Galapagos receives EUREKA innovation label and OSEO funding
(Thomson Reuters ONE) - Mechelen, Belgium; 26 November 2009 - Galapagos NV (Euronext: GLPG)announces that its antibody therapeutics program with MorphoSys andSARM program have been awarded funding by the French governmentalorganization OSEO. Accordingly, the Paris-based Galapagos R&D centerwill receive interest free loans from OSEO worth ?1.2 M over the nexttwo years. Galapagos will use the loans to help fund thepre-clinical development of SARM candidate drug GLPG0492 for cachexiaand the antibody alliance with MorphoSys.The Galapagos-MorphoSys antibody alliance also has been awarded theinnovation label (E! 5036 GALASYS) by EUREKA, a European network thatenhances European competitiveness through internationalcollaboration. With the EUREKA label, Galapagos received theno-interest loan from the French governmental organization OSEO tohelp fund its part of the alliance. The EUREKA label recognizes thepartners' combined cutting-edge capabilities to generate novelantibody therapeutics, a rapidly growing market currently worth over?20 billion. Galapagos and MorphoSys are developing fully humanantibodies, which are recognized as the next generation oftherapeutic antibodies."This attractive financing that our Paris-based R&D center hasreceived from OSEO will support two highly innovative programs whichwe otherwise would have had to finance internally," said Onno van deStolpe, CEO of Galapagos. "Both of these programs are on-track, withthe SARM candidate drug scheduled to enter the clinic early nextyear."About EUREKAEUREKA was established in 1985 with the objective of strengtheningEuropean competitiveness in the world market and raising the profileand level of European technologies. This is realized though thepromotion of European industrial cooperation in market-oriented R&Dprojects, aimed at the creation of advanced technology applications.As a result, EUREKA has become a catalyst for pan-Europeancooperation between enterprises and research institutes acrossEurope. This cooperation is primarily aimed at bringing products,processes and services to the market. Due to its bottom-up approach(projects are always defined by participants), EUREKA complementsother European initiatives such as the EU Framework Programs, COST,ESA and CERN. More info at: www.eureka.beAbout OSEOOSEO was created in 2005 by bringing together ANVAR (FrenchInnovation Agency) and BDPME (Development Bank for SMEs). OSEO'smission is to provide assistance and financial support to French SMEsin the most decisive phases of their life cycle: start up,innovation, development, business transfer/buy out. By sharing therisk, OSEO facilitates the access of SMEs to financing by bankingpartners and equity capital investors. More info at: www.oseo.frAbout Galapagos' SARM candidate drugGalapagos' SARM candidate drug, GLPG0492, is an orally-availablesmall molecule therapeutic, which has demonstrated successful Proofof Concept in pre-clinical studies for cachexia (the loss of weightand muscle mass). In addition to the cachexia indication, Charley'sFund and the Nash Avery Foundation will support the costs ofpre-clinical studies to assess the potential effectiveness ofGLPG0492 in treating Duchenne muscular dystrophy. Galapagos iscurrently conducting pre-clinical development for GLPG0492, and plansto initiate a Phase I clinical trial in healthy volunteers in thebeginning of 2010.About the Galapagos-MorphoSys antibody alliance in bone and jointdiseasesIn November 2008, Galapagos and MorphoSys entered a co-developmentalliance aimed at discovering and developing antibody therapies basedon novel modes of action in bone & joint disease, includingrheumatoid arthritis, osteoporosis and osteoarthritis. The alliancespans activities from target discovery through to completion of Proofof Concept clinical trials of novel therapeutic antibodies. Bothcompanies contribute their core technologies and expertise to thealliance. Galapagos provides antibody targets implicated in bone &joint disease in addition to its adenoviral target discovery platformto discover further targets for antibody development. MorphoSyscontributes its HuCAL antibody technologies to generate fully humanantibodies directed against these targets. The initial goal is tofurther validate the targets through disease-specific in vitro and invivo testing of the antibodies. After successful validation, thealliance will select antibody programs for pre-clinical and clinicaldevelopment. Following Proof of Concept in human clinical trials,programs will be partnered for subsequent development, approval andmarketing. Under the terms of the agreement, Galapagos and MorphoSyswill share the research and development costs, as well as all futurerevenues equally.About GalapagosGalapagos (Euronext: GLPG; OTC: GLPYY) is a drug discovery anddevelopment company with small molecule programs in bone and jointdiseases, bone metastasis, cachexia, anti-infectives and metabolicdiseases. It has established risk sharing alliances with GSK,Janssen Pharmaceutica, Eli Lilly and Merck and Co. Through analliance with MorphoSys, Galapagos is also developing new antibodytherapies in bone and joint diseases. Its division BioFocus offers afull suite of target-to-drug discovery products and services topharmaceutical and biotech companies and to patient foundations,encompassing target discovery and validation, screening and drugdiscovery through to delivery of pre-clinical candidates. Galapagoscurrently employs 495 people and operates facilities in sixcountries, with global headquarters in Mechelen, Belgium. More infoat: www.glpg.comCONTACTGalapagos NVOnno van de Stolpe, CEOTel: +31 6 2909 8028ir(at)glpg.comThis release may contain forward-looking statements, including,without limitation, statements containing the words "believes,""anticipates," "expects," "intends," "plans," "seeks," "estimates,""may," "will," "could," "stands to," and "continues," as well assimilar expressions. Such forward-looking statements may involveknown and unknown risks, uncertainties and other factors which mightcause the actual results, financial condition, performance orachievements of Galapagos, or industry results, to be materiallydifferent from any historic or future results, financial conditions,performance or achievements expressed or implied by suchforward-looking statements. Given these uncertainties, the reader isadvised not to place any undue reliance on such forward-lookingstatements. These forward-looking statements speak only as of thedate of publication of this document. Galapagos expressly disclaimsany obligation to update any such forward-looking statements in thisdocument to reflect any change in its expectations with regardthereto or any change in events, conditions or circumstances on whichany such statement is based, unless required by law or regulation.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.11.2009 - 07:30 Uhr
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