,Wednesday, January 08, 2003
NEWS RELEASE
EYETECH PHARMACEUTICALS TO PRESENT AT THE JP MORGAN 21ST ANNUAL HEALTHCARE CONFERENCE
New York, January 6, 2003 – Eyetech Pharmaceuticals, Inc., a privately held biotechnology company dedicated to the discovery, development and commercialization of novel drugs for the treatment of eye disease, today announced that David Guyer, M.D., the Company’s co-founder and chief executive officer, will present at the 21st Annual J.P. Morgan Healthcare Conference at 3pm PST, Monday, January 6th.
The presentation will discuss Eyetech’s lead compound Macugen(TM) (pegaptanib sodium), which is in a fully-enrolled Phase III development program for the treatment of age-related macular degeneration (AMD). A Phase II trial of Macugen(TM) is also ongoing for the treatment of diabetic macular edema (DME). Eyetech will also discuss its recent collaboration with Pfizer to co-develop and commercialize Macugen(TM).
Under terms of the deal, which is subject to government approval, Pfizer will make initial payments of $100 million, with the potential for an additional $195 million in milestone payments based on worldwide regulatory submission and approvals. Eyetech also has the potential to receive up to an additional $450 million in milestone payments, which is contingent upon successful commercialization of Macugen(TM) and attainment of agreed-upon sales levels.
Pfizer will also fund the majority of the ongoing development costs for both the AMD and DME indications. Further, if approved, Macugen(TM) will be co-promoted by Eyetech and Pfizer in the U.S. where Eyetech will have an ophthalmology sales force and record sales. Outside of the U.S., Pfizer will market the product exclusively under a royalty-bearing license.
The U.S. Food and Drug Administration has granted Macugen(TM) “fast-track” status for the treatment of AMD as well as for DME, both leading causes of blindness.
“We are excited to partner with the world’s leading pharmaceutical company to bring a potentially innovative therapy to so many patients who are at risk of losing their sight,” said Dr. David Guyer, Eyetech Pharmaceuticals’ chief executive officer.
Eyetech Pharmaceuticals (http://www.eyetk.com) is dedicated to the discovery, development and commercialization of novel therapeutics and delivery systems to combat the vision loss associated with ophthalmic diseases. Founded in 2000, the privately-held, New York City-based company is focused on meeting the medical needs of patients with diseases that affect the back of the eye. Its investors include partners and affiliates of JP Morgan Partners, BB Biotech, MPM Capital, Alta Partners, Schroder Ventures Life Sciences and International BioTechnology Trust plc, and Merrill Lynch Ventures.
CONTACT:
Justin Jackson
212-213-0006
Burns McClellan on behalf of Eyetech Pharmaceuticals
