PALO ALTO, Calif., Jan. 12 Anacor Pharmaceuticals todayannounced that it has achieved its first candidate selection milestone paymentof $3 million from its collaboration partner, GlaxoSmithKline. Anacor mayreceive future milestone payments and royalties should this product candidateprogress to clinical development and commercial sales.
"We are pleased with the scientific progress we have made as a result ofthe alliance we have built between our team and GSK. The strength of thiscollaboration is reflected in our ability to move our first compound intopreclinical development only 15 months since starting our work together," saidJacob J. Plattner, Ph.D., Senior Vice President of Research at AnacorPharmaceuticals. "We believe that our boron-based platform will continue toallow the collaboration team to successfully identify additional novel productcandidates."
In October 2007, Anacor and GlaxoSmithKline announced a worldwidestrategic alliance for the discovery, development and commercialization ofnovel medicines for viral and bacterial diseases. The collaboration providesGlaxoSmithKline access to Anacor's proprietary boron-based chemistry for useagainst selected antiviral and antibacterial targets.
In December 2008, Anacor closed a $50 million preferred stock financingwith participation from GlaxoSmithKline, Schering Corporation and existinginvestors, including Rho Capital Partners, Venrock Associates, Care Capitaland Aberdare Ventures. Proceeds from the financing will be used to furtherdevelop Anacor's product pipeline based on its boron chemistry platform. Thecombined ownership of GlaxoSmithKline and Schering Corporation is less than 20percent of Anacor's outstanding shares.
About Anacor Pharmaceuticals
Anacor is a biopharmaceutical company developing novel small moleculetherapeutics derived from its boron chemistry platform. Anacor has focusedinitially on developing topical applications of its compounds to treat fungal,bacterial and inflammatory diseases. In addition, the Company is developingsystemic antiviral and antibacterial therapeutics under a research anddevelopment agreement with GlaxoSmithKline. Anacor's most advanced productcandidate is AN2690, a novel topical antifungal in development for thetreatment of toenail onychomycosis, which is a fungal infection of the nailand nail bed. AN2690 is licensed to Schering-Plough Corporation under aworldwide development and commercialization agreement for all indicationsincluding the treatment of onychomycosis. For more information visithttp://www.anacor.com.
This press release contains forward-looking statements, includingstatements regarding our ability to identify and efficiently develop productcandidates using boron chemistry and our ability to secure milestone orroyalty payments from GlaxoSmithKline for these compounds. These statementsrelate to future events and involve known and unknown risks, uncertainties andother factors that could cause actual levels of activity, performance orachievement to differ materially from those expressed or implied by theseforward-looking statements. Some factors that may affect these forward-looking statements include, but are not limited to, undesirable effects fromour product candidates, clinical failure at later stages of development andunexpected termination of existing partnerships. These statements reflect theviews of Anacor as of the date of this press release with respect to futureevents and, except as required by law, it undertakes no obligation to updateor revise publicly any forward-looking statements, whether as a result of newinformation, future events or otherwise after the date of this press release.
SOURCE Anacor Pharmaceuticals