BRISBANE, Calif., Dec. 27 /PRNewswire-FirstCall/ -- InterMune, Inc.
(Nasdaq: ITMN) announced today the sale of its worldwide ownership interest in
oritavancin, an antibiotic that has completed two Phase III clinical trials,
to Targanta Therapeutics, a privately held biopharmaceutical company
developing antibacterial drugs. The terms of the agreement include a total of
$9 million in up-front and milestone payments and a convertible promissory
note with up to $25 million in principal amount to be issued by Targanta,
which will be initially secured by the oritavancin assets. Upon the
achievement by Targanta of certain corporate objectives, the notes will
convert into preferred stock of Targanta. InterMune will also be entitled to
a seat on the Targanta Board of Directors.
"Oritavancin is the second of two anti-infective products we divested this
year as part of our corporate strategy to focus our efforts on our two areas
of therapeutic interest, pulmonology and hepatology," stated Dan Welch,
President and CEO of InterMune. "Since many members of Targanta's senior
leadership team have direct experience with oritavancin from time spent at Eli
Lilly and Company, and have a track record of delivering many products to
registration, we are confident that Targanta has the resources and
capabilities to continue the successful development and registration of
oritavancin. We look forward to participating in the future success of
oritavancin through our anticipated significant equity interest in Targanta."
"Approximately seventy percent of hospital infections are resistant to at
least one class of existing antibiotics. New antibiotics are critically
needed," stated Dr. Pierre Etienne, President and CEO of Targanta. "We
believe oritavancin has the potential to be the best-in-class antibiotic for
serious Gram-positive infections in the hospital and outpatient settings."
About Oritavancin
Oritavancin is a semi-synthetic glycopeptide antibiotic with bactericidal
activity against clinically relevant serious Gram-positive infections,
including multi-resistant strains. Two large multicenter Phase III studies in
over 1,750 patients have suggested oritavancin to be an effective and safe
therapy for complicated skin and skin structure infections. In both Phase III
studies, oritavancin reached its primary endpoint and appeared to be as
effective as a commonly used treatment regimen, vancomycin followed by
cephalexin. The most commonly observed side effects in these clinical trials
were headache, nausea, vomiting, constipation, and dizziness.
About InterMune
InterMune is a biotechnology company focused on the research, development
and commercialization of innovative therapies in pulmonology and hepatology.
InterMune has a broad and deep product portfolio addressing idiopathic
pulmonary fibrosis (IPF) and hepatitis C virus (HCV) infections. The
pulmonology portfolio includes Actimmune(R) (interferon gamma-1b), pirfenidone
and research programs. Actimmune(R) is being evaluated in the INSPIRE Trial,
a Phase III study in patients with IPF and pirfenidone is also being developed
for the treatment of IPF in a Phase III program expected to initiate in the
first half of 2006. The hepatology portfolio includes the early stage HCV
protease inhibitor program and several small molecule programs in research.
For additional information about InterMune and its R&D pipeline, please visit
www.intermune.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of section 21E of the Securities Exchange Act of 1934, as amended, that
reflect InterMune's judgment and involve risks and uncertainties as of the
date of this release. These statements include those related to successful
development and registration of oritavancin by Targanta, the conversion of the
secured convertible promissory notes and the ability for InterMune to realize
any additional value from any equity interest in Targanta. Actual events or
results may differ from InterMune's expectations and judgments. For example,
there can be no assurance that Targanta will meet any development milestones
or successfully raise additional equity capital. Additional information
concerning these and other risk factors affecting InterMune's business can be
found in prior press releases as well as in InterMune's public periodic
filings with the Securities and Exchange Commission, available via InterMune's
web site at www.intermune.com. InterMune disclaims any intent or obligation
to update these forward-looking statements beyond the date of this release.
SOURCE:
InterMune, Inc.
12/27/2005
CONTACT:
Investors:
Judy Hayes, +1-415-466-2228, or
jhayes@intermune.com
Media:
Pam Lord of Atkins + Associates,
+1-858-527-3494, plord@irpr.com, for InterMune, Inc.
Web site: http://www.intermune.com
