RESEARCH TRIANGLE PARK, N.C. and PARK RIDGE, N.J. - June 5, 2001 - Quintiles Transnational Corp. (Nasdaq: QTRN) and Innapharma Inc., today announced that they have formed a strategic relationship to support Innapharma's development of drugs to treat central nervous system (CNS) disorders. The agreement focuses on Innapharma's lead product, a novel drug to treat clinical depression.
Also, after extensive review of Innapharma's technology, Quintiles, through its corporate ventures group, PharmaBio Development, is making an equity investment in Innapharma.
The non-exclusive preferred provider agreement calls for Quintiles to work closely with Innapharma in planning and implementing the clinical program for the drug. Quintiles will provide Innapharma with access to Quintiles' CNS expertise. In exchange, Quintiles will become Innapharma's clinical research provider of choice. The two companies are planning Innapharma's engagement of Quintiles to conduct a Phase III trial of the drug.
"This agreement is an example of the corporate business solutions we can provide our customers, whereby we combine strategic investment with our global, full service product development and commercialization capabilities," said Quintiles Chief Executive Officer Pam Kirby, Ph.D. "As a preferred provider of pharmaceutical services to Innapharma, we look forward to working with them in their pursuit of marketing approval of this promising antidepressant product."
John P. Feighner, M.D., President of Innapharma, said: "We are eager to continue our relationship with Quintiles in this innovative arrangement that will help us achieve our goal of providing patients suffering from clinical depression and related illnesses with a breakthrough medication. This drug, INN 00835 (Netamiftide), is one of the most exciting and revolutionary antidepressant compounds that I have seen in over 30 years in clinical psychopharmacology. With its broad, global infrastructure and central nervous system expertise, we view Quintiles as a vital resource as we continue moving forward with this drug."
Innapharma Inc. is engaged in the development of a series of "small chain" peptide-based products to treat central nervous system disorders, with the company's leading product being an antidepressant, INN 00835, with a unique potential to treat major depression. Innapharma also has, in earlier stages of development, compounds for the treatment of cancer, treatment- resistant bacterial infections as well as central nervous system disorders.
About Quintiles Transnational and PharmaBio Development
Quintiles Transnational is the world's leading provider of information, technology and services to bring new medicines to patients faster and improve healthcare. Headquartered near Research Triangle Park, North Carolina, Quintiles employs a global workforce of 18,000 in 39 countries. Quintiles Transnational is a member of the S&P 500 and Fortune 1000. For more information visit the company's web site at www.quintiles.com.
PharmaBio Development, the corporate ventures group of Quintiles Transnational Corp., is dedicated to innovative partnering solutions for pharmaceutical and biotech companies.
Information in this press release contains "forward-looking statements" about Quintiles. These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the risk that the market for our products and services will not grow as we expect, the risk that our PharmaBio transactions will not generate revenues or profit at the rate or levels we anticipate, our ability to efficiently distribute backlog among therapeutic business units and match demand to resources, actual operating performance, the ability to maintain large client contracts or to enter into new contracts, changes in trends in the pharmaceutical industry, and the ability to operate successfully in new lines of business. Additional factors that could cause actual results to differ materially are discussed in the company's recent filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports, including Form 10-Qs. Statements in this release regarding Innapharma Inc. and Quintiles have been made by their respective company under that company's sole responsibility.