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ASINEX Announces one year extension to Lead Optimization program with Avalon Pharmaceuticals Moscow, January, 2003-ASINEX, A worldwide leader
in lead generation and lead optimization, today announced a 1 year prolongation
to their multi-FTE deal with Avalon Pharmaceuticals, a next-generation
genomics-based company. ASINEX will perform chemical lead optimization of
compounds discovered through the use of diverse, small molecule collections from
both companies. Financial terms of the agreement were not disclosed. To date, the medicinal chemistry departments at
both ASINEX and Avalon have been involved in the design and synthesis of
compounds derived from initial hits of certain high throughput screening assays.
Several optimization programs have been completed resulting in the delivery of
potential drug candidates to Avalon. Staszek Pikul, Senior Scientific Director at
Avalon stated, " We have been very
pleased by the quality of work of Asinex chemists and by the contribution they
made to a rapid progression of our Lead Optimization programs. It's
been a good and productive collaboration and I am happy to see Asinex and Avalon
continue working together for another year." Prof. Dr. Mikhail Kirpichenok, Director of
Research at ASINEX commented, "We are delighted that Avalon has agreed to
continue its collaboration with ASINEX for another year. This is validation of
the work that we have performed during the last year, we hope that this alliance
will continue for many more years." About ASINEX ASINEX (www.asinex.com)
is a full-service chemistry provider of 'Intelligent Chemistry` for the lead
generation and optimization stage of drug discovery. Well known as a supplier of
diverse, small molecule libraries for screening and building blocks for
combinatorial chemistry, ASINEX has developed a reputation for cost-effective
and efficient Lead Optimization, Custom Synthesis and Focused Library
Generation. Based in Moscow, with a total of 111 chemists (48 Ph.D.), 8
computational chemists (6 Ph.D.) and 30 biologists (20 Ph.D.), ASINEX is a
powerful drug discovery resource. About Avalon Pharmaceuticals Avalon Pharmaceuticals (http://www.avalonrx.com/)
is a next-generation genomics-based company utilizing unique and proprietary
methods to improve and accelerate the discovery of small molecule drugs directly
from genomics data. Through its comprehensive approach, Avalon can identify gene
transcription markers for disease activity and directly screen for drug effects
using multi-parameter gene signatures in complex biological systems. The company
is thus able to rapidly identify small molecule drug candidates and to optimize
these for highly disease specific activity, thereby producing very high quality
lead compounds much faster than traditional target based drug discovery.
Currently, Avalon is focusing its efforts on identifying therapeutics with novel
mechanisms of actions that counteract or arrest the malignant transformation of
cancer cells. Avalon Pharmaceuticals was established in 1999
and is headquartered in Gaithersburg, Maryland. ### This press release includes forward-looking
statements based on management's current expectations. Factors that could cause
future results to differ materially from such expectations include, but are not
limited to: the ability to secure future funding; the success of the Company's
research strategy; the applicability of the discoveries made therein; the
difficulties inherent in the development of pharmaceuticals, including
uncertainties as to the timing and results of pre-clinical studies; delayed
achievements of milestones; reliance on collaborators; uncertainty as to whether
the Company's potential products will succeed in entering human clinical trials
and uncertainty as to the results of such trials; uncertainty as to whether
adequate reimbursement for these products will exist from the government,
private healthcare insurers and third-party players; and the uncertainties as to
the extent of future government regulation of the pharmaceutical business. For more info please contact: ASINEX Ltd Avalon
Pharmaceuticals Chief Executive Officer Tel: (301) 556-9810 Email: kcarter@avalonrx.com |
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