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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 and Exchange Act of 1934
Date of Report: (Date of earliest event reported): June 15, 2000 (June 6, 2000)
TEXAS BIOTECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
DELAWARE 1-12574 13-3532643
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
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7000 FANNIN, 20TH FLOOR
HOUSTON, TEXAS 77030
(Address of Registrant's principal executive offices)
(713) 796-8822
(Registrant's telephone number, including area code)
(NOT APPLICABLE)
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
This report contains forward-looking information that is subject to certain
risks, trends and uncertainties that could cause actual results to differ
materially from those projected. Among those risks, trends and uncertainties
are attainment of research and clinical goals of product candidates, attainment
of required governmental approval and availability of financing and revenues
sufficient to fund development of product candidates and operations. In
particular, you should give careful consideration to cautionary statements made
in the reports we have filed with the Securities and Exchange Commission,
including our most recently filed Form 10-K and Form 10-Q.
On June 6, 2000, we and ICOS Corporation entered into an agreement to form a
50/50 owned joint venture, ICOS-Texas Biotechnology, Limited Partnership, to
develop and globally commercialize endothelin-A receptor antagonists.
Endothelin antagonists are an emerging new class of compounds currently being
developed to treat a number of diseases including essential and pulmonary
hypertension, chronic heart failure, and prostate cancer. In a Phase IIa
clinical study, sitaxsentan (also called TBC11251), a selective endothelin-A
receptor antagonist, showed decreased pulmonary artery systolic pressure and
pulmonary vascular resistance in patients with chronic heart failure. The
compound is currently being evaluated in a Phase IIa trial in patients with
pulmonary hypertension.
The immediate focus of the ICOS-Texas Biotechnology joint venture will be to
initiate a Phase IIb/III pulmonary hypertension trial for sitaxsentan, continue
clinical development for sitaxsentan in chronic heart failure, and explore
applications for second-generation endothelin antagonists including TBC3711.
Both parties will equally fund the cost of research and development of
sitaxsentan and second-generation endothelin antagonist compounds, commercialize
resulting products, and share equally in the profits from this worldwide
collaboration. ICOS will make milestone payments to us that could be as much as
$55.5 million for the development and commercialization of products resulting
from the collaboration.
All compounds in the ICOS-Texas Biotechnology joint venture are selective
endothelin-A receptor antagonists. The blocking of endothelin-A receptors has
been shown to reduce blood pressures in humans and, in preclinical testing,
endothelin-A antagonists have halted and reversed the pulmonary vascular
remodeling that occurs in response to elevated pulmonary vascular pressures.
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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 thereunto duly authorized.
Date: June 15, 2000 TEXAS BIOTECHNOLOGY CORPORATION
/s/ Stephen L. Mueller
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Stephen L. Mueller
Vice President, Finance and Administration,
Secretary and Treasurer
