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EXHIBIT 99.1
[LOGO OF ESPERION THERAPEUTICS]
FOR IMMEDIATE RELEASE
CONTACT:
--------
Roger S. Newton, Ph.D.
President and Chief Executive Officer
Timothy M. Mayleben
Vice President, Finance and Chief Financial Officer
Phone: (734) 332-0506
ESPERION THERAPEUTICS, INC. ANNOUNCES THE ACQUISITION
OF TALARIA THERAPEUTICS, INC.
Ann Arbor, MI - October 5, 2000 - Esperion Therapeutics, Inc., (Nasdaq: ESPR), a
pharmaceutical company focused on discovering and developing HDL-targeted
therapies, today announced the acquisition of Talaria Therapeutics, Inc., a
biotechnology company that researches and develops LUV (large unilamellar
vesicles) technology for treating cardiovascular disease . This acquisition
provides Esperion with additional intellectual property for the development of
the Company's existing LUV product candidate. In addition, Esperion received
Phase I clinical data from over 30 patients.
"We are pleased to have completed the acquisition of Talaria," said Roger S.
Newton, Ph.D. President and CEO of Esperion. "Talaria's Phase I clinical data,
intellectual property and inventory of LUV clinical material will strengthen
Esperion's existing LUV program and allow the Company to initiate a Phase II
clinical trial over the next several months. This places the LUV program
several months ahead of schedule."
Under the terms of the agreement, all of the outstanding shares of stock of
Talaria were exchanged for approximately 813,000 shares of Esperion common
stock. In addition, Esperion is obligated to make certain contingent payments
to Talaria stockholders based on the achievement of certain development
milestones, and royalties on net sales of the LUVs.
In connection with the acquisition, Esperion expects to report a one-time, non-
cash charge in the third quarter of 2000 of approximately $4.0 million, related
to the write-off of in-process research and development of Talaria.
The acquisition, together with an amendment that will be executed to an existing
license agreement with Inex Pharmaceuticals Corporation (TSE:IEX), successfully
resolves the litigation that Talaria and Dr. Kevin Williams brought against
Esperion, Inex and certain other parties.
-more-
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ESPERION THERAPEUTICS, INC. ANNOUNCES THE ACQUISITION OF TALARIA
THERAPEUTICS, INC.
October 5, 2000
Page 2 of 2
"Esperion will work with the team from Talaria that has considerable expertise
in the manufacturing and clinical development of the LUV technology", said Dr.
Newton. "This collaboration will enhance our efforts to bring the LUVs through
development."
Esperion Therapeutics, Inc. discovers and develops pharmaceutical products for
the treatment of cardiovascular and metabolic diseases. Esperion intends to
commercialize a novel class of drugs that focuses on a new treatment approach
called "HDL Therapy," which is based on the Company's understanding of high
density lipoprotein, or HDL, function. HDL is the primary facilitator of the
reverse lipid transport, or RLT, pathway. The RLT pathway is responsible for
removing excess cholesterol from arteries and other tissues and for its
transport to the liver for elimination from the body. Esperion's goal is to
develop drugs that exploit the beneficial functions of HDL within the RLT
pathway. Esperion currently has five product candidates under development for
the treatment of cardiovascular and metabolic diseases. Esperion successfully
completed an initial public offering on August 9, 2000, and is listed on the
Nasdaq National Market under the symbol "ESPR".
Statements included in this press release that are not historical in nature are
"forward-looking statements" within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. These
include statements regarding the progress of Esperion's products in development.
The Company cautions readers that forward-looking statements are subject to
certain risks and uncertainties that may cause actual results, performance or
achievements, or industry results to differ materially from any future results,
performance or achievements expressed or implied by these forward-looking
statements. These include, for example, risks associated with the development
of Esperion's product candidates, including regulatory approval, market
acceptance, the Company's dependence on clinical research organizations, license
arrangements and other strategic relationships, the Company's dependence on
patents and proprietary rights, the Company's procurement, maintenance,
enforcement and defense of its patents and proprietary rights, and risks related
to manufacturing. These risks and uncertainties and other risks and factors are
more fully described in the Company's Form S-1 Registration Statement.
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