Corvas Receives Notice from Pfizer of Completion of Phase I Clinical Trial on
Nif for Ischemic Stroke
PRNewswire
06-JUL-98
SAN DIEGO, July 6 /PRNewswire/-- Corvas International, Inc. (Nasdaq: CVAS)
today announced that Pfizer Inc. (NYSE: PFE) has completed a Phase Ia clinical
trial of neutrophil inhibitory factor (NIF), an anti-inflammatory drug
candidate discovered by Corvas intended for use in ischemic stroke.
Corvas received a $1 million milestone payment from Pfizer at the commencement
of the trial in February 1998. In addition, up to $24 million remain in
potential milestones on this program. Corvas is also to receive royalty
payments on future sales of products relating to this program.
NIF has been shown to reduce collateral brain injury following a stroke in
relevant animal models. NIF acts to block the activity of neutrophils, a type
of white blood cell. Following a stroke, activated neutrophils typically cause
neuronal damage in a process called reperfusion injury.
Over 600,000 individuals suffer strokes each year in the U.S. and more than
(80% of these are ischemic strokes). Two-thirds of stroke victims suffer some
disability, and one-third suffer permanent and severe disability. Although
drugs are currently being used to dissolve the blood clots that cause a
stroke, no current therapy addresses the damage due to reperfusion injury
following a stroke.
A single blind, placebo-controlled, study was performed to assess the safety,
toleration, pharmacokinetics and pharmacodynamics of NIF administered to
healthy volunteers. The trial revealed no safety concerns associated with the
administration of NIF at any of the doses tested.
Additional studies are anticipated this year to further assess safety,
toleration and pharmacokinetics in stroke patients. Phase II studies are
expected to begin after successful completion of these studies.
Corvas International, Inc. is a biopharmaceutical company engaged in the
design and development of a new generation of therapeutic agents in the fields
of blood clot formation (thrombosis), inflammation, cancer and other diseases.
In addition to the strategic alliance with Pfizer to develop NIF, Corvas has
three programs with Schering-Plough Corporation (NYSE: SGP) to develop
protease inhibitors for two coagulation factors and hepatitis C. Corvas also
holds an option to acquire Vascular Genomics Inc., allowing it to apply
proteomics- and genomics-based technology to the human vasculature.
This press release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Actual results could
vary materially from those described in this press release as a result of a
number of factors, including those set forth in Corvas' 1997 Annual Report on
Form 10-K, in addition to the risk that the foregoing program, including
clinical trials related thereto, will not be successful. The Company
undertakes no obligation to revise or update these forward-looking statements
to reflect events or circumstances after the date of this press release.
/CONTACT: Gwen Como, Director, Investor Relations and Corporate Communications
of Corvas International, Inc., 619-455-9800, or gwen_como(AT)corvas.com/
/Web site: http://www.corvas.com/
(CVAS PFE SGP) CO: Corvas International, Inc.; Pfizer Inc. ST: California IN:
MTC SU: