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Bristol-Myers Squibb and KAI Pharmaceuticals Enter Global Alliance to Develop and Commercialize KAI-9803 for Cardiovascular Disease


First-in-Class Compound Designed to Improve Clinical Outcomes During Treatment of a Heart Attack

Bristol-Myers Squibb Company (NYSE:BMY) and KAI Pharmaceuticals, Inc., a privately held biotechnology company, today announced an exclusive agreement for the global development and commercialization of KAI-9803, KAI’s proprietary, first-in-class inhibitor of the delta protein kinase C pathway (delta PKC).

KAI-9803 is designed to reduce the size of the heart attack and to improve clinical outcomes during treatment of acute myocardial infarction (AMI). KAI-9803 is expected to enter Phase 2b clinical testing by the end of 2008 in patients with ST elevation myocardial infarction (STEMI).

Under the terms of the collaboration, KAI will receive an upfront cash payment of $25 million. Bristol-Myers Squibb will fund all future development, including the Phase 2b clinical trial to be conducted by KAI. In addition, at KAI’s option, Bristol-Myers Squibb will purchase $10 million of KAI stock at the time of a qualified initial public offering, or under other specified future conditions. KAI may receive from Bristol-Myers Squibb up to $192 million in milestone payments based on the achievement of pre-specified development and regulatory milestones for KAI-9803. KAI could be eligible for additional milestones if other compounds are developed. KAI will have an option to co-promote KAI-9803 in the United States and will receive royalty payments on product net sales worldwide. The closing of the transaction is subject to customary regulatory approvals.

“Bristol-Myers Squibb has deep expertise in helping patients in their battle against cardiovascular disease,” said Brian Daniels, M.D., Senior Vice President, Global Development & Medical Affairs. “KAI-9803 provides us with the opportunity to develop and market a truly innovative therapy that leverages our core capabilities in this area of high unmet medical need. This licensing agreement is an example of our company’s strategy to integrate external innovation that enriches our pipeline and contributes to our transformation to a next-generation biopharma leader.”

KAI CEO, Steven James, commented, “This is a major milestone for KAI-9803, our most advanced of three clinical programs, and a strategically important collaboration for KAI. Bristol-Myers Squibb is a great partner for us with its impressive history of developing and commercializing breakthrough medicines in cardiovascular disease. We believe this deal is testimony to the value and potential of KAI-9803 and our broad proprietary technology around protein kinase C modulation.”


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