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PRAECIS Strategy

Our business objective is to utilize our DirectSelect™ and other proprietary technologies to discover, in a rapid and efficient manner, novel, orally-available compounds with the potential to address unmet medical needs or improve existing therapies. We intend to collaborate with pharmaceutical and biotechnology companies on the discovery and development of these compounds across a broad range of therapeutic areas. We also intend to select promising compounds to retain for internal development and will partner these compounds at various stages of development to optimize their value to the Company. We currently do not intend to independently market the products that may ultimately result from our discovery and development efforts. The key elements of our strategy include:

•      Continuing to develop and enhance our DirectSelect™ technology, entering into pharmaceutical partnerships for drug discovery and development utilizing this technology that will provide revenues to us, and expanding our own proprietary development pipeline; and

•      Advancing PPI-2458 through a phase 1 trial in cancer patients and continuing preclinical evaluation of this compound in inflammatory and autoimmune disorders, including rheumatoid arthritis, with a goal of partnering this program in one or more indications as clinical development advances.

On June 20, 2006, the Company reported that it would not be able to enter into a license or sale transaction with respect to its Plenaxis ® assets by June 30, 2006 and would cease its previously announced process to identify and consummate such a transaction. Accordingly, the Company is working with the United States Food and Drug Administration to discontinue the limited distribution of the product in the United States as soon as reasonably practicable and will not pursue further the commercialization of Plenaxis ® outside the United States. The Company will also promptly discontinue any remaining Plenaxis ®-related activities, except as necessary to support the wind-down of product distribution in the United States.

On June 20, 2006, the Company also announced its intention to actively explore financing alternatives, as well as other strategic options which may be available to achieve and enhance shareholder value. The Company has engaged Canaccord Adams, an international investment banking firm with significant expertise in the life sciences sector, to advise and assist the Company in these efforts, however, there can be no assurance that these efforts will result in additional financing for the Company or in any other transaction. The Company does not currently intend to disclose developments with respect to these efforts unless and until its Board of Directors has approved a specific transaction.