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METABASIS REPORTS THE EARNING OF A MILESTONE PAYMENT BASED ON CONTINUED
DEVELOPMENT OF REMOFOVIR FOR THE TREATMENT OF HEPATITIS B
SAN DIEGO, CA - April 16, 2004 -- Metabasis Therapeutics, Inc.
(Metabasis) announced today that Valeant Pharmaceuticals International
has agreed to pay a $1 million milestone payment to Metabasis in
recognition of a decision to initiate a Phase II clinical evaluation
of remofovir (formerly known as Hepavir B) in patients with chronic
hepatitis B infection. Valeant licensed remofovir, an orally active
prodrug of the proven antiviral agent adefovir, from Metabasis in
October 2001 and is primarily responsible for the clinical development
of the drug. The decision to proceed with development was based
on results recently obtained from the first clinical evaluation
of remofovir in patients infected with the hepatitis B virus.
About Metabasis
Metabasis Therapeutics, Inc. (www.mbasis.com) is a biopharmaceutical
company focused on the discovery, development and commercialization
of novel small molecule drugs principally to treat liver diseases
and metabolic diseases linked to pathways in the liver. The company
has established a broad product pipeline targeting large markets
with significant unmet medical needs. Metabasis currently has three
internally discovered product candidates in clinical trials indicated
for the treatment of type 2 diabetes, hepatitis B and primary liver
cancer.
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