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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 5, 2000
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GENOME THERAPEUTICS CORP.
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 0-10824 04-2297484
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification Number)
100 BEAVER STREET
WALTHAM, MASSACHUSETTS 02453
(Address, of principal executive offices, including zip code)
(781) 398-2300
(Registrant's Telephone number including area code)
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PAGE 1 OF 4 PAGES.
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Item 5. OTHER EVENTS
On May 2, 2000, Genome Therapeutics Corp. issued a press release
announcing an extension to its human genomics alliance with Schering-Plough
Corporation to discover new therapeutics for treating asthma. The extension
will carry the research portion of the alliance at least through December
2001. A copy of this press release is attached to this Current Report on Form
8-K as Exhibit 99.1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENOME THERAPEUTICS CORP.
By /s/ Robert J. Hennessey
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Title: Chairman of the Board and
Chief Executive Officer
Date: May 5, 2000
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EXHIBIT INDEX
99.1 Press Release dated May 2, 2000
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Exhibit 99.1
CONTACTS:
Christopher Taylor Doug MacDougall
Director of Investor Relations Vice President
Genome Therapeutics Corp. Feinstein Kean Healthcare
(781) 398-2466 (617) 577-8110
FOR IMMEDIATE RELEASE
GENOME THERAPEUTICS AND SCHERING-PLOUGH EXTEND
GENOMICS ALLIANCE TO IDENTIFY NOVEL ASTHMA TREATMENTS
- Companies extend research collaboration through end of 2001 -
WALTHAM, MASS., MAY 2, 2000 -- Genome Therapeutics Corp. (Nasdaq: GENE) today
announced an extension to its human genomics alliance with Schering-Plough
Corporation (NYSE: SGP) to discover new therapeutics for treating asthma. This
agreement will carry the research portion of the alliance at least through
December 2001 and increases the potential proceeds from this alliance to
approximately $76 million, excluding royalties.
Asthma affects over 155 million people worldwide according to the World Health
Organization. The incidence appears to be rising dramatically worldwide; in the
United States, the incidence has doubled over the past two decades. Industry
reports indicate that asthma accounts for more than $12 billion in direct and
indirect costs in the U.S. each year.
"The continuing success of this program validates our strong capabilities in
human genomics," said Dr. Richard D. Gill, President and COO of Genome
Therapeutics. "We foresee the extension of the research phase of this alliance
will bring the program closer to its goal of identifying novel treatments for
this major human disease."
Genome Therapeutics is using its proprietary genomics tools, bioinformatics and
high-throughput sequencing capacity to identify candidate genes believed to be
involved in the development of asthma in certain individuals. The genes are
located within chromosomal regions identified by Genome Therapeutics.
Announced in December 1996, this multi-year research program has a potential
value of $76 million, excluding royalties based on sales of therapeutic products
resulting from this collaboration. To date, the Company has received about
one-third of those potential proceeds through milestone payments and funded
research. In November 1998, the program was accelerated to build on promising
initial results and to expedite the process of identifying asthma susceptibility
genes.
"This gene-discovery program has advanced quite rapidly and we believe that the
most successful route to commercialization of products is through this alliance
with Schering-Plough, a world leader in the development of respiratory care
products," Dr. Gill added.
In separate agreements, Genome Therapeutics and Schering-Plough forged a
potential $43 million alliance in December 1995 to develop novel antibacterial
agents with activity against drug-resistant organisms and a potential $36
million alliance announced in September 1997 to discover novel anti-fungal
treatments. In addition, Schering-Plough is a subscriber to Genome Therapeutics'
proprietary PathoGenome-TM-Database, which contains DNA sequence information for
more than 30 microbial organisms.
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Genome Therapeutics
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Genome Therapeutics (WWW.GENOMECORP.COM) is a leader in the commercialization of
genomics-based drug discovery. The Company's gene discovery strategy is to
identify and characterize human genes associated with major diseases and
elucidate microbial genes as novel drug targets against many serious infectious
organisms. Together with Schering-Plough and its other strategic partners,
including AstraZeneca, Wyeth-Ayerst and bioMerieux, Genome Therapeutics is using
genomic information to develop a new generation of genomics-based
pharmaceutical, vaccine and diagnostic products.
STATEMENTS IN THIS PRESS RELEASE THAT ARE NOT STRICTLY HISTORICAL ARE "FORWARD
LOOKING" STATEMENTS AS DEFINED IN THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE PROJECTED OR SUGGESTED IN THE FORWARD LOOKING STATEMENT
INCLUDING, BUT NOT LIMITED TO, THE ABILITY OF THE COMPANY AND ITS ALLIANCE
PARTNERS TO (I) SUCCESSFULLY DEVELOP PRODUCTS BASED ON THE COMPANY'S GENOMIC
INFORMATION, (II) OBTAIN THE NECESSARY GOVERNMENTAL APPROVALS, (III) EFFECTIVELY
COMMERCIALIZE ANY PRODUCTS DEVELOPED BEFORE ITS COMPETITORS AND (IV) OBTAIN AND
ENFORCE INTELLECTUAL PROPERTY RIGHTS, AS WELL AS THE RISK FACTORS DESCRIBED IN
THE COMPANY'S ANNUAL REPORT ON FORM 10-K.
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