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High Point, NC and Rahway, NJ - September 8, 2004 --
TransTech Pharma, Inc. and Merck & Co, Inc. (NYSE: MRK) today announced a research collaboration using TransTech's proprietary TTP Translational Technology® to discover and develop novel small molecules for a therapeutic target of interest to Merck
Under the terms of the agreement, Merck has the exclusive right to develop and commercialize all compounds directed at the target covered by the collaboration. TransTech could receive payments of just over $26 million for the discovery, development and marketing approval of a small molecule for the top priority indication. The agreement also provides for milestone payments for the discovery and development of additional small molecules and lower priority indications. TransTech would receive an upfront payment, research support and payments upon the achievement of specified research, clinical and commercialization milestones. In addition, TransTech would receive royalties on future product sales. Additional terms of the agreement were not disclosed.
"We were very impressed with TransTech's platform technology and its ability to rapidly generate high quality lead candidates for difficult biological targets," said Merv Turner, Ph.D., senior vice president, Worldwide Licensing and External Research at Merck Research Laboratories. "Some of these leads in TransTech's internal programs have progressed to human clinical trials validating their technology. We look forward to real progress in the discovery and development of novel therapeutics for our targets."
Adnan Mjalli, Ph.D., Founder, President and Chief Executive Officer of TransTech, said: "We are very excited to enter into this collaboration with Merck, a premier international pharmaceutical company with a proven track record of successful partnerships. The combination of Merck's discovery and development capabilities with TransTech's Translational Technology® has the potential to result in the expedited discovery of patentable clinical drug candidates."
TransTech's Translational Technology® is a highly automated and fully integrated drug discovery process including proprietary software modules. The technology already has shown promise against a wide range of biological targets including protein-protein interactions, receptor modulators and enzyme inhibitors, and delivered small-molecule-based pre-clinical and clinical drug candidates for the treatment of diabetes, cancer, inflammation, Alzheimer's disease and thrombosis.
About Merck
Merck & Co., Inc. is a global research-driven pharmaceutical products company. Merck discovers, develops, manufactures and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures.
TransTech Pharma, Inc.
TransTech Pharma, Inc. is a privately held drug discovery company employing approximately 75 people. The company's high throughput drug discovery platform translates the wealth of information from genomics and proteomics into novel small molecules as therapeutics. TransTech is actively developing its own programs with two now in human clinical trials: one a novel oral anticoagulant in Phase II and the other a novel treatment for Alzheimer's disease in Phase I. For further company information, visit www.ttpharma.com.
Merck Forward-Looking Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Merck's business, particularly those mentioned in the cautionary statements in Item 1 of Merck's Form 10-K for the year ended Dec. 31, 2003, and in its periodic reports on Form 10-Q and Form 8-K (if any) which the company incorporates by reference.
For Further Information Contact:
Merck & Co., Inc.
Media
Janet Skidmore
Media Relations
908-423-3046
Investors
Michael Rabinowitz
Investor Relations
908-423-5185
TransTech Pharma, Inc.
Adnan Mjalli, PhD
President and Chief Executive Officer
Phone: 336-841-0300 Ext 101
Fax: 336-841-0333
e-mail: amjalli@ttpharma.com
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