Myogen Announces Sale of Myogen GmbH
03 2월 2006 - 6:30AM
PR Newswire (US)
DENVER, Feb. 2 /PRNewswire-FirstCall/ -- Myogen, Inc.
(NASDAQ:MYOG), a biopharmaceutical company focused on the
discovery, development and commercialization of small molecule
therapeutics for the treatment of cardiovascular disorders, today
announced the sale of Myogen GmbH, its wholly-owned European
subsidiary, and the sublicense of its rights to Perfan(R) I.V.
(intravenous enoximone) in markets outside North America to Wulfing
Holding GmbH. Under the terms of the sale and sublicense
agreements, Wulfing has agreed to pay Myogen approximately $6.1
million on or prior to February 10, 2006 and a royalty on future
net sales of Perfan(R) I.V. In exchange, Wulfing will receive an
exclusive sublicense to manufacture and commercialize Perfan(R)
I.V. in markets outside North America, all of the outstanding
capital stock of Myogen GmbH, rights to certain Perfan(R) I.V.
trademarks and all existing inventories of Perfan(R) I.V. finished
product. "We are pleased to have reached an agreement that will
assure continued patient access to Perfan(R) I.V.," said John R.
Julian, Senior Vice President, Commercial Development of Myogen.
"The sale of Myogen GmbH allows us to focus on the strategic
requirements of our development-stage assets, ambrisentan and
darusentan, while bringing in additional financial resources to
support these activities." About Perfan I.V. Intravenous enoximone
is a positive inotropic agent indicated for the treatment of acute
decompensated heart failure and various uses in the cardiac surgery
setting. Perfan(R) I.V. is currently available in eight European
markets. The product was licensed from Hoechst Marion Roussel Inc.
(now Sanofi-Aventis) in 1999. Our current contract and terms remain
in effect. About Myogen Myogen has two product candidates in
late-stage clinical development: ambrisentan for the treatment of
patients with pulmonary arterial hypertension (PAH) and darusentan
for the treatment of patients with resistant hypertension. The
Company, in collaboration with Novartis, also conducts a target and
drug discovery research program focused on the development of
disease-modifying drugs for the treatment of chronic heart failure
and related cardiovascular disorders. Please visit the company's
website at http://www.myogen.com/. Safe Harbor Statement This press
release contains forward-looking statements that involve
significant risks and uncertainties, including summary statements
relating to the company's future receipt of proceeds from the sale
and sublicense transactions. Actual results could differ materially
from those projected and the Company cautions investors not to
place undue reliance on the forward-looking statements contained in
this release. Myogen is at an early stage of development and may
not ever have any products that generate significant revenue.
Additional risks and uncertainties relating to the Company and its
business can be found in the "Risk Factors" section of Myogen's
Form 10-K for the year ended December 31, 2004 and Myogen's reports
on Form 10-Q and Form 8-K. It is Myogen's policy to only update or
reconfirm its public guidance by issuing a press release or filing
a periodic or current report with the Securities and Exchange
Commission. DATASOURCE: Myogen, Inc. CONTACT: Derek K. Cole,
Director, Investor Relations of Myogen, Inc., +1-303-464-3986, Web
site: http://www.myogen.com/
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