Data analysis of ViroPharma Incorporated (Nasdaq: VPHM) and Wyeth (NYSE: WYE)’s ongoing Phase 1b study of HCV-796 (an investigational oral non-nucleoside hepatitis C virus (HCV) polymerase inhibitor) in combination with pegylated interferon, indicated that HCV-796 has achieved a "proof of concept" milestone under the companies' agreements.
The two companies expect that preliminary data from the Phase 1b study to be available for release by the end of August 2006 while they are already preparing to initiate Phase 2 combination studies of HCV-796 which is expected to be initiated in the fourth quarter of 2006.
"ViroPharma and Wyeth have been partners in hepatitis C antiviral development since 1999; through the years, our goal has been to identify, develop and eventually market drugs to treat hepatitis C patients," said Michel de Rosen, ViroPharma's president and chief executive officer.
"HCV-796 is the most promising compound we have developed together to date, and we look forward to announcing the Phase 1b data later this month. The achievement of this milestone and progression toward Phase 2 clinical trials marks an exciting time for us, and a promising opportunity for patients with HCV."
In lieu of the achievement of the proof of concept milestone, ViroPharma will issue to Wyeth 981,836 shares of ViroPharma's common stock for a purchase price of Ten Million Dollars ($10,000,000), which represents the last of three stock purchases outlined in the companies' agreements.
Read more details from the press release.
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