– Five-year Federal Contract Award Valued at Approx. $43 Million –
Albany, NY (August 18, 2011) – AMRI (NASDAQ: AMRI) today announced it received a federal contract award from the National Institutes of Health (NIH) / National Institute of Neurological Disorders and Stroke (NINDS) to provide chemistry and other drug discovery technologies in support of NINDS' Medicinal Chemistry for Neurotherapeutics Program (MCNP), part of the NIH Blueprint Neurotherapeutics Network. AMRI has been collaborating with NINDS since 2005 on novel treatments for spinal muscular atrophy, a degenerative neuromuscular disease.
The five-year contract provides AMRI with funding of up to $43 million, based on the number of approved projects and availability of funds. The initial funding of up to $10 million applies to the first phase of the project, expected to begin this month, with the objective of delivering at least one Phase I clinical trial candidate.
“After a highly competitive, rigorous application process, AMRI was selected for this contract award because of our proven track record on projects of similar scope with a number of global pharmaceutical companies. The company's deep bench strength, scale of operations, and strong global footprint enable us to consistently deliver high performance and quality for our clients on a cost-effective basis. This significant award demonstrates the NIH's new focus on helping support the translation of basic research discoveries in areas of unmet medical need to potential drug candidates,” said AMRI's Chairman, President and CEO, Thomas E. D'Ambra, Ph.D.
“We are pleased to support NIH/NINDS' efforts and provide our discovery resources to the neuroscience research community and to patients who suffer from devastating neurological and degenerative diseases, such as macular degeneration and Alzheimer's disease,” added Dr. D'Ambra.
“The Blueprint Neurotherapeutics Network is modeled after the NIH Spinal Muscular Atrophy (SMA) Project. Our successes in partnering with AMRI and other companies on the SMA Project have given us the confidence to extend this approach to other disorders that affect the nervous system,” said Jill Heemskerk, Ph.D., a program director in the NINDS Office of Translational Research and the lead contact for the Blueprint Neurotherapeutics Network.
Under the MCNP, AMRI will begin providing medicinal chemistry services to neuroscientists throughout the United States with the goal of efficiently developing pre-clinical drug candidates that are suitable for advanced development and ultimately clinical trials in humans. AMRI will utilize its integrated drug discovery capabilities involving exploratory chemistry, hit-to-lead chemistry, and lead optimization. Specific services to be provided include compound design, synthesis, and management together with in vitro metabolic testing.
About The National Institutes of Health (NIH)
The National Institutes of Health (www.nih.gov) includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. It is the primary federal agency for conducting and supporting basic, clinical and translational medical research, and it investigates the causes, treatments, and cures for both common and rare diseases.
Founded in 1991, Albany Molecular Research, Inc. provides scientific services, products and technologies focused on improving the quality of life. AMRI works on drug discovery and development projects and conducts manufacturing of active ingredients and pharmaceutical intermediates for many of the world's leading healthcare companies. As an additional value added service to its customers, the company is also investing in R&D in order to expand its contract services and to identify novel early stage drug candidates with the goal to outlicense to a strategic partner. With locations in the United States., Europe, and Asia, AMRI provides customers with a wide range of services, technologies and cost models.
AMRI Forward-Looking Statement
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements may be identified by forward-looking words such as “may,” “could,” “should,” “would,” “will,” “intend,” “expect,” “anticipate,” “believe” and “continue” or similar words. Readers should not place undue reliance on our forward-looking statements. The company's actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the company may not be able to predict and may not be within the company's control. Factors that could cause such differences include, but are not limited to (a) the company's performance under the collaboration with NINDS; (b) successful results in the performance of the services; (c) NINDS continuous utilization of the company's services at levels set forth in the contract; (d) NINDS continued pursuit of programs under which the company provides services, as well as those factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2010 as filed with the Securities and Exchange Commission on March 16, 2011 and the company's other SEC filings. The company does not undertake any duty to and does not intend to update any forward-looking statements contained in this press release after the date of this press release.