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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT:
INVESTORS: MEDIA:
Kevin F. McLaughlin Janice M. McCourt
Senior Vice President & Vice President of Operations &
Chief Financial Officer Director of Corporate Communications
(617) 494-8400 ext. 2274 (617) 494-8400 ext. 2330
email: [email protected] email: [email protected]
PRAECIS PHARMAEUTICALS INCORPORATED
PRESENTS NEW INFORMATION ON ITS PRODUCT PIPELINE
AT THE DAIN RAUSCHER WESSELS INVESTOR CONFERENCE
CAMBRIDGE, MA, December 19, 2000. PRAECIS PHARMACEUTICALS INCORPORATED (Nasdaq:
PRCS) presented a company overview today at the Dain Rauscher Wessels Healthcare
and Life Sciences 2000 Conference, held at the Grand Hyatt Park Avenue Hotel in
New York City. The presentation was webcast live from the Conference. The
webcast will be available for replay on PRAECIS' website at www.praecis.com
under "Investor Relations" for a period of one week.
PRAECIS discussed its clinical programs for abarelix, its drug candidate in
development for the treatment of prostate cancer and endometriosis. The Company
confirmed the submission to the U.S. Food and Drug Administration of a New Drug
Application (NDA) for abarelix depot, the first in a new class of prostate
cancer drugs that avoids stimulating the secretion of testosterone, a male
hormone that causes the growth of most prostate cancers. An update on clinical
studies in the Company's endometriosis program was also presented.
The Company confirmed its intention to initiate in the first quarter of 2001 a
Phase II study of Latranal, its proprietary topical composition for the
treatment of localized muscle, tendon or neuropathic pain.
The Company also reviewed the results of recent preclinical studies of Apan, the
Company's drug candidate in development for the treatment of Alzheimer's
disease. The hallmark of Alzheimer's disease is the accumulation of plaque-like
deposits in brain tissue. A major component of this plaque is a small peptide
called beta-amyloid. A large body of clinical, biochemical and genetic evidence
has led to the widely held theory that when single beta-amyloid molecules
aggregate they become toxic to nerve cells, and that this toxicity leads to the
development and progression of Alzheimer's disease. Preclincal experiments have
shown that Apan specifically inhibits the aggregation of beta-amyloid and its
associated nerve cell toxicity. Alzheimer's disease, and the associated
accumulation of beta-amyloid in the brain, is often thought of as a defect in
the ability to clear beta-amyloid from the brain to the cerebral spinal fluid
(CSF). Both humans and transgenic mice with Alzheimer's disease plaques show
increased levels of beta-amyloid in the brain and decreased levels in the CSF.
Transgenic mice treated with Apan show
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significant increases in beta-amyloid levels in the CSF, indicating that Apan is
able to mobilize beta-amyloid in the brain and may be facilitating its
clearance.
The Company confirmed its intentions to file an Investigational New Drug
Application (IND) for Apan by the end of the year and to initiate a phase I
clinical trial during the first quarter of 2001.
In addition, the Company briefly discussed several of its preclinical research
programs, including the identification of CCR5-binding peptides, which are
currently being evaluated for anti-HIV activity. The Company provided a brief
overview of its Rel-Ease(TM) technology, which has been used to produce abarelix
and other compounds in sustained release formulations. The Company discussed its
plans to use its Rel-Ease technology to create sustained release formulations of
approved drugs, as well as potential products discovered using its proprietary
LEAP(TM) technology.
PRAECIS PHARMACEUTICALS INCORPORATED is a biotechnology company focused on the
discovery and development of pharmaceutical products using its proprietary
LEAP(TM) (Ligand Evolution to Active Pharmaceuticals) technology. LEAP combines
the power of biological selection with the advantages of medicinal chemistry in
a unique molecular evolution process. PRAECIS successfully employed LEAP in the
development of abarelix depot, its lead candidate for the treatment of prostate
cancer and endometriosis. PRAECIS also has programs in Alzheimer's disease, pain
management and AIDS.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS, INCLUDING, BUT NOT
LIMITED TO, STATEMENTS REGARDING THE FILING OF AN NDA FOR ABARELIX DEPOT, THE
CONTINUATION OF CLINICAL STUDIES OF LATRANAL AND THE EXPECTED PROGRESS OF THESE
STUDIES, THE RESULTS OF PRELIMINARY PRECLINICAL STUDIES AND THE ANTICIPATED
FILING OF AN IND FOR APAN, THE STATUS OF CERTAIN PRECLINICAL STUDIES OF CCR5 AND
PRAECIS' PLANS FOR USE OF ITS REL-EASE(TM) TECHNOLOGY. THESE STATEMENTS ARE
BASED ON PRAECIS' CURRENT BELIEFS AND EXPECTATIONS AS TO FUTURE OUTCOMES. SUCH
STATEMENTS ARE SUBJECT TO CERTAIN FACTORS AND UNCERTAINTIES THAT MAY CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM EXPECTED RESULTS. THESE INCLUDE, BUT
ARE NOT LIMITED TO, UNEXPECTED RESULTS IN ONGOING AND FUTURE PRECLINICAL TESTING
OR CLINICAL TRIALS, THE NEED FOR ADDITIONAL RESEARCH AND TESTING, DELAYS IN
MANUFACTURING, ACCESS TO CAPITAL AND FUNDING, AND THE TIMING AND CONTENT OF
DECISIONS MADE BY THE U.S. FOOD AND DRUG ADMINISTRATION, AS WELL AS THE RISKS
SET FORTH FROM TIME TO TIME IN PRAECIS' FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION, INCLUDING BUT NOT LIMITED TO THE RISKS DISCUSSED IN PRAECIS' MOST
RECENT FORM 10-Q.
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