Exhibit 99.1
ARIAD Announces Collaboration with ICON Medical to Develop and
Commercialize Novel Deforolimus-Eluting Stents
Agreement Further Highlights Therapeutic Value of ARIAD's Novel
mTOR Inhibitor
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 11, 2007--ARIAD Pharmaceuticals,
Inc. (NASDAQ: ARIA) today announced that it has entered into a non-exclusive
license agreement with ICON Medical Corp., an emerging cardiovascular medical
device company, to develop and commercialize drug-eluting stents that deliver
ARIAD's novel mTOR inhibitor, deforolimus, to prevent restenosis of injured
vessels following interventions in which stents are used in conjunction with
balloon angioplasty. Inhibitors of mTOR block the wound-healing response to
arterial injury that leads to restenosis.
As part of the agreement, ARIAD will receive an equity stake in ICON, up to
$27 million in payments based on achievement of certain clinical, regulatory and
commercial milestones for two products and royalties on worldwide sales of all
ICON medical devices delivering deforolimus. ICON will be responsible for the
development and commercialization of these medical devices, and ARIAD will
supply deforolimus to ICON for use in these devices. Additional terms were not
disclosed.
ARIAD has retained the right to enter into one additional non-exclusive
license agreement, in addition to the licenses granted to ICON and Medinol Ltd.,
to develop and commercialize medical devices delivering deforolimus for use in
vascular disease.
"ICON is one of the most innovative and promising medical device companies
with broadly applicable technologies," said Harvey J. Berger, M.D., chairman and
chief executive officer of ARIAD. "ICON's design and manufacturing capabilities
have led to highly differentiated stent platforms and bioabsorbable polymer
formulations that should enable its deforolimus-eluting stents to provide
substantial benefit to patients with coronary and peripheral vascular disease.
This agreement further enables ARIAD to focus on developing deforolimus in
multiple cancer indications with our partner, Merck & Co., while maximizing the
drug's potential non-oncology applications."
The proprietary metal alloy (Nuloy(TM)) developed by ICON permits the
manufacture of stents with extremely thin struts, yet without sacrificing radial
strength. The Nuloy coronary stent system can be readily delivered to target
vessels and positioned in difficult-to-reach vascular lesions, without
compromising radiopacity (density) or durability of the stent. The Nuloy
bare-metal stent has successfully completed its first-in-humans clinical trial.
This platform will form the basis for ICON's initial deforolimus-eluting stent
for use in coronary arteries.
"We are delighted with the opportunity to work together with the ARIAD
team. Having access to a well-characterized and broadly studied drug for use in
drug-eluting stents should allow ICON to move ahead expeditiously in the
development of our portfolio of innovative cardiovascular products for coronary
and peripheral vascular disease," said Jay Yadav, M.D., chairman of ICON.
President and chief executive officer of ICON, Jack Merritt added, "The
combination of the Nuloy stent platform and deforolimus should provide
interventional cardiologists with breakthrough treatment options in this growing
patient population."
About Restenosis and Drug-eluting Stents
Restenosis is a reblockage of an artery at the same site where a treatment,
such as balloon angioplasty and/or a stenting procedure, has been implemented
weeks to months earlier. In patients who have undergone balloon angioplasty and
stent placement, restenosis within and around the stent occurs frequently,
depending on the stent design and underlying disease. The main reason for such
reblockage is the overgrowth of tissue (similar to scar tissue) that may cause
narrowing of the vessel and further constriction. Stents that release a drug,
such as an mTOR inhibitor (e.g., sirolimus) or a mitotic inhibitor (e.g.,
paclitaxel), have been shown to reduce the extent of tissue overgrowth, lower
the incidence of restenosis and result in improved clinical outcomes for many
patients.
About Deforolimus
ARIAD's lead product candidate, deforolimus, is a novel small-molecule
inhibitor of the protein mTOR, a "master switch" in cancer cells. Blocking mTOR
creates a starvation-like effect in cancer cells by interfering with cell
growth, division, metabolism, and angiogenesis. Multiple Phase 1 and 2 clinical
trials of deforolimus in solid tumors and hematologic cancers have completed
patient enrollment. The ongoing global Phase 3 SUCCEED trial of oral deforolimus
in metastatic soft-tissue and bone sarcomas is based on a Special Protocol
Assessment agreed upon by the U.S. Food and Drug Administration. ARIAD has a
global partnership with Merck & Co., Inc. to develop and commercialize
deforolimus in cancer. Blocking mTOR also impedes the wound-healing response to
arterial injury that leads to restenosis. ARIAD is collaborating with Medinol
Ltd. and ICON Medical Corp. to develop deforolimus-eluting stents to prevent
restenosis of injured vessels following interventions in which stents are used
in conjunction with balloon angioplasty.
About ICON Medical
ICON Medical Corp., an emerging cardiovascular medical device company, is
engaged in the development of an innovative new stent material, Nuloy(TM), to be
used as a platform for both bare-metal and drug-eluting stents. The Nuloy
material has inherent properties which allow for extremely thin struts, almost
50% thinner than the most advanced commercial coronary stent available. Nuloy
allows ICON to manufacture stents with increased strength, radiopacity and
deliverability, and decreased elastic recoil compared with that in existing
stent materials. The ICON Nuloy stent material allows for dramatic improvements
in crossing profile and deliverability, without compromise to radiopacity and
durability of the stent.
ICON is also developing a bioabsorbable stent platform based on its
Micro-Electro-Mechanical Systems (MEMS) technology for use in peripheral
vessels. The MEMS technology allows ICON to enhance mechanical functionality and
drug delivery by way of multi-layer tailoring construction of the stent and by
incorporating microstructures, which deliver drug directly to the site of injury
deep within the medial vessel wall. This controlled delivery of drug followed by
stent absorption may result in improved outcomes and re-intervention options in
superficial femoral arteries.
About ARIAD
ARIAD is engaged in the discovery and development of breakthrough medicines
to treat cancer by regulating cell signaling with small molecules. ARIAD is
developing a comprehensive approach to patients with cancer that addresses the
greatest medical need - aggressive and advanced-stage cancers for which current
treatments are inadequate. ARIAD has a global partnership with Merck & Co., Inc.
to develop and commercialize deforolimus, ARIAD's lead cancer product candidate.
Medinol Ltd. and ICON Medical Corp. are also developing deforolimus-eluting
stents to prevent restenosis of injured vessels following interventions in which
stents are used in conjunction with balloon angioplasty. ARIAD has an exclusive
license to pioneering technology and patents related to certain NF-(kappa)B
treatment methods, and the discovery and development of drugs to regulate
NF-(kappa)B cell-signaling activity, which may be useful in treating certain
diseases. Additional information about ARIAD can be found on the web at
http://www.ariad.com.
This press release contains "forward-looking statements," including
statements related to the potential payment of clinical, regulatory and
commercial milestones and product royalties. Forward-looking statements are
based on management's expectations and are subject to certain factors, risks and
uncertainties that may cause actual results, outcome of events, timing and
performance to differ materially from those expressed or implied by such
statements. These risks and uncertainties include, but are not limited to, the
costs associated with our research, development, manufacturing and other
activities, the conduct and results of pre-clinical and clinical studies of our
product candidates, difficulties or delays in obtaining regulatory approvals to
market products resulting from our development efforts, our reliance on
strategic partners and licensees, and other key parties for the successful
development, manufacturing and commercialization of products, the adequacy of
our capital resources and the availability of additional funding, patent
protection and third-party intellectual property claims relating to our and any
partner's product candidates, the timing, scope, cost and outcome of legal and
patent office proceedings concerning our NF-(kappa)B patent portfolio, the
potential acquisition of or other strategic transaction regarding the minority
stockholders' interests in our 80%-owned subsidiary, ARIAD Gene Therapeutics,
Inc., future capital needs, key employees, markets, economic conditions, prices,
reimbursement rates, competition and other factors detailed in the Company's
public filings with the U.S. Securities and Exchange Commission. The information
contained in this document is believed to be current as of the date of original
issue. The Company does not intend to update any of the forward-looking
statements after the date of this document to conform these statements to actual
results or to changes in the Company's expectations, except as required by law.
CONTACT: ARIAD
Edward M. Fitzgerald, 617-621-2345
or
ICON
Jack Merritt, 404-920-2062
or
Pure Communications
Sondra Newman, 617-877-5687