Archemix Announces Strategic Alliance With Elan To Discover And Develop Aptamer Therapeutics

Archemix Corp. announced
today a multi-year, multi-product alliance with Elan Corporation, plc
(NYSE: ELN) focused on the discovery, development, and commercialization of
first-in-class aptamer therapeutics to treat autoimmune disease. The
companies will seek to develop aptamer therapeutics to IL-23, a cytokine
that has emerged as a mediator in the chronic autoimmune inflammatory
diseases, and additional protein targets. The collaboration combines
Archemix's extensive expertise in aptamer therapeutics with Elan's
experience and leadership in the development and commercialization of new
therapies for autoimmune diseases.


Under the terms of the agreement, Archemix will receive an upfront
payment of $7 million. Depending upon the number of products successfully
commercialized under the collaboration, Archemix is eligible to receive
development and sales milestones in excess of $350 million. Archemix is
also entitled to receive a royalty on any marketed products developed under
the collaboration. Other financial terms were not disclosed. Archemix also
has an option to participate in the co-development of some products that
may emerge from this collaboration.


"We selected Elan from a number of potential pharmaceutical partners
because of its demonstrated expertise in the clinical and regulatory
landscape of autoimmune disease," said Dr. Errol De Souza, President and
Chief Executive Officer of Archemix. "Our robust intellectual property
position in aptamer therapeutics uniquely positions Archemix to be a
product development engine, developing a portfolio of aptamers for both
acute and chronic disease. Aptamers are poised to become the next
generation of therapeutics, and we are extremely pleased to be working with
a company of Elan's caliber on their development."


G. Kelly Martin, Elan's President and Chief Executive Officer,
commented, "We are pleased and enthusiastic about joining forces with
Archemix to seek to further expand patient/physician treatment choice in
autoimmune diseases. By combining our strengths, this collaboration can
accelerate the development of new therapies for chronic, debilitating
diseases with continued unmet medical needs."



About Interleukin 23


Interleukin 23, or IL-23, is a cytokine that has emerged as a mediator
in chronic autoimmune inflammatory diseases such as Multiple Sclerosis,
Crohn's Disease, Psoriasis, and Rheumatoid Arthritis. Preclinical results
have demonstrated that IL-23 exerts its pro-inflammatory effects
principally at the site of inflammation. It is hypothesized that specific
blockade of IL-23 may control clinical symptoms at the level of the
inflamed tissue without generally suppressing the patient's immune system,
thus preserving the body's ability to fight infection. The current
anti-cytokine treatments for autoimmune disorders have a number of
disadvantages, including an increased risk of infection, increased chances
of developing lymphoma, renal toxicity, and limited efficacy. Archemix's
aptamers are first-in-class therapeutics for autoimmune diseases that exert
their action by specifically inhibiting IL-23 in the target tissue.


About Aptamers


Aptamers are single-stranded nucleic acids that form well-defined
three-dimensional shapes, allowing them to bind to target molecules in a
manner that is conceptually similar to antibodies. Aptamers combine the
optimal characteristics of small molecules and antibodies, including high
specificity and affinity, chemical and biological stability, low
immunogenicity, and the ability to target protein-protein interactions. In
contrast to monoclonal antibodies, aptamers are chemically synthesized
rather than biologically expressed, potentially offering a significant cost
advantage. As therapeutic agents, aptamers have demonstrated clinical
biological efficacy and typically have excellent, tunable pharmacokinetic
properties.



About Archemix Corp.


Archemix Corp. is a privately-held biopharmaceutical company based in
Cambridge, Massachusetts. The company's mission is to develop aptamers as a
class of directed therapeutics for the prevention and treatment of human
disease. Because of their unique properties and proven efficacy, aptamers
are a superior alternative to biologics and small molecules and will be a
major class of drugs for the treatment of unmet medical needs.


Archemix's aptamer expertise is complemented by a robust patent estate
comprised of over 220 issued and 230 pending patents covering the
identification, composition, and use of therapeutic aptamers. In addition
to the company's core aptamer generation technology, Archemix possesses
strong expertise in both preclinical and clinical drug development. Further
information on Archemix can be found at archemix.


Archemix Corp.

archemix

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