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|Callisto, Array BioPharma In Collaboration|
NEW YORK, April 22 /PRNewswire/ -- Callisto Pharmaceuticals, Inc. announced today a Drug Discovery Agreement with Array BioPharma Inc. (Nasdaq: ARRY) for joint development of a new class of antibiotics based on a novel bacterial target.
Callisto Pharmaceuticals will provide a new test to Array BioPharma to permit the screening of Array's Lead Generation Library of compounds to potentially identify new compounds that will kill or weaken bacteria via a novel bacterial target. Callisto's research has revealed that a new class of antibiotics developed against this target would likely have the profound effects of killing and weakening bacteria. This two-pronged attack on bacteria is very powerful because those bacteria that are not outright killed will be weakened sufficiently to allow the body to eliminate them. The target is a master switch that directs and controls many critical actions that bacteria need to survive and infect humans.
With the identification of a novel bacterial target, new antibiotics are highly likely to be effective against multi-resistant bacteria, currently a critical issue with all existing antibiotic therapy. Additionally, the master switch, which is the target for the new antibiotics, is found widely among bacteria that infect and cause disease in humans and animals.
The drug discovery agreement will bring together Callisto's expertise in identifying important bacterial targets and Array's proprietary Drug Discovery Platform. The parties will jointly own and fund the research and development of products that result from this agreement.
Callisto Pharmaceuticals, Inc. is a biotechnology company that focuses on the development of innovative products for the diagnosis and treatment of infectious diseases and their immunological complications. Callisto has developed a diagnostic test for Obsessive Compulsive Disorder (OCD) and related neuropsychiatric disorders. The Company believes that this groundbreaking technology would represent the first-ever biological test to help diagnose a psychiatric illness. Callisto is also developing an antibody treating or preventing a bioterrorist attack, Sepsis and Toxic Shock Syndrome.
Array BioPharma is a drug discovery company creating small molecule drugs through the integration of chemistry, biology and informatics. Array's experienced scientists use an integrated set of drug discovery technologies, which is called the Array Discovery Platform, to invent small molecule drugs in collaboration with leading pharmaceutical and biotechnology companies and to build its own pipeline of proprietary drug candidates. For more information on Array BioPharma, please visit Array's web site at www.arraybiopharma.com .
Callisto Pharmaceuticals Forward-Looking Statement
The statements contained in this press release that are not historical facts are forward-looking statements. Such forward-looking statements involve both known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
Array BioPharma Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties, including those discussed below and described more fully in reports filed by Array with the Securities and Exchange Commission, including our Final Prospectus filed on February 12, 2002. Because these statements reflect our current expectations concerning future events, our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors. These factors include, but are not limited to, our ability to achieve and maintain profitability, the extent to which the pharmaceutical and biotechnology industries are willing to collaborate with third parties on their drug discovery activities, the ability of our collaborators and of Array to meet drug discovery objectives tied to milestones and royalties, and our ability to attract and retain experienced scientists and management. We are providing this information as of April 22, 2002. We undertake no duty to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements or of anticipated or unanticipated events that alter any assumptions underlying such statements.
SOURCE Callisto Pharmaceuticals, Inc.
CONTACT: Callisto Pharmaceuticals, Inc., +1-212-672-9190/ /Web site: http://www.arraybiopharma.com /