--Electronic Microchip-Based Implant Technology Delivers Medicines
over Months and Years, Improving Adherence and Compliance for Patients
--Promising Innovative Technology Offers Potential Across Therapeutic
Areas and Disease States
JERUSALEM & LEXINGTON, Mass.--(BUSINESS WIRE)--Jun. 18, 2015--
Teva Pharmaceutical Industries Ltd., (NYSE: TEVA) and Microchips
Biotech, Inc. today announced that they have entered into a partnership
under which the companies will explore innovative ways to apply
Microchips Biotech’s implantable drug delivery device to Teva’s
portfolio of products with the goal of enhancing clinical outcomes for
patients on chronic drug therapies. Microchips Biotech’s electronic
device is made up of microchip arrays that can store hundreds of
therapeutic doses of drug for periods ranging from months to years and
releases each dose at precise times. The device can be programmed to
release drug on a pre-determined schedule and will have wireless control
features.
“The microchip-based implant is truly at the intersection of digital
technology and medicine and the future of drug delivery for patients who
cannot tolerate needles, require regular self-administered
injections or where compliance is critical to outcomes,” stated Michael
Hayden, MD, PhD, Teva’s President of Global R&D and Chief Scientific
Officer. “At Teva we are leading innovation in medicine with promising
new drugs and solutions for drug adherence to improve patient outcomes
and reduce unnecessary healthcare complications.”
Under the terms of the agreement Teva will make a $35 million upfront
payment to Microchips Biotech in the form of an equity investment and
technology access fee. The partnership has an initial focus on one
selected disease area, but will provide Teva with the option to later
expand the program into several additional therapeutic areas and sensing
applications that are proprietary to Teva. As programs advance,
Microchips Biotech will receive development and commercial milestone
payments and royalties on future product sales. Microchips Biotech will
also receive funding to develop products for any future additional
indications Teva may develop, and Teva will be responsible for Phase II
and Phase III clinical development and regulatory filings. “We are
thrilled to be aligned with an organization that sees the potential of
our technology to transform the way medications are delivered to
patients, providing the potential to increase compliance and
significantly improve outcomes,” stated Cheryl R. Blanchard, Ph.D.,
Chief Executive Officer of Microchips Biotech. “This is the first of
what we hope to be many partnerships with industry to leverage our
technology across a broad array of therapeutic applications and disease
states.”
About the Microchip-based Implant
The microchip-based implant is a self-contained hermetically-sealed drug
delivery device that is easy to implant and remove in a physician’s
office setting that can store hundreds of therapeutic doses over months
and years, and releases each dose at precise times. The implant has been
clinically-validated in human studies delivering parathyroid hormone in
osteoporosis patients and the system is fully programmable via wireless
communications to adjust dosing by physician and/or patient. The
microchip-based technology was originally developed at MIT by renowned
researchers Robert Langer, Ph.D. and Michael J. Cima, Ph.D.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading
global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions to millions of patients every day.
Headquartered in Israel, Teva is the world’s largest generic medicines
producer, leveraging its portfolio of more than 1,000 molecules to
produce a wide range of generic products in nearly every therapeutic
area. In specialty medicines, Teva has a world-leading position in
innovative treatments for disorders of the central nervous system,
including pain, as well as a strong portfolio of respiratory products.
Teva integrates its generics and specialty capabilities in its global
research and development division to create new ways of addressing unmet
patient needs by combining drug development capabilities with devices,
services and technologies. Teva's net revenues in 2014 amounted to $20.3
billion. For more information, visit www.tevapharm.com.
About Microchips Biotech, Inc.
Microchips Biotech, Inc. is dedicated to improving the lives of patients
by revolutionizing drug delivery. Our microchip-based implant has the
potential to address significant unmet needs by simplifying dosing
regimens and enhancing compliance for patients who need frequent dosing
or require regular injections. We are developing applications for the
microchip-based implant in multiple therapeutic indications including
osteoporosis, diabetes, multiple sclerosis and women’s contraception and
partner with industry and foundations to meet patient needs across the
globe. For more information, visit www.microchipsbiotech.com
Teva's Safe Harbor Statement under the U. S. Private Securities
Litigation Reform Act of 1995:
This release contains forward-looking statements, which are based on
management’s current beliefs and expectations and involve a number of
known and unknown risks and uncertainties that could cause our future
results, performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause or
contribute to such differences include risks relating to: our ability to
develop and commercialize additional pharmaceutical products;
competition for our innovative products, especially Copaxone®
(including competition from orally-administered alternatives, as well as
from potential purported generic equivalents) and our ability to
migrate users to our 40 mg/mL version; the possibility of material
fines, penalties and other sanctions and other adverse consequences
arising out of our ongoing FCPA investigations and related matters; our
ability to achieve expected results from the research and development
efforts invested in our pipeline of specialty and other products; our
ability to reduce operating expenses to the extent and during the
timeframe intended by our cost reduction program; our ability to
identify and successfully bid for suitable acquisition targets or
licensing opportunities, or to consummate and integrate acquisitions;
the extent to which any manufacturing or quality control problems damage
our reputation for quality production and require costly remediation;
increased government scrutiny in both the U.S. and Europe of our patent
settlement agreements; our exposure to currency fluctuations and
restrictions as well as credit risks; the effectiveness of our patents,
confidentiality agreements and other measures to protect the
intellectual property rights of our specialty medicines; the effects of
reforms in healthcare regulation and pharmaceutical pricing,
reimbursement and coverage; governmental investigations into sales and
marketing practices, particularly for our specialty pharmaceutical
products; adverse effects of political or economic instability, major
hostilities or acts of terrorism on our significant worldwide
operations; interruptions in our supply chain or problems with internal
or third-party information technology systems that adversely affect our
complex manufacturing processes; significant disruptions of our
information technology systems or breaches of our data security;
competition for our generic products, both from other pharmaceutical
companies and as a result of increased governmental pricing pressures;
competition for our specialty pharmaceutical businesses from companies
with greater resources and capabilities; the impact of continuing
consolidation of our distributors and customers; decreased opportunities
to obtain U.S. market exclusivity for significant new generic products;
potential liability in the U.S., Europe and other markets for sales of
generic products prior to a final resolution of outstanding patent
litigation; our potential exposure to product liability claims that are
not covered by insurance; any failure to recruit or retain key
personnel, or to attract additional executive and managerial talent; any
failures to comply with complex Medicare and Medicaid reporting and
payment obligations; significant impairment charges relating to
intangible assets, goodwill and property, plant and equipment; the
effects of increased leverage and our resulting reliance on access to
the capital markets; potentially significant increases in tax
liabilities; the effect on our overall effective tax rate of the
termination or expiration of governmental programs or tax benefits, or
of a change in our business; variations in patent laws that may
adversely affect our ability to manufacture our products in the most
efficient manner; environmental risks; and other factors that are
discussed in our Annual Report on Form 20-F for the year ended December
31, 2014 and in our other filings with the U.S. Securities and Exchange
Commission. Forward-looking statements speak only as of the date on
which they are made and we assume no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150618005463/en/
Source: Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd.
IR:
Kevin C. Mannix,
215-591-8912
United States
or
Ran Meir,
215-591-3033
United States
or
Tomer Amitai, 972
(3) 926-7656
Israel
or
PR:
Iris Beck Codner,
972 (3) 926-7687
Israel
or
Denise Bradley,
215-591-8974
United States
or
Nancy Leone,
215-284-0213
United States
or
Microchips Biotech, Inc.
PR:
MacDougall
Biomedical Communications
Hunter Marshall, 510-693-2792
United
States
hmarshall@macbiocom.com