Bausch & Lomb and PTC Therapeutics Announce
Anti-Angiogenesis Collaboration in Ophthalmology
ROCHESTER, N.Y. and SOUTH PLAINFIELD, N.J. - Bausch & Lomb (NYSE:BOL) and PTC Therapeutics, Inc., a privately held biopharmaceutical company, today announced an exclusive option agreement for Bausch & Lomb to license selected PTC compounds as development candidates for therapeutic use in ophthalmology.
PTC's anti-angiogenesis program was developed through PTC's proprietary GEMS technology - Gene Expression Modulation by Small Molecules.
"Our research collaboration with PTC Therapeutics provides Bausch & Lomb with access to a broad range of compounds from PTC's anti-angiogenesis program that are potential candidates for development," said Praveen Tyle, Ph.D., Bausch & Lomb Chief Scientific Officer and senior vice president - Global Research & Development. "PTC has identified a number of promising small-molecule compounds that show anti-angiogenic activity, that is, compounds that demonstrate high potency for blocking the abnormal growth of blood vessels. The goal of our collaboration is to apply our research expertise to develop these compounds as unique therapies for diseases of ocular neovascularization including macular degeneration."
"Our collaboration with Bausch & Lomb is well-aligned with our strategy of efficiently expanding the use of our compounds with partners that have outstanding expertise in specific therapeutic areas," stated Stuart Peltz, Ph.D., president and CEO of PTC Therapeutics. "We are delighted to be collaborating with Bausch & Lomb and look forward to the opportunity to identify new therapies to treat ophthalmologic diseases."
Financial details of the agreement were not disclosed.
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News Media Contacts:
Bausch & Lomb
Margaret Graham, 585.338.5469, Mgraham@Bausch.com
PTC Therapeutics, Inc.
Jane Baj, 908-222-7000, x167, JBaj@ptcbio.com
Robert Stanislaro, Noonan Russo, 212-845-4268, Robert.Stanislaro@eurorscg.com
Investor Relations Contacts:
Daniel L. Ritz - Bausch & Lomb, 585.338.5802, Dritz@Bausch.com
Jane Baj - PTC Therapeutics, Inc., 908-222-7000, x167, JBaj@ptcbio.com
About Bausch & Lomb
Bausch & Lomb is the eye health company, dedicated to perfecting vision and enhancing life for consumers around the world. Its core businesses include soft and rigid gas permeable contact lenses and lens care products, and ophthalmic surgical and pharmaceutical products. The Bausch & Lomb name is one of the best known and most respected healthcare brands in the world. Founded in 1853, the Company is headquartered in Rochester, New York. Bausch & Lomb's 2004 revenues were $2.2 billion; it employs approximately 12,400 people worldwide and its products are available in more than 100 countries. More information about the Company can be found on the Bausch & Lomb Web site at www.bausch.com.
About PTC Therapeutics, Inc.
PTC is a biopharmaceutical company focused on the discovery, development, and commercialization of small-molecule drugs targeting post-transcriptional control mechanisms. Post-transcriptional control processes are the sequence of events in the cell that ultimately regulate the rate and timing of all protein production. PTC's compounds alter these processes by selectively modulating how RNA is used to produce proteins. By applying this approach, PTC has advanced its drug discovery programs rapidly from targets to preclinical and clinical drug candidates, building a robust pipeline across genetic disorders, oncology, and infectious diseases. More information about the Company can be found on the PTC website at www.ptcbio.com.
This news release contains, among other things, certain statements of a forward-looking nature relating to future events or the future business performance of Bausch & Lomb. Such statements involve a number of risks and uncertainties including, without limitation, those concerning global and local economic, political and sociological conditions; currency exchange rates; government pricing changes and initiatives with respect to healthcare products; changes in laws and regulations relating to the Company's products and the import and export of such products; product development and rationalization; enrollment and completion of clinical trials; the ability of the Company to obtain regulatory approvals; the outcome of litigation; the outcome of the Audit Committee's continuing independent investigation described in this news release; the outcome of PriceWaterhouseCoopers' quarterly review process in connection with the filing of the Company's Quarterly Report on Form 10-Q for the third quarter of fiscal 2005; the filing of the Company's 10-Q for that quarter; the Company's evaluation of whether any restatement with respect to the matters described in this release would be required under generally accepted accounting principles; the success of product introductions; the possibility that the market for the sale of certain products and services may not develop as expected; the financial well-being of key customers, development partners and suppliers; the successful execution of marketing strategies; continued efforts in managing and reducing costs and expenses; the successful repatriation of funds under the American Jobs Creation Act of 2004; the successful completion and integration of business acquisitions; the Company's success in introducing and implementing its enterprise-wide information technology initiatives, including the corresponding impact on internal controls and reporting; the Company's success in the process of management testing, including evaluation of results; continued positive relations with third party financing sources and the risk factors listed from time to time in the Company's SEC filings, including but not limited to the Current Report on Form 8-K, dated June 14, 2002 and the Form 10-Q for the quarter ended June 25, 2005.
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