SGX Pharmaceuticals Announces First Quarter Financial Results and Gives Pipel... (development of SGX523. SGX126: The Co...)

SGX Pharmaceuticals Announces First Quarter Financial Results and Gives Pipeline Update

Date:5/13/2008

development of SGX523.

SGX126: The Company is continuing development of SGX126. While SGX126 shares many of the attractive preclinical properties of SGX523, it is structurally distinct, more potent in vivo and, based on the results of preclinical studies, has a different metabolism profile than that of SGX523. The Company intends to carry out further preclinical studies on SGX126 in support of clinical development and an IND submission is now targeted for early 2009.

Additional MET Inhibitors: In addition to SGX126, the Company has a number of MET inhibitors with attractive potency, selectivity and pharmacokinetic properties that it is evaluating as further MET development candidates.

BCR-ABL Program

SGX393: The Company's internal BCR-ABL program, focused on relapsed and refractory CML patients, in particular those with the T315I mutation, is progressing through IND-enabling studies, with an IND submission targeted for this quarter. Novartis continues to be responsible for the further preclinical and clinical development of BCR-ABL inhibitors identified under the collaboration, other than SGX393.

Oncology Drug Discovery

In addition to the JAK2 and RAS programs described previously, the Company's drug discovery portfolio includes other exciting cancer targets, such as RON, ALK, and IKKe. The JAK2, RON, and ALK programs are the more advanced drug discovery programs and the Company is targeting nomination of at least two development candidates from its drug discovery portfolio later this year.

Financial Results for the Three Months Ended March 31, 2008

Total revenues in the first quarter of 2008 were $17.0 million compared to $11.0 million in the first quarter of 2007. The increase of $6.0 million is primarily due to an increase in revenue recognized under the Novartis collaboration. Specifically, upon the conclusion of the research term of the collaboration in late March 2008, the Company recognized as revenue ap
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SGX Pharmaceuticals Announces First Quarter Financial Results and Gives Pipel...(development of SGX523. SGX126: The Co...)