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SMITHKLINE BEECHAM AND INCYTE ANNOUNCE THE FORMATION OF DIADEXUS, A JOINT VENTURE IN MOLECULAR DIAGNOSTICS. Palo Alto, CA and Philadelphia, PA - September 2, 1997 - Incyte Pharmaceuticals, Inc. (Nasdaq: INCY) and SmithKline Beecham (SB) announced today the formation of a new joint venture company, diaDexus, dedicated to the discovery and commercialization of novel molecular diagnostic products. The company will be located in Santa Clara, California. This joint venture represents a collaboration between SB and Incyte, both acknowledged leaders in genomics and bioinformatics. These technology platforms are transforming the understanding of disease processes at the molecular level, creating rapid expansion of new commercial opportunities in pharmaceuticals, vaccines, diagnostics, healthcare databases and information services. SB and Incyte will each hold a fifty percent equity interest in diaDexus, which has been established as a limited liability company (LLC). The new venture has exclusive rights to develop diagnostic tests based on novel molecular targets and genetic alterations identified as part of SB's drug discovery efforts and from SB's collaboration with Human Genome Sciences (HGS). SB will also exclusively license to diaDexus a number of novel diagnostic tests in late stage clinical validation. HGS will receive royalties from sales of products developed using HGS technology. Incyte will provide diaDexus with non-exclusive access to its human and microbial databases (LifeSeq®, LifeSeq FL®, LifeSeq AtlasT, LifeSeq GeneAlbumT, PathoSeqT) for diagnostic applications, plus bioinformatics capabilities and its GeneJetT array technology. SB and Incyte will each also assign various additional technologies and intellectual property rights in the diagnostic field and contribute a combined total of $25 million in funding. Dr. George Poste, Chief Science and Technology Officer, SB will serve as Chairman of the Board of diaDexus. A search will be initiated for a Chief Executive Officer. SB and Incyte will be represented on the Board of Directors by Dr. Tadataka Yamada, President, SB Healthcare Services, Dr. Randy Scott, President and Chief Scientific Officer, Incyte and Roy Whitfield, Chief Executive Officer, Incyte. Other senior appointments at diaDexus include: Dr. John Burczak, currently R&D Director, Molecular Diagnostics at SB, as Vice President, R&D; Patrick Plewman, currently Director of Business Development, Molecular Diagnostics at SB, as Vice President of Corporate Development; and Janet Nibel, currently Director of Finance and Administration at Incyte, as Vice President and Chief Financial Officer. The linkage of SB's genomics and bioinformatics capacities, including discoveries made by SB using the SB/HGS database, with Incyte's leading edge databases will position diaDexus as the only company with access to the world's largest repositories of genetic data and intellectual property. diaDexus intends to rapidly progress diagnostic tests into large scale clinical use via access to the SB Clinical Laboratories reference testing network and to design and validate algorithms for clinical genetic datasets and information services in close collaboration with Incyte and SB's Healthcare Services Division. diaDexus will focus initially on the generation of unique diagnostic markers for so called 'homebrew tests' for reference laboratory testing and for license to diagnostic kit manufacturers. Ultimately, diaDexus may develop its own capacity to manufacture kits for sale to clinical testing laboratories. The initial product range will focus on tests for disease detection, rather than risk predisposition profiling. New tests for improved diagnosis, staging and patient stratification in infectious disease and oncology will be accorded particular emphasis, together with the creation of pharmacogenomic tests to optimize treatment selections based on genetic differences between individuals (polymorphisms). The formation of diaDexus reflects the shared view of Incyte and SB of the pivotal role that molecular diagnostics will play in the evolution of molecular and genetic medicine. "With unparalleled access to genomic information, technology and intellectual property, we believe that diaDexus is uniquely situated to be a leader in the discovery of novel, proprietary diagnostics and to drive the evolution of pharmacogenomics to optimize drug treatment selection for patients" said Dr. George Poste. "DNA sequencing and expression analysis technologies are accelerating rapidly and are now moving from basic research to real-world applications in clinical medicine," commented Dr. Randy Scott. "We believe that diaDexus can be a powerful force in the world of diagnostics and molecular medicine to the benefit of human health and quality-of-life." The name for the new company was selected on the basis of the etymological derivation from the Greek, diadexus: "presaging good fortune, in anticipation of future discoveries". SmithKline Beecham - one of the world's leading healthcare companies - discovers, develops, manufactures, and markets pharmaceuticals, vaccines, over-the-counter medicines, and other health-related consumer products, and provides healthcare services including clinical-laboratory testing, disease management, and pharmaceutical-benefit management. Incyte Pharmaceuticals Inc., is a leader in the design, development, and marketing of genomic database products, genomic database management software tools, and related reagents and services. The Company has created a portfolio of database products including the LifeSeq® gene sequence and expression databases, the LifeSeq AtlasT mapping database, the PathoSeqT microbial database, and the LifeSeq FL® database of full-length genes. These databases integrate bioinformatics software with both proprietary and publicly available genetic information to create information-based tools used by pharmaceutical and biotechnology companies in drug discovery and development. Incyte's LifeToolsT software product line, an open-systems environment, includes data collection and warehousing, data management, statistical analysis, and data mining and visualization capabilities. Except for the historical information contained herein, the matters set forth in this press release, including statements as to the rate and ability of diaDexus to commercialize products, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, a new and uncertain market, the value genomics adds to molecular diagnostics, the impact of alternative technological advances and competition; and other risks detailed from time to time in Incyte's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 1996, and prospectus dated July 31, 1997. These forward-looking statements speak only as of the date hereof. Incyte disclaims any intent or obligation to update these forward looking statements. |
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