PRCS Praecis Pharmaceuticals (MM)

PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced that it is presenting preclinical data on its investigational compound, PPI-2458, at the 14th International Inflammation Research Association Conference being held in Cambridge, Maryland. The Company�s presentation, entitled �Disease-modifying activity in a model of rheumatoid arthritis with an orally available inhibitor of methionine aminopeptidase type-2, PPI-2458,� will be delivered by William Westlin,�Ph.D., Senior Vice President, Preclinical Research today at 3:00 p.m., EDT. Dr. Westlin will present preclinical data that provide rationale for studying the investigational compound PPI-2458 as a targeted molecular therapy for rheumatoid arthritis. A copy of the presentation will be posted on the Company�s website at http://www.praecis.com, under �Investors� following the presentation. PPI-2458 is a novel, proprietary, orally available small molecule that specifically targets the enzyme, methionine aminopeptidase-2 (MetAP-2). Inhibition of MetAP-2 by PPI-2458 has been demonstrated in extensive preclinical evaluations to inhibit angiogenesis and the proliferation of human rheumatoid arthritis synovial cells that contribute to the pathogenesis of the human disease. The Company�s presentation highlights new mechanism of action data that demonstrates significant protective effects of PPI-2458 on bone and cartilage destruction. Data also will be presented demonstrating the effects of PPI-2458 on osteoclasts, cells that produce the erosive deformities that occur in the human rheumatoid arthritis condition. In animal models of rheumatoid arthritis, PPI-2458 displays disease-modifying activity, including protection from chronic inflammation and prevention of structural damage in affected joints. The results from these preclinical models provide support for the clinical investigation of PPI-2458 in rheumatoid arthritis patients, and the Company is evaluating the potential initiation of clinical studies in this indication. PRAECIS also is conducting a Phase 1 clinical study of PPI-2458 in cancer patients. The study is designed to assess the safety and tolerability of orally administered PPI-2458. As a secondary endpoint, the study will assess the pharmacodynamic activity of PPI-2458. Interim data from this clinical trial will be presented at the upcoming 18th EORTC-NCI-AACR Symposium on �Molecular Targets and Cancer Therapeutics� being held from Tuesday, November 7 to Friday, November 10, 2006 at the Prague Congress Centre in Prague, Czech Republic. Additional information about the Company�s ongoing clinical trial for PPI-2458 can be accessed on the Internet at www.clinicaltrials.gov. The Company is currently planning its Phase 2 clinical development protocols in oncology. About PRAECIS PRAECIS PHARMACEUTICALS INCORPORATED is a biopharmaceutical company focused on the discovery and development of novel compounds that have the potential to address unmet medical needs or improve existing therapies. PRAECIS has a novel MetAP-2 inhibitor, PPI-2458, in clinical development for cancer indications, including non-Hodgkin�s lymphoma and solid tumors, as well as an innovative drug discovery technology, DirectSelect�, which enables the generation and practical use of ultra-large libraries for the discovery of orally active compounds for drug development. This news release contains forward-looking statements regarding the Company�s continued development of PPI-2458 for cancer and autoimmune disorders. These statements are based on the Company�s current beliefs and expectations as to future outcomes and are not guarantees of such outcomes or of future performance. These statements are subject to numerous risks, uncertainties and assumptions that could cause actual events and results to differ from those expected or anticipated, including, but not limited to, the Company�s ability to continue development of and successfully partner or otherwise obtain funding for its PPI-2458 program, the Company�s ability to continue to manage operating expenses and to retain key employees, unexpected expenditures, the timing and content of decisions made by the FDA, unexpected results in ongoing and future clinical or preclinical trials, and the need for additional research and testing, including as a result of unanticipated determinations by regulatory authorities, as well as the risks set forth from time to time in the Company�s filings with the Securities and Exchange Commission, including but not limited to the various risks discussed in the Company�s Quarterly Report on Form�10-Q for the quarter ended June 30, 2006. The Company undertakes no obligation to update any forward-looking statement made in this press release to reflect new information, events or circumstances after the date of this release. PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced that it is presenting preclinical data on its investigational compound, PPI-2458, at the 14th International Inflammation Research Association Conference being held in Cambridge, Maryland. The Company's presentation, entitled "Disease-modifying activity in a model of rheumatoid arthritis with an orally available inhibitor of methionine aminopeptidase type-2, PPI-2458," will be delivered by William Westlin, Ph.D., Senior Vice President, Preclinical Research today at 3:00 p.m., EDT. Dr. Westlin will present preclinical data that provide rationale for studying the investigational compound PPI-2458 as a targeted molecular therapy for rheumatoid arthritis. A copy of the presentation will be posted on the Company's website at http://www.praecis.com, under "Investors" following the presentation. PPI-2458 is a novel, proprietary, orally available small molecule that specifically targets the enzyme, methionine aminopeptidase-2 (MetAP-2). Inhibition of MetAP-2 by PPI-2458 has been demonstrated in extensive preclinical evaluations to inhibit angiogenesis and the proliferation of human rheumatoid arthritis synovial cells that contribute to the pathogenesis of the human disease. The Company's presentation highlights new mechanism of action data that demonstrates significant protective effects of PPI-2458 on bone and cartilage destruction. Data also will be presented demonstrating the effects of PPI-2458 on osteoclasts, cells that produce the erosive deformities that occur in the human rheumatoid arthritis condition. In animal models of rheumatoid arthritis, PPI-2458 displays disease-modifying activity, including protection from chronic inflammation and prevention of structural damage in affected joints. The results from these preclinical models provide support for the clinical investigation of PPI-2458 in rheumatoid arthritis patients, and the Company is evaluating the potential initiation of clinical studies in this indication. PRAECIS also is conducting a Phase 1 clinical study of PPI-2458 in cancer patients. The study is designed to assess the safety and tolerability of orally administered PPI-2458. As a secondary endpoint, the study will assess the pharmacodynamic activity of PPI-2458. Interim data from this clinical trial will be presented at the upcoming 18th EORTC-NCI-AACR Symposium on "Molecular Targets and Cancer Therapeutics" being held from Tuesday, November 7 to Friday, November 10, 2006 at the Prague Congress Centre in Prague, Czech Republic. Additional information about the Company's ongoing clinical trial for PPI-2458 can be accessed on the Internet at www.clinicaltrials.gov. The Company is currently planning its Phase 2 clinical development protocols in oncology. About PRAECIS PRAECIS PHARMACEUTICALS INCORPORATED is a biopharmaceutical company focused on the discovery and development of novel compounds that have the potential to address unmet medical needs or improve existing therapies. PRAECIS has a novel MetAP-2 inhibitor, PPI-2458, in clinical development for cancer indications, including non-Hodgkin's lymphoma and solid tumors, as well as an innovative drug discovery technology, DirectSelect(TM), which enables the generation and practical use of ultra-large libraries for the discovery of orally active compounds for drug development. This news release contains forward-looking statements regarding the Company's continued development of PPI-2458 for cancer and autoimmune disorders. These statements are based on the Company's current beliefs and expectations as to future outcomes and are not guarantees of such outcomes or of future performance. These statements are subject to numerous risks, uncertainties and assumptions that could cause actual events and results to differ from those expected or anticipated, including, but not limited to, the Company's ability to continue development of and successfully partner or otherwise obtain funding for its PPI-2458 program, the Company's ability to continue to manage operating expenses and to retain key employees, unexpected expenditures, the timing and content of decisions made by the FDA, unexpected results in ongoing and future clinical or preclinical trials, and the need for additional research and testing, including as a result of unanticipated determinations by regulatory authorities, as well as the risks set forth from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to the various risks discussed in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006. The Company undertakes no obligation to update any forward-looking statement made in this press release to reflect new information, events or circumstances after the date of this release.