NEUROGENETICS, INC. EXTENDS AGREEMENT WITH EISAI CO., LTD.
LA JOLLA, California, and Tokyo, Japan October 24, 2002- Neurogenetics, Inc. (President & CEO: Dr. Neil Kurtz) a privately held biopharmaceutical company, and Eisai Co., Ltd (President & CEO Mr. Haruo Naito) today announced the signing of a research agreement that will focus on the discovery of genes responsible for Late Onset Alzheimer's Disease (LOAD) to establish valid targets and to facilitate the development of new therapeutic products.
Neurogenetics received a signing fee, an equity investment and research support for three years. In return, Neurogenetics has granted to Eisai rights of first negotiation and refusal for biologically validated targets identified by the research collaboration. In addition, Neurogenetics and Eisai may enter into drug discovery agreements involving the biologically validated targets. Financial terms of the agreement were not disclosed. The LOAD gene discovery and target discovery research will be performed at Neurogenetics, Inc. in collaboration with Dr. Rudolph Tanzi's laboratories at the Massachusetts General Hospital and Harvard University.
"It is Eisai's mission, as the company that has discovered Aricept for the treatment of Alzheimer's disease, to continuously offer innovative solutions to patients worldwide who are suffering from the disease. We believe the collaboration with Neurogenetics, Inc. for the LOAD program will facilitate our research activities to find curative or preventive treatments for Alzheimer's disease." said Dr. Hiroshi Yamauchi, Senior Vice President-Research & Development of Eisai Co., Ltd.
"We are excited about extending our existing relationship with Eisai. The new agreement further validates our genetic approach and underscores the progress we have made," said Dr. Neil Kurtz. " This agreement enables us to retain value as well as expand our resources to accomplish the critical milestones we have set for the LOAD gene and target discovery program," added Dr. Kurtz.