PRAECIS PHARMACEUTICALS INCORPORATED Receives the Cerep Award for Research Related to Its Investigational Drug Candidate, PPI-24
October 24 2006 - 7:00AM
Business Wire
PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced
that it received the Cerep Award for Research with the greatest
therapeutic potential at the 14th International Inflammation
Research Association (IRA) Conference held in Cambridge, Maryland
last week. The award was given to PRAECIS for its presentation
entitled �Disease-modifying activity in a model of rheumatoid
arthritis with an orally available inhibitor of methionine
aminopeptidase type-2, PPI-2458,� which was delivered by William
Westlin,�Ph.D., Senior Vice President, Preclinical Research. Dr.
Westlin presented preclinical data that provide the scientific
rationale for studying the investigational compound PPI-2458 as a
targeted molecular therapy for rheumatoid arthritis. The
presentation may be viewed on the Company�s website
(http://www.praecis.com) in the �Investors� section, under
�Presentations.� The Inflammation Research Association is a
non-profit organization instituted to bring together scientists of
all degree and experience levels with an interest in inflammation
research. The IRA encourages communication and discussion of
scientific and technological advances that can be used to develop
new therapeutic agents for the wide diversity of serious diseases
associated with inflammatory processes. Commenting on this
recognition, Dr. Westlin stated, �This year�s IRA meeting had an
extraordinary depth of high quality science across a wide range of
therapeutic areas. We are proud that PPI-2458 has been given the
Cerep Award and appreciate the recognition from this organization
and the scientific community of the therapeutic potential of this
molecule for patients with rheumatoid arthritis.� PPI-2458 is a
novel, proprietary, orally available small molecule that
specifically targets the enzyme, methionine aminopeptidase-2
(MetAP-2). The research presented on PPI-2458 demonstrates the
molecule�s ability to inhibit angiogenesis and the proliferation of
human rheumatoid arthritis synovial cells that contribute to the
pathogenesis of the disease. Additionally, the presentation
highlighted new mechanism of action data that demonstrate
significant protective effects of PPI-2458 on bone and cartilage
destruction and also described PPI-2458�s disease-modifying
activity in animal models of rheumatoid arthritis. �It is
gratifying to see our work in this area being recognized as
important by the inflammation community. This award underscores our
belief in the potential of PPI-2458 as a treatment for autoimmune
diseases, like rheumatoid arthritis,� said Kevin F. McLaughlin,
PRAECIS� President and Chief Executive Officer. PRAECIS currently
is conducting a Phase 1 clinical study of PPI-2458 in cancer
patients. The study is designed to assess the safety and
tolerability of orally administered PPI-2458. As a secondary
endpoint, the study will assess the pharmacodynamic activity of
PPI-2458. Interim data from this clinical trial will be presented
at the upcoming 18th EORTC-NCI-AACR Symposium on �Molecular Targets
and Cancer Therapeutics� being held from Tuesday, November 7 to
Friday, November 10, 2006 at the Prague Congress Centre in Prague,
Czech Republic. Additional information about the Company�s ongoing
clinical trial for PPI-2458 can be accessed on the Internet at
www.clinicaltrials.gov. The Company is currently planning its Phase
2 clinical development protocols in oncology and is evaluating the
potential initiation of clinical studies in rheumatoid arthritis.
About PRAECIS PRAECIS PHARMACEUTICALS INCORPORATED is a
biopharmaceutical company focused on the discovery and development
of novel compounds that have the potential to address unmet medical
needs or improve existing therapies. PRAECIS has a novel MetAP-2
inhibitor, PPI-2458, in clinical development for cancer
indications, including non-Hodgkin�s lymphoma and solid tumors, as
well as an innovative drug discovery technology, DirectSelect�,
which enables the generation and practical use of ultra-large
libraries for the discovery of orally active compounds for drug
development. This news release contains forward-looking statements
regarding the Company�s continued development of PPI-2458 for
cancer and autoimmune disorders. These statements are based on the
Company�s current beliefs and expectations as to future outcomes
and are not guarantees of such outcomes or of future performance.
These statements are subject to numerous risks, uncertainties and
assumptions that could cause actual events and results to differ
from those expected or anticipated, including, but not limited to,
the Company�s ability to continue development of and successfully
partner or otherwise obtain funding for its PPI-2458 program, the
Company�s ability to continue to manage operating expenses and to
retain key employees, unexpected expenditures, the timing and
content of decisions made by the FDA, unexpected results in ongoing
and future clinical or preclinical trials, and the need for
additional research and testing, including as a result of
unanticipated determinations by regulatory authorities, as well as
the risks set forth from time to time in the Company�s filings with
the Securities and Exchange Commission, including but not limited
to the various risks discussed in the Company�s Quarterly Report on
Form�10-Q for the quarter ended June 30, 2006. The Company
undertakes no obligation to update any forward-looking statement
made in this press release to reflect new information, events or
circumstances after the date of this release. PRAECIS
PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced that it
received the Cerep Award for Research with the greatest therapeutic
potential at the 14th International Inflammation Research
Association (IRA) Conference held in Cambridge, Maryland last week.
The award was given to PRAECIS for its presentation entitled
"Disease-modifying activity in a model of rheumatoid arthritis with
an orally available inhibitor of methionine aminopeptidase type-2,
PPI-2458," which was delivered by William Westlin, Ph.D., Senior
Vice President, Preclinical Research. Dr. Westlin presented
preclinical data that provide the scientific rationale for studying
the investigational compound PPI-2458 as a targeted molecular
therapy for rheumatoid arthritis. The presentation may be viewed on
the Company's website (http://www.praecis.com) in the "Investors"
section, under "Presentations." The Inflammation Research
Association is a non-profit organization instituted to bring
together scientists of all degree and experience levels with an
interest in inflammation research. The IRA encourages communication
and discussion of scientific and technological advances that can be
used to develop new therapeutic agents for the wide diversity of
serious diseases associated with inflammatory processes. Commenting
on this recognition, Dr. Westlin stated, "This year's IRA meeting
had an extraordinary depth of high quality science across a wide
range of therapeutic areas. We are proud that PPI-2458 has been
given the Cerep Award and appreciate the recognition from this
organization and the scientific community of the therapeutic
potential of this molecule for patients with rheumatoid arthritis."
PPI-2458 is a novel, proprietary, orally available small molecule
that specifically targets the enzyme, methionine aminopeptidase-2
(MetAP-2). The research presented on PPI-2458 demonstrates the
molecule's ability to inhibit angiogenesis and the proliferation of
human rheumatoid arthritis synovial cells that contribute to the
pathogenesis of the disease. Additionally, the presentation
highlighted new mechanism of action data that demonstrate
significant protective effects of PPI-2458 on bone and cartilage
destruction and also described PPI-2458's disease-modifying
activity in animal models of rheumatoid arthritis. "It is
gratifying to see our work in this area being recognized as
important by the inflammation community. This award underscores our
belief in the potential of PPI-2458 as a treatment for autoimmune
diseases, like rheumatoid arthritis," said Kevin F. McLaughlin,
PRAECIS' President and Chief Executive Officer. PRAECIS currently
is conducting a Phase 1 clinical study of PPI-2458 in cancer
patients. The study is designed to assess the safety and
tolerability of orally administered PPI-2458. As a secondary
endpoint, the study will assess the pharmacodynamic activity of
PPI-2458. Interim data from this clinical trial will be presented
at the upcoming 18th EORTC-NCI-AACR Symposium on "Molecular Targets
and Cancer Therapeutics" being held from Tuesday, November 7 to
Friday, November 10, 2006 at the Prague Congress Centre in Prague,
Czech Republic. Additional information about the Company's ongoing
clinical trial for PPI-2458 can be accessed on the Internet at
www.clinicaltrials.gov. The Company is currently planning its Phase
2 clinical development protocols in oncology and is evaluating the
potential initiation of clinical studies in rheumatoid arthritis.
About PRAECIS PRAECIS PHARMACEUTICALS INCORPORATED is a
biopharmaceutical company focused on the discovery and development
of novel compounds that have the potential to address unmet medical
needs or improve existing therapies. PRAECIS has a novel MetAP-2
inhibitor, PPI-2458, in clinical development for cancer
indications, including non-Hodgkin's lymphoma and solid tumors, as
well as an innovative drug discovery technology, DirectSelect(TM),
which enables the generation and practical use of ultra-large
libraries for the discovery of orally active compounds for drug
development. This news release contains forward-looking statements
regarding the Company's continued development of PPI-2458 for
cancer and autoimmune disorders. These statements are based on the
Company's current beliefs and expectations as to future outcomes
and are not guarantees of such outcomes or of future performance.
These statements are subject to numerous risks, uncertainties and
assumptions that could cause actual events and results to differ
from those expected or anticipated, including, but not limited to,
the Company's ability to continue development of and successfully
partner or otherwise obtain funding for its PPI-2458 program, the
Company's ability to continue to manage operating expenses and to
retain key employees, unexpected expenditures, the timing and
content of decisions made by the FDA, unexpected results in ongoing
and future clinical or preclinical trials, and the need for
additional research and testing, including as a result of
unanticipated determinations by regulatory authorities, as well as
the risks set forth from time to time in the Company's filings with
the Securities and Exchange Commission, including but not limited
to the various risks discussed in the Company's Quarterly Report on
Form 10-Q for the quarter ended June 30, 2006. The Company
undertakes no obligation to update any forward-looking statement
made in this press release to reflect new information, events or
circumstances after the date of this release.
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