Danish LEO Pharma Obtains License from SWITCH Biotech

Munich (January 30, 2003) - The ongoing co-operation between Danish LEO Pharma and SWITCH Biotech AG has reached an important milestone on-schedule by validating a target for the development of therapeutically active molecules. The target plays an important role in controlling the course of the skin disease psoriasis. 

Following SWITCH Biotech's successful research efforts in collaboration with LEO Pharma the company will receive an undisclosed sum in license payments.

In a next step, SWITCH Biotech and LEO Pharma will search for suitable active compounds that display modulating effects on the target and aid the development of novel and low-side effect drugs against psoriasis.

The co-operation agreement between SWITCH Biotech and LEO Pharma was initiated in June 2001 to identify drug targets in two common skin diseases: psoriasis and atopic dermatitis.

Dr. Andreas Goppelt, Chief Scientific Officer of SWITCH Biotech explains: "With the recently reached milestone SWITCH Biotech has demonstrated that we are able to deliver the promised results to our partners in time. This is further proof that we are a reliable partner to pharmaceutical companies that look for innovative approaches to keep their product pipelines supplied."

Dr. Poul Rasmussen, Executive Vice President R&D at LEO Pharma, commenting on the valuable discoveries from Munich-Neuried added: "Not only SWITCH Biotech's expertise in the area of skin genetics but also the company's professional manner and its fast and determined work give us great confidence to have found a dependable partner."

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About LEO Pharma:
Danish R&D-based LEO Pharma is, with its psoriasis drugs Daivonex® and Daivobet®, recognised as the worldwide market leader in this area. The company has affiliate and regional offices in 20 countries and markets its products in more than 90 countries.

Further information available on www.leo-pharma.com .

About SWITCH Biotech:
SWITCH Biotech AG carries out genetic research to identify target molecules which are involved in the wound healing process and skin diseases. The objective is to develop, in conjunction with pharmaceutical companies, new medication to be used in the treatment of dermatological complaints (psoriasis, atopic dermatitis etc.) and cutaneous ulcers.

The third round of financing was completed in April 2002, bringing the total investment of this round to 23.8 million Euro. In the previous two rounds of financing the company has received 10.6 million Euro. 

Further information available on www.switch-biotech.com .

Further information can also be obtained from:

SWITCH Biotech AG

Christine Neumüller 
Floriansbogen 2-4 
D-82061 Neuried/Germany

Tel.: 0049-89-74946-291 
Fax: 0049-89-74946-131 
E-mail: christine.neumueller@switch-biotech.com  
http://www.switch-biotech.com