SmithKline Beecham To Extend Agreement With NPS Pharmaceuticals

NPS Pharmaceuticals, Inc has announced that SmithKline Beecham (SB) will continue funding work at NPS under an existing collaborative research and license agreement begun in 1993.

NPS and SB are engaged in research efforts to find novel therapies for osteoporosis.

Under the terms of the agreement, SB has also purchased shares of NPS stock.

The SB stock purchase consisted of 249,000 shares of NPS common stock priced at $7.817 per share.

The total proceeds from the purchase are $1,946,433. Dr. Hunter Jackson, Chairman, CEO and President of NPS said, “SmithKline Beecham’s continued support for this program demonstrates its promise in finding effective therapies for a very serious condition. We hope to not only halt the progression of osteoporosis, but also to reverse its course so that weakened bones are strengthened and fractures related to osteoporosis are reduced.”

Research in osteoporosis by NPS and SB is founded on technology proprietary to NPS related to proteins in the body called calcium receptors.

NPS and other corporate partners are conducting additional research related to calcium receptors for diseases other than osteoporosis.

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