Alliance to Develop Treatment for Bypass Vein Grafts

(South San Francisco, CA, USA).

The vein graft treatment, called E2F Decoy (edifoligide sodium), is an oligonucleotide that works by helping the walls of a grafted vein to strengthen over time, which helps the vein to maintain healthy blood flow. The treatment, applied to vein grafts outside the body, is being evaluated in two phase II clinical trials, one in patients who have undergone peripheral artery bypass surgery and one in patients who have undergone coronary artery bypass surgery. The E2F Decoy was developed by Corgentech and is being given fast-track status by the U.S. Food and Drug Administration (FDA) for both coronary and peripheral indications because of the medical needs it may address.

Under the terms of the agreement, Bristol-Myers Squibb will make an initial payment to Corgentech of U.S.$45 million in cash and equity, with the potential for an additional $205 million in clinical and regulatory milestone payments. The two companies will share development costs in the United States and Europe. Bristol-Myers Squibb has exclusive rights to the product in countries outside the United States and will pay a royalty on its sales.

"It is our hope that this compound may provide a new treatment option to reduce the risk of experiencing vein graft failure following artery bypass surgery,” said Peter R. Dolan, chairman and CEO, Bristol-Myers Squibb.