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Lilly Marks Major Milestone for Mirror Portfolio with Agreement by Independent Fund to License First Two Investigational Medicines
Date:2/15/2011

INDIANAPOLIS, Feb. 15, 2011 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) announced today that the Mirror Portfolio, a concept created by Lilly to access innovation being developed outside the company's walls, has achieved a significant milestone. One of the independent venture capital firms participating in the Mirror Portfolio has acquired two molecules and will oversee the next stage of their development. The first is a molecule developed pre-clinically by researchers at a major academic institution that is being studied as a potential treatment for congestive heart failure; the second molecule was developed by Lilly and is being studied for its potential in bone healing and cancer.

Through the Mirror Portfolio, virtual companies financed by independent investment funds will acquire molecules, manage the financing and determine the scope, manner of execution and particular organization that will conduct the research for early-stage molecules from approximately one year before testing in humans to clinical proof-of-concept, at which point they will be offered for sale to biopharmaceutical companies such as Lilly. In the case of the molecule licensed from the academic institution as well as the molecule licensed from Lilly, Chorus, Lilly's lean virtual development organization, will conduct the studies at the companies' direction.

"The licensing of these molecules by the independent funds is an important milestone for the Mirror Portfolio. Working with venture capital to make the concept of the Mirror Portfolio a reality is one way Lilly is 'innovating on innovation' as we strive to support the development of new medicines for the benefit of patients around the world," said Robert W. Armstrong, vice president, global external research and development, Eli Lilly and Company. "Another benefit of the Mirror Portfolio is that it provides access to capital, capacity, c
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