Lexicon Genetics Delivers Discoveries to Bristol-Myers Squibb for New Drug Development

Apr 17, 2001, 01:00 ET from Lexicon Genetics Incorporated

    THE WOODLANDS, Texas, April 17 /PRNewswire/ --
 Lexicon Genetics Incorporated (Nasdaq:   LEXG) announced today that it has
 delivered to Bristol-Myers Squibb Company (NYSE:   BMY) the second installment
 of the LexVision database containing in vivo mammalian gene function
 information for potential new drug targets.  These gene functions are being
 analyzed for pharmaceutical product potential in the areas of cancer,
 cardiovascular disease, immune disorders, neurological disease, diabetes and
 obesity.  The installment, which was delivered during the first quarter of
 2001, triggered a further payment from Bristol-Myers Squibb for its first year
 of access to LexVision.
     "We are delighted with the acceleration of the quality and quantity of
 mammalian gene function data that is represented in LexVision," said James R.
 Piggott, Ph.D., Senior Vice President of Pharmaceutical Biology at Lexicon
 Genetics.  "Using Lexicon's gene targeting and gene trapping technologies, we
 have made exciting discoveries for use in the development of new drugs, and we
 anticipate many more medically important discoveries to result from this
 collaboration."
     Bristol-Myers Squibb became Lexicon's first collaborator for the LexVision
 program in September of 2000.  Under the agreement, Bristol-Myers Squibb has
 access to Lexicon's LexVision database and OmniBank library for the discovery
 of small molecule drugs.  Lexicon could receive between $15 million and
 $25 million in access and delivery fees under this agreement, in addition to
 milestone payments and royalties on products Bristol-Myers Squibb develops
 using Lexicon's technology.  The agreement calls for in vivo characterization
 of 250 genes each year and has a term of five years, although either party may
 terminate the agreement after three years.
     The LexVision program was created to discover the physiologic functions
 and medical importance of genes that are thought to be potential drug targets.
 Lexicon analyzes thousands of mouse gene knockouts using an integrated
 platform of leading-edge, medically-relevant tests.  This state-of-the-art
 technology platform enables Lexicon to assess the phenotype, or physiological
 effects, of the knocked-out gene across a variety of parameters relevant to
 human disease.  The information resulting from this analysis is captured in
 the LexVision database for use by Lexicon and its collaborators for the
 discovery of genomics-based pharmaceutical products.
 
     Lexicon Genetics Incorporated is a drug discovery company of the post-
 genome era, using gene knockout technology to define the functions of genes
 for the discovery of pharmaceutical products.  Lexicon is using this
 technology to fuel drug discovery programs in cancer, cardiovascular disease,
 immune disorders, neurological disease, diabetes and obesity.  Lexicon has
 established drug discovery alliances and functional genomics collaborations
 with leading pharmaceutical and biotechnology companies, research institutes
 and academic institutions throughout the world to commercialize its technology
 and further develop its discoveries.  Additional information about the Company
 is available through Lexicon's corporate website, www.lexicon-genetics.com.
 
     This press release contains "forward-looking statements," including
 statements about Lexicon's growth and future operating results, discovery and
 development of products, strategic alliances, and intellectual property, as
 well as other matters that are not historical facts or information.  These
 forward-looking statements are based on management's current assumptions and
 expectations and involve risks, uncertainties and other important factors,
 specifically including those relating to Lexicon's future performance under
 its agreements with collaborators, that may cause Lexicon's actual results to
 be materially different from any future results expressed or implied by such
 forward-looking statements.  Information identifying such important factors is
 contained under "Factors Affecting Forward-Looking Statements" and "Business -
 Risk Factors" in our annual report on Form 10-K for the year ended December
 31, 2000, as filed with the Securities and Exchange Commission.  Lexicon
 undertakes no obligation to update or revise any such forward-looking
 statements, whether as a result of new information, future events or
 otherwise.
 
 

SOURCE Lexicon Genetics Incorporated
    THE WOODLANDS, Texas, April 17 /PRNewswire/ --
 Lexicon Genetics Incorporated (Nasdaq:   LEXG) announced today that it has
 delivered to Bristol-Myers Squibb Company (NYSE:   BMY) the second installment
 of the LexVision database containing in vivo mammalian gene function
 information for potential new drug targets.  These gene functions are being
 analyzed for pharmaceutical product potential in the areas of cancer,
 cardiovascular disease, immune disorders, neurological disease, diabetes and
 obesity.  The installment, which was delivered during the first quarter of
 2001, triggered a further payment from Bristol-Myers Squibb for its first year
 of access to LexVision.
     "We are delighted with the acceleration of the quality and quantity of
 mammalian gene function data that is represented in LexVision," said James R.
 Piggott, Ph.D., Senior Vice President of Pharmaceutical Biology at Lexicon
 Genetics.  "Using Lexicon's gene targeting and gene trapping technologies, we
 have made exciting discoveries for use in the development of new drugs, and we
 anticipate many more medically important discoveries to result from this
 collaboration."
     Bristol-Myers Squibb became Lexicon's first collaborator for the LexVision
 program in September of 2000.  Under the agreement, Bristol-Myers Squibb has
 access to Lexicon's LexVision database and OmniBank library for the discovery
 of small molecule drugs.  Lexicon could receive between $15 million and
 $25 million in access and delivery fees under this agreement, in addition to
 milestone payments and royalties on products Bristol-Myers Squibb develops
 using Lexicon's technology.  The agreement calls for in vivo characterization
 of 250 genes each year and has a term of five years, although either party may
 terminate the agreement after three years.
     The LexVision program was created to discover the physiologic functions
 and medical importance of genes that are thought to be potential drug targets.
 Lexicon analyzes thousands of mouse gene knockouts using an integrated
 platform of leading-edge, medically-relevant tests.  This state-of-the-art
 technology platform enables Lexicon to assess the phenotype, or physiological
 effects, of the knocked-out gene across a variety of parameters relevant to
 human disease.  The information resulting from this analysis is captured in
 the LexVision database for use by Lexicon and its collaborators for the
 discovery of genomics-based pharmaceutical products.
 
     Lexicon Genetics Incorporated is a drug discovery company of the post-
 genome era, using gene knockout technology to define the functions of genes
 for the discovery of pharmaceutical products.  Lexicon is using this
 technology to fuel drug discovery programs in cancer, cardiovascular disease,
 immune disorders, neurological disease, diabetes and obesity.  Lexicon has
 established drug discovery alliances and functional genomics collaborations
 with leading pharmaceutical and biotechnology companies, research institutes
 and academic institutions throughout the world to commercialize its technology
 and further develop its discoveries.  Additional information about the Company
 is available through Lexicon's corporate website, www.lexicon-genetics.com.
 
     This press release contains "forward-looking statements," including
 statements about Lexicon's growth and future operating results, discovery and
 development of products, strategic alliances, and intellectual property, as
 well as other matters that are not historical facts or information.  These
 forward-looking statements are based on management's current assumptions and
 expectations and involve risks, uncertainties and other important factors,
 specifically including those relating to Lexicon's future performance under
 its agreements with collaborators, that may cause Lexicon's actual results to
 be materially different from any future results expressed or implied by such
 forward-looking statements.  Information identifying such important factors is
 contained under "Factors Affecting Forward-Looking Statements" and "Business -
 Risk Factors" in our annual report on Form 10-K for the year ended December
 31, 2000, as filed with the Securities and Exchange Commission.  Lexicon
 undertakes no obligation to update or revise any such forward-looking
 statements, whether as a result of new information, future events or
 otherwise.
 
 SOURCE  Lexicon Genetics Incorporated

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