension to be around $35 billion to $45 billion but will be positioning its drug, which it informally calls DARA (short for duel-acting receptor antagonist), as an agent for patients with high blood pressure in combination with diabetic nephropathy.

Last week, Pharmacopeia announced results from a 14-day safety study of DARA, and this week, it continued the information flow by announcing that it was beginning the first of several phase 2 efficacy studies of the drug, with data expected to start coming in during the first half of 2008.

Any potential hypertension treatment requires thousands of patient-years' worth of testing, so tiny Pharmacopeia plans on finding a partner for DARA before phase 3 testing begins. The drug has patent protection to 2019.

Besides DARA, Pharmacopeia has another eight compounds in preclinical or clinical development. These drugs are all partnered with large drugmakers like Wyeth (NYSE: WYE). Two of these compounds were also highlighted at MCF.

One of these two, a CXCR2 inhibitor for chronic obstructive pulmonary disease (COPD), is partnered with Schering-Plough (NYSE: SGP). The market for COPD treating compounds is estimated at roughly $9 billion in the U.S. alone. Pharmacopeia's CXCR2 is currently in phase 2 testing.

Pharmacopeia's other drug candidate of interest is its p38 kinase inhibitor that is being tested as a treatment for psoriasis. Other drugmakers like Vertex Pharmaceuticals (Nasdaq: VRTX) also have p38 compounds in development, so there's some interest among other drugmakers with this target. Pharmacopeia's partner on its p38 inhibitor, Bristol-Myers Squibb (NYSE: BMY), has the drug in phase 2 testing right now.

Trading at a tiny market cap of $165 million, Pharmacopeia hasn't garnered a lot of investor interest with its early-stage drug pipeline. With several interesting compounds in development, it may not be that way for long.

Phase 2 Clinical Studies Initiated for a Novel Therapeutic Candidate Identified Through Pharmacopeia Collaboration
Phase 2 Clinical Trial Initiated for a p38 Kinase Inhibitor Identified through Collaboration with Bristol-Myers Squibb for the Treatment of Psoriasis

PRINCETON, N.J., Sept. 18 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced that Bristol-Myers Squibb Company (NYSE: BMY) has initiated a Phase 2 clinical trial with a p38 kinase inhibitor (BMS-582949) that resulted from a collaborative research program between Pharmacopeia and Bristol-Myers Squibb. BMS-582949 is being evaluated for the oral treatment of moderate to severe psoriasis. The multi-centered randomized, double-blind, placebo-controlled trial, will examine safety and efficacy of the compound at three different doses. Approximately 100 patients are expected to be enrolled in the study.

'It is generally accepted that p38 kinase inhibitors could be effective in a range of inflammatory diseases including psoriasis, rheumatoid arthritis, and inflammatory bowel disease,' said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. 'Psoriasis is an important indication to evaluate in order to rapidly achieve proof of concept for this compound. We are very pleased to see BMS-582949 advance and complement the other clinical development programs with which we are associated, especially our own Phase 2 DARA program.'

Bristol-Myers Squibb is also currently conducting a Phase 1 trial in Canada with a second p38 kinase inhibitor resulting from the collaborative research program.

Under the terms of the companies' ongoing collaboration, Pharmacopeia will receive milestone payments for the p38 compounds in the program to the extent the program progresses through clinical development, and royalty payments for any product from the program that reaches the marketplace. Bristol-Myers Squibb is solely responsible for further development and commercialization of the therapeutic candidate.

ABOUT PHARMACOPEIA

Pharmacopeia is committed to discovering and developing novel therapeutics to address significant medical needs. The Company has a broad portfolio advancing toward clinical validation, both independently and with partners. Pharmacopeia's most advanced internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) for hypertension and diabetic kidney disease for which a Phase 2 clinical trial is underway. Other internal proprietary programs address primarily immunoregulation. Pharmacopeia's collaborative efforts have resulted in a portfolio that includes two partnered programs that have advanced into Phase 2 clinical trials targeting chronic obstructive pulmonary disease (COPD) and psoriasis and two partnered programs in Phase 1 clinical trials targeting oncology and inflammatory disease. Four additional partnered compounds are in preclinical development. Pharmacopeia's current strategic alliances are with Cephalon, GlaxoSmithKline, Organon and Wyeth.

This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward- looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia's plans to develop PS433540, a product candidate from its DARA program, Pharmacopeia's Phase 1 and Phase 2 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia's estimates of the market opportunities for its product candidates, including PS433540, Pharmacopeia's ability to successfully perform under its collaborations with Cephalon, GlaxoSmithKline, Organon and Wyeth, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia's ability to raise additional capital, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia's anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia's ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions.

Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Pharmacopeia at http://www.pharmacopeia.com. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.

Contact:
Amy P. Sharpless
Investor Relations Coordinator
Pharmacopeia
(609) 452-3643

SOURCE Pharmacopeia

Source: PR Newswire (September 18, 2007 - 6:30 AM EST)

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Pharmacopeia Initiates Phase 2 Hypertension Study with PS433540 (DARA)
First internal candidate to enter Phase 2 clinical development

PRINCETON, N.J., Sept. 17 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced the initiation of a Phase 2a clinical study of PS433540, the company's lead internal product candidate. PS433540 is a dual-acting angiotensin and endothelin receptor antagonist (DARA) that is being developed as a potential treatment for hypertension and diabetic nephropathy. PS433540, the first and only DARA compound in development, possesses two clinically proven mechanisms of action in a single compound. The compound works by selectively blocking the action of two potent vasoconstrictor and mitogenic agents, angiotensin II (AII) and endothelin 1 (ET1), at their respective receptors. Preclinical studies have shown that PS433540 is highly selective for the AII receptor sub-type 1 and the ET receptor sub-type A. As such PS433540 combines the properties of an angiotensin receptor blocker (ARB) and an endothelin receptor antagonist (ERA) in the same molecule. There are considerable preclinical and initial clinical data suggesting that compared to either agent alone, simultaneously blocking the actions of both AII and ET1 may provide significantly improved treatment options for several cardiovascular diseases.

The objective of the Phase 2a randomized, double-blind, placebo- controlled, parallel-group study is to evaluate the compound's safety and efficacy in subjects with Stage I and Stage II hypertension. This multi- center trial is expected to enroll 170 subjects. After a lead-in period, patients will be randomized into three study arms (placebo and two active arms of 200 mg and 500 mg) receiving PS433540 or placebo once daily for 28 days. Following the four week treatment period, investigators will evaluate the patients' change from baseline in mean 24-hour ambulatory systolic blood pressure; mean 24-hour ambulatory diastolic blood pressure; and mean seated systolic and diastolic blood pressure.

'We are very pleased to have initiated this important Phase 2a concept validation study of PS433540 approximately six months ahead of our original clinical development timeline,' said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. 'The goal of this study is to prove that PS433540 lowers blood pressure in hypertensive patients.'

Results from the initial Phase 1 trial of PS433540, a single ascending dose (SAD) study, indicated that the compound was well tolerated at all six doses administered ranging from 20 mg to 1,000 mg and that the compound has a half-life that is consistent with once daily administration. In the Phase 1 multiple ascending dose (MAD) study, 4 dose levels ranging from 50 mg to 500 mg did not produce safety or tolerability issues. Consistent with prior guidance, Pharmacopeia expects to report results of an on-going Phase 1 angiotensin II challenge study in September or early in the fourth quarter; and initiate a Phase 1 endothelin challenge study later this year. These studies are designed to evaluate the dual pharmacology of PS433540 in healthy individuals.

'We are approaching this Phase 2a study with great anticipation as it is designed to provide us with important initial indications regarding PS433540's therapeutic potential in patients with cardiovascular disease,' stated Rene Belder, M.D., Pharmacopeia's Vice President of Clinical and Regulatory Affairs.

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Pharmacopeia Announces Positive Results from Phase 1 Multiple Ascending Dose Study of PS433540 (DARA)
Pharmacopeia Elects to Expand Study to Include 1,000 mg Dose
PRINCETON, N.J., Sept. 12 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced that based on initial results from the Company's Phase 1 multiple ascending dose (MAD) study of its lead internal product candidate, PS433540 (DARA), no safety or tolerability issues were observed with any of the doses under evaluation. As a result, the study will be expanded to include a 1,000 mg dose. This study designed to evaluate 14 days of daily dosing in healthy volunteers, has already completed evaluation of 50, 100, 250 and 500 mg doses of PS433540. The Company expects to report findings from the 1,000 mg dose later this year.

'The purpose of a multiple ascending dose study of this nature is to determine the maximally tolerated dose of a compound in healthy volunteers. Since we did not reach that threshold with this study's original four doses, we've decided to expand the trial and evaluate this fifth dose level,' stated Rene Belder, M.D., Pharmacopeia's Vice President of Clinical and Regulatory Affairs. 'The fact that this compound appears safe and well tolerated at a wide dose range will provide added dosing flexibility for subsequent clinical trials.'

In addition, results from the initial Phase 1 trial of PS433540, a single ascending dose (SAD) study, indicated that the compound was well tolerated at all six doses administered, while also suggesting that PS433540 possesses a half-life that is consistent with once daily oral administration.

PS433540 is a dual-acting angiotensin (AII) and endothelin (ET1) receptor antagonist that is being developed as a potential treatment for hypertension and diabetic nephropathy. PS433540, the first and only DARA compound in development, possesses two clinically validated mechanisms of action in a single compound. There is considerable preclinical and initial clinical data suggesting that compared to either agent alone, simultaneously blocking the actions of both AII and ET1 may provide significantly improved treatment options for several cardiovascular diseases.

ABOUT PHARMACOPEIA

Pharmacopeia is committed to discovering and developing novel therapeutics to address significant medical needs. The Company has a broad portfolio advancing toward clinical validation, both independently and with partners. Pharmacopeia's most advanced internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) for hypertension and diabetic kidney disease for which Phase 1 clinical trials are underway. Other internal proprietary programs address primarily immunoregulation. Pharmacopeia's collaborative efforts have resulted in a portfolio that includes one partnered program currently in Phase 2 clinical trials targeting chronic obstructive pulmonary disease (COPD) and three partnered programs in Phase 1 clinical trials targeting rheumatoid arthritis, oncology, and inflammatory disease. Four additional partnered compounds are in preclinical development.

Pharmacopeia's current strategic alliances are with Cephalon, GlaxoSmithKline, Organon and Wyeth.

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Pharmacopeia to Present Highlights From the Company's DARA Program at the Tenth International Conference on Endothelin (ET-10)

PRINCETON, N.J., Sept. 5 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced that David M. Floyd, Ph.D., the Company's Executive Vice President and Chief Scientific Officer, will present highlights of Pharmacopeia's DARA program at the Tenth International Conference on Endothelin (ET-10). The conference will be held September 16-19, 2007, at the Centro Congressi Giovanni XXIII in Bergamo, Italy.

Dr. Floyd's presentation will take place during Session 11 - Emerging Targets on Wednesday, September 19th at 2 p.m. local time. A brief question and answer session will immediately follow the presentation. The presentation may be accessed after the event from the News & Events page on the Pharmacopeia website at http://www.pharmacopeia.com.

Pharmacopeia's lead internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) that is being developed as a potential treatment for hypertension and diabetic nephropathy. PS433540, the first and only DARA compound in development, selectively blocks the action of two potent vasoconstrictor and mitogenic agents, angiotensin II (AII) and endothelin 1 (ET1), at the AII receptor sub-type 1 and the ET receptor sub-type A, respectively. As such, PS433540 combines the properties of an angiotensin receptor blocker (ARB) and an endothelin receptor antagonist (ERA) in the same orally bioavailable small molecule.

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Pharmacopeia Assists the World Health Organization in the Discovery of Novel Therapeutics for the Treatment of Malaria

Princeton, N.J., Aug. 27 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, announced today that the company will assist the World Health Organization's Special Program for Research and Training in Tropical Diseases (WHO/TDR) in its efforts to develop novel antimalarial agents. Pharmacopeia will receive funding to conduct medicinal chemistry research on compounds identified through WHO/TDR's drug screening program involving a network of centers in developed and developing countries. The goal of this project is to identify new lead series with the potential to become novel malaria drug candidates. Malaria kills more than one million people a year, with most of those being children in the developing world.

For more information about Pharmacopeia, please visit
http://www.pharmacopeia.com.

Contact:
Amy Sharpless
609-452-3643
ir_pr@pcop.com

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Pharmacopeia Announces Second Quarter 2007 Financial Results
Quarter Highlights Include Progress in DARA Clinical Program, Achievement of Collaborative Milestones and Completion of Successful Financing
Plans for Earlier Initiation of a Phase 2a Hypertension Trial for DARA Program

PRINCETON, N.J., Aug. 2 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP) today announced results for the quarter and six months ended June 30, 2007, and highlighted several important developments in its therapeutic programs and corporate milestones achieved since the beginning of the quarter.

During the second quarter of 2007:

-- Pharmacopeia announced positive results from the first study in the
Company's Phase 1 clinical trial for PS433540, a product candidate from
its DARA program. Data from the single ascending dose (SAD) study
indicated that PS433540 was well tolerated at all six single-doses
administered from 25 mg to 1,000 mg. In addition, study results showed
that the product candidate possesses dose-related exposure upon oral
dosing and a half-life that is consistent with once-daily oral
administration.

-- Pharmacopeia reported that a compound identified through its
collaboration with Schering-Plough had been selected by Schering-Plough
for preclinical development. This selection triggered a $1 million
milestone payment to Pharmacopeia. Schering-Plough is currently
developing seven candidates that resulted from the collaboration with
Pharmacopeia, with one candidate in a Phase 2 clinical trial for
chronic obstructive pulmonary disease (COPD); three candidates in Phase
1 clinical trials for oncology, metabolic disease and inflammatory
disease; and three candidates in preclinical development. Schering-
Plough is solely responsible for further development and
commercialization of these candidates. However, Pharmacopeia is
eligible to receive additional milestone payments if these programs
advance further in clinical trials, and will also receive royalties on
sales of any resulting therapeutic products incorporating compounds
derived from these programs.

-- Pharmacopeia received the second of three potential $5 million payments
as part of the Company's product development and commercialization
alliance with GlaxoSmithKline (GSK). This payment was triggered by
Pharmacopeia's completion of certain early discovery activities
established under its agreement with GSK. At present, multiple
Pharmacopeia - GSK programs are underway, all of which will be
conducted as internal programs by Pharmacopeia unless GSK exercises its
development option. In July of this year, Pharmacopeia announced that a
lead compound was identified for advancement, six months ahead of the
original schedule. Compounds from the program have potential utility in
inflammatory pain and have now entered the lead optimization phase at
Pharmacopeia. As a result of this progress, Pharmacopeia received a
$500,000 milestone payment from GSK in the third quarter.

-- Pharmacopeia closed an underwritten public offering that raised
aggregate proceeds of approximately $40.3 million in May 2007. Net
proceeds to Pharmacopeia after transaction costs were approximately
$37.1 million. Through the offering, Pharmacopeia sold approximately
8.1 million shares of newly issued common stock, including the over-
allotment which was exercised in full by the underwriters. Pharmacopeia
intends to use the proceeds from the offering for expenditures related
to clinical trials for its PS433540 product candidate, for further
development of its internal program portfolio and for general corporate
purposes.


'Pharmacopeia had a strong second quarter, making significant progress with multiple therapeutic programs and completing a successful underwritten public offering,' stated Les Browne, Ph.D., Pharmacopeia's President and Chief Executive Officer. 'One of the highlights of our quarter was the positive results from the initial study of our Phase 1 clinical trial for PS433540, and we look forward to the continued development of this product candidate as well as progress on our other internal programs. We are also very pleased with the recent success of our collaborations with both Schering-Plough and GlaxoSmithKline. We expect to have more to report from our alliances in the coming months.'

PS433540 CLINICAL PROGRAM

Pharmacopeia today also provided an update to the timeline for its clinical program for PS433540. The Phase 1 multiple ascending dose (MAD) study, designed to evaluate 14 days of treatment in healthy volunteers, commenced in April 2007. This study was designed to sequentially evaluate the 50, 100, 250 and 500 mg doses of PS433540, and is currently continuing with the 500 mg panel. The Company expects to report results of the MAD study in the third quarter of this year. In addition, separate Phase 1 food effect and comparative bioavailability studies have been completed. The food effect study showed no clinically relevant difference in the pharmacokinetic profile of PS433540 when taken with or without food. The comparative bioavailability study showed that the bioavailability of PS433540 dosed as a capsule, which has been developed for use in Phase 2 clinical studies, is similar to that of a suspension, used in Phase 1. The Phase 1 angiotensin II challenge study was initiated in July 2007. Pharmacopeia expects results of the angiotensin II challenge study to be reported late in the third quarter or early in the fourth quarter of this year. The endothelin challenge study is expected to start during the second half of this year.

As a result of the positive preclinical and clinical data generated to date, and upon consultation with its Clinical Advisory Board, the Company has decided to move up initiation of a Phase 2a hypertension clinical trial for PS433540. This trial is now planned to commence in the second half of 2007. The Company anticipates that the study will be completed and results reported in the first half rather than in the second half of 2008. The study is designed to validate the concept that PS433540 lowers blood pressure in hypertensives and to help establish the framework to initiate a second Phase 2 hypertension study in the first half of 2008. The objective of the Phase 2a study will be to establish initial tolerability and 24-hour efficacy of PS433540 in hypertensive subjects. The study is expected to enroll approximately 140 subjects and will be placebo controlled, using 2 dose levels of PS433540.

SECOND QUARTER, 2007 FINANCIAL RESULTS

At June 30, 2007, Pharmacopeia had cash, cash equivalents and marketable securities of $92.7 million. This balance includes net proceeds of approximately $37.1 million from the underwritten public offering that closed in May 2007. Pharmacopeia expects to end the year with $65.0 million to $70.0 million in cash and short-term investments.

Pharmacopeia's net revenue was $5.0 million for the quarter ended June 30, 2007, compared to $3.3 million for the quarter ended June 30, 2006. For the six months ended June 30, 2007, net revenue was $11.3 million, compared to $7.4 million for the same period in 2006. The increase in net revenue during the three- and six- month periods was largely due to an increase in milestone revenue, as well as revenue recorded from Pharmacopeia's alliances with Cephalon, GSK and Wyeth. This increase was partially offset by a decrease in research revenue recorded from the Company's collaboration with Schering- Plough.

Collaborative research and development expense increased 91% to $5.7 million in the three months ended June 30, 2007 compared to $3.0 million in the three months ended June 30, 2006. For the six months ended June 30, 2007, collaborative research and development expense increased 73% to $10.9 million compared to $6.3 million for the same period in 2006. These increases are primarily attributable to increased resources allocated to our recent alliances with Cephalon, GSK and Wyeth.

The Company incurred proprietary research and development expense of $5.0 million in the quarter ended June 30, 2007, compared to $5.5 million in the same period in 2006, a decrease of 8%. This decrease relates to resources expended on the Company's JAK3 program, the expense for which has been primarily classified as collaborative research and development expense since the Company partnered the program with Wyeth in December 2006. This decrease was offset by increased costs relating to the Company's Phase 1 clinical program for PS433540. For the six months ended June 30, 2007, proprietary research and development expense increased to $12.5 million, compared to $11.8 million for the same period in 2006, an increase of 6%. The increase during the six months ended June 30, 2007 was primarily due to costs associated with the Phase 1 clinical program the Company initiated with respect to PS433540.

General and administrative expense was $2.8 million for the quarter ended June 30, 2007, compared to $2.4 million for the same period in 2006, an increase of 14%. General and administrative expense was $5.5 million for the six months ended June 30, 2007, compared to $4.9 million for the same period in 2006, an increase of 12%. These increases were largely due to higher consulting and share-based compensation costs for the respective periods.

Pharmacopeia reported a net loss of $6.9 million, or ($0.26) per basic and diluted share, for the quarter ended June 30, 2007. The Company recorded a net loss of $7.2 million, or ($0.47) per basic and diluted share, for the same quarter in 2006. For the six months ended June 30, 2007, Pharmacopeia recorded a net loss of $16.9 million, or ($0.63) per share. Pharmacopeia recorded a net loss of $14.9 million, or ($0.98) per basic and diluted share for the 2006 six-month period.

Further details regarding Pharmacopeia's second quarter 2007 results will be presented in a conference call today, August 2, 2007, at 5:00 p.m. Eastern Time. Dr. Leslie J. Browne, President and Chief Executive Officer, Mr. Brian M. Posner, Executive Vice President and Chief Financial Officer, and Dr. Rene Belder, Vice President, Clinical and Regulatory Affairs, will host the call. Forward-looking and material information may be discussed on this conference call.

Date: August 2, 2007
Time: 5:00 p.m. EDT
Domestic Callers: (800) 310-6649
International Callers: (719) 457-2693
Confirmation Code: 7923994
Name of Conference: Pharmacopeia's Second Quarter 2007 Financial Results
Webcast information can be accessed by visiting
http://www.pharmacopeia.com

A replay of the conference call can be accessed by dialing toll-free (888) 203-1112 in the U.S., or (719) 457-0820 outside the U.S. The access code for the replay is 7923994. A replay of the webcast will also be accessible on Pharmacopeia's website on the 'Investors' page at http://www.pharmacopeia.com. The replays will be available for two weeks.

ABOUT PHARMACOPEIA

Pharmacopeia is committed to discovering and developing novel therapeutics to address significant medical needs. The Company has a broad portfolio advancing toward clinical validation, both independently and with partners. Pharmacopeia's most advanced internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) for hypertension and diabetic kidney disease for which Phase 1 clinical trials are underway. Other internal proprietary programs address primarily immunoregulation. Pharmacopeia's collaborative efforts have resulted in a portfolio that includes one partnered program currently in Phase 2 clinical trials targeting chronic obstructive pulmonary disease (COPD) and four partnered programs in Phase 1 clinical trials targeting rheumatoid arthritis, oncology, metabolic and inflammatory diseases. Four additional partnered compounds are in preclinical development. Pharmacopeia's current strategic alliances are with Cephalon, GlaxoSmithKline, Organon and Wyeth.

Contact:
Brian M. Posner
Executive Vice President and Chief Financial Officer
Pharmacopeia
(609) 452-3643

This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward- looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia's plans to develop PS433540, a product candidate from its DARA program, Pharmacopeia's Phase 1 clinical studies and proposed Phase 2 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia's estimates of the market opportunities for its product candidates, including PS433540, Pharmacopeia's ability to successfully perform under its collaborations with Cephalon, GlaxoSmithKline, Organon and Wyeth, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia's ability to raise additional capital, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia's anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia's ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions.

Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Pharmacopeia at http://www.pharmacopeia.com. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.

Tables to follow


PHARMACOPEIA, INC.
SELECTED FINANCIAL DATA
(Dollars in thousands, except share data)
Consolidated Statements of Operations

For the Three Months For the Six Months
Ended June 30, Ended June 30,
2007 2006 2007 2006
(unaudited) (unaudited)
Revenue
Net revenue $4,957 $3,292 $11,306 $7,408

Operating Expenses
Collaborative research and
development expense 5,685 2,979 10,922 6,312
Proprietary research and
development expense 5,033 5,468 12,451 11,760
General and administrative
expense 2,771 2,424 5,459 4,871
Total operating expenses 13,489 10,871 28,832 22,943
Operating loss (8,532) (7,579) (17,526) (15,535)
Interest and other income 942 333 1,638 614
Interest and other expense (5) - (5) -
Change in warrant liability 638 - (1,068) -
Restructuring credits - 88 - 88
Loss before income taxes (6,957) (7,158) (16,961) (14,833)
(Benefit from) provision for
income taxes (52) 20 (52) 28
Net loss $(6,905) $(7,178) $(16,909) $(14,861)

Net loss per share:
- Basic and diluted $(0.26) $(0.47) $(0.63) $(0.98)

Weighted average number
of common stock shares
outstanding:
- Basic and diluted 26,336,997 15,263,977 26,716,303 15,237,364



PHARMACOPEIA, INC.
SELECTED FINANCIAL DATA
(Dollars in thousands)
Consolidated Balance Sheets

June 30, December 31,
2007 2006
(unaudited)

Cash, cash equivalents and marketable
securities $92,686 $46,140
Accounts receivable, net - 5,006
Other assets, net 15,599 14,981
Total assets $108,285 $66,127

Current liabilities $27,375 $18,750
Long-term liabilities 28,402 16,946
Total stockholders' equity 52,508 30,431
Total liabilities and stockholders'
equity $108,285 $66,127

SOURCE Pharmacopeia

Source: PR Newswire (August 2, 2007 - 3:00 PM EST)

News by QuoteMedia
www.quotemedia.com

Pharmacopeia to Receive $5 Million Payment from GlaxoSmithKline
Payment Triggered by Pharmacopeia's Achievement of Collaboration Criteria

PHILADELPHIA and PRINCETON, N.J., June 13 /PRNewswire-FirstCall/ -- GlaxoSmithKline (NYSE: GSK), a global pharmaceutical company, and Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, announced today that Pharmacopeia will receive a payment of $5 million from GSK. This is the second $5 million payment to be received by Pharmacopeia in connection with the product development and commercialization agreement entered into by the two companies in March 2006.

This payment is triggered by Pharmacopeia's completion of certain early discovery activities established under its agreement with GSK. Pharmacopeia is entitled to a third $5 million payment upon the completion of additional early discovery activities. Pharmacopeia is also entitled to success-based milestone payments totaling up to $83 million per program for any drug development program pursued through the multi-program alliance and up to double-digit royalties on the sales of any products commercialized by GSK from the alliance. Should GSK decline its option to complete pivotal trials of programs resulting from the alliance, Pharmacopeia may independently pursue development of these programs, subject to its obligations to GSK under the agreement.

Hugh Cowley, Senior Vice President of GSK and head of the Center of Excellence for External Drug Discovery (CEEDD) at GSK noted, 'The alliance between the CEEDD and Pharmacopeia is off to a tremendous start, and the CEEDD is very pleased with the progress to date on the several programs underway. We expect the alliance to contribute to GSK's development pipeline in the future, validating the collaboration model we sought to establish under the CEEDD umbrella at GSK.'

'The alliance with GSK has proven to be very valuable to Pharmacopeia,' said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. 'Allying our scientific expertise and platform with the insights we obtain from the CEEDD scientists provides an excellent opportunity to develop novel therapeutics and approaches that we believe may one day address some of the most significant unmet medical needs.'

About The CEEDD

GlaxoSmithKline is enhancing the way it discovers and develops drugs by creating a small dedicated team who will feed the GSK pipeline solely through the efforts of its external alliances. The CEEDD (Center of Excellence for External Drug Discovery) was formed as further validation of GSK's strategy to create small, independent and accountable R&D teams (Centers of Excellence for Drug Discovery or CEDDs). In essence, the CEEDD will 'virtualize' a portion of the GSK pipeline; namely, from Target to Clinical PoC, by forming multiple risk-sharing/reward-sharing alliances. Capitalizing on the speed and efficiency of its collaborators will allow GSK to deliver pharmaceuticals products faster to patients.

About GlaxoSmithKline

GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer.

About Pharmacopeia

Pharmacopeia is committed to discovering and developing novel therapeutics to address significant medical needs. The Company has a broad portfolio advancing toward clinical validation, both independently and with partners. Pharmacopeia's most advanced internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) for hypertension and diabetic kidney disease for which Phase 1 clinical trials are underway. Other internal proprietary programs address primarily immunoregulation. Pharmacopeia's collaborative efforts have resulted in a portfolio that includes one partnered program currently in Phase 2 clinical trials targeting chronic obstructive pulmonary disease (COPD) and four partnered programs in Phase 1 clinical trials targeting rheumatoid arthritis, oncology, metabolic and inflammatory diseases. Four additional partnered compounds are in preclinical development. Pharmacopeia's current strategic alliances are with Cephalon, GlaxoSmithKline, Organon and Wyeth.

Cautionary statement regarding forward-looking statements

Under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995, the company cautions investors that any forward-looking statements or projections made by the company, including those made in this Announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect the Group's operations are described under 'Risk Factors' in the Operating and Financial Review and Prospects in the company's Annual Report on Form 20-F for 2004.

This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward- looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia's plans to develop PS433540, a product candidate from its DARA program, Pharmacopeia's Phase 1 clinical studies and proposed Phase 2 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia's estimates of the market opportunities for its product candidates, including PS433540, Pharmacopeia's ability to successfully perform under its collaborations with Cephalon, GlaxoSmithKline, Organon and Wyeth, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia's ability to raise additional capital, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia's anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia's ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions.

Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Pharmacopeia at http://www.pharmacopeia.com. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.

Pharmacopeia Contact:
Simon M. Tomlinson
Senior Vice President, Business Development
609-452-3643

GlaxoSmithKline Contact:
Rick Koenig
610-270-5546

SOURCE Pharmacopeia

Source: PR Newswire (June 13, 2007 - 7:30 AM EDT)

PCOP -- Pharmacopeia Drug Discovery, Inc.
Com (1 Cent)

http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001104659%252D07...



Registration No. 333-



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549


--------------------------------------------------------------------------------

FORM S-3

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933


--------------------------------------------------------------------------------

Pharmacopeia Drug Discovery, Inc.

(Exact name of registrant as specified in its charter)

Delaware

51-0418085

(State or other jurisdiction
of incorporation or organization)

(I.R.S. Employer
Identification No.)





--------------------------------------------------------------------------------

P.O. Box 5350
Princeton, New Jersey 08543-5350
(609) 452-3600

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)


--------------------------------------------------------------------------------

Stephen C. Costalas, Esq.
Executive Vice President, General Counsel and Secretary
Pharmacopeia Drug Discovery, Inc.
P.O. Box 5350
Princeton, New Jersey 08543-5350
(609) 452-3600

(Name, address including zip code, and telephone number, including area code, of agent for service)


--------------------------------------------------------------------------------

With a copy to:

Ella DeTrizio, Esq.
Dechert LLP
P.O. Box 5218
Princeton, New Jersey 08543-5218
(609) 620-3211


--------------------------------------------------------------------------------

Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. o

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. x

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. o

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. o

CALCULATION OF REGISTRATION FEE

Title of Each Class of
Securities to be Registered

Amount to be
Registered

Proposed Maximum
Offering Price
Per Security(1)

Proposed Maximum
Aggregate Offering
Price (2)

Amount of
Registration Fee


Common Stock, $.01 par value per share

(3)

(3)

(3)

(3)


Preferred Stock, $.01 par value per share

(3)

(3)

(3)

(3)


Debt Securities

(3)

(3)

(3)

(3)


Warrants

(3)

(3)

(3)

(3)


Units

(3)

(3)

(3)

(3)




$45,000,000

100%

$45,000,000

$4,815






--------------------------------------------------------------------------------

(1) This registration statement includes $45,000,000 of securities which may be issued by the registrant from time to time in indeterminate amounts and at indeterminate times. Securities registered hereunder may be sold separately, together or as units with other securities registered hereunder. The securities registered hereunder also include such indeterminate number of shares of common stock and preferred stock, warrants or units of registrant.

(2) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) of the Securities Act of 1933, as amended (the “Securities Act”).

(3) Not required to be included in accordance with General Instruction II.D. of Form S-3 under the Securities Act.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment that specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.





--------------------------------------------------------------------------------


The information in this prospectus is not complete and may be changed. We may not sell these securities until the Securities and Exchange Commission declares our registration statement effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Subject to completion, dated February 16, 2007



$45,000,000

Common Stock
Preferred Stock
Debt Securities
Warrants
Units

We may offer and sell, from time to time in one or more offerings, any combination of common stock, preferred stock, warrants, debt securities or units having an aggregate initial offering price not exceeding $45,000,000. When we decide to sell a particular class or series of securities, we will provide specific terms of the offered securities in a prospectus supplement.

We will provide specific terms of the offerings of our securities in supplements to this prospectus. The prospectus supplement may also add, update or change information in this prospectus. You should read this prospectus and any prospectus supplement, as well as the documents incorporated by reference or deemed to be incorporated by reference into this prospectus, carefully before you invest.

This prospectus may not be used to offer or sell our securities unless accompanied by a prospectus supplement.

Our common stock is traded on the Nasdaq Global Market under the symbol “PCOP.” Each prospectus supplement will contain information, where applicable, as to any listing on the Nasdaq Global Market or any other securities exchange covered by the prospectus supplement.

The mailing address of our principal executive offices is P.O. Box 5350, Princeton, NJ 08543-5350, and our telephone number is (609) 452-3600.

Investing in our securities involves various risks. See the section entitled “Risk Factors” on page 3 for more information on these risks. Additional risks associated with an investment with us as well as with our securities will be described in the related prospectus supplements.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

The date of this Prospectus is , 2007.