Nuvelo Partners With Kirin to Develop Compound

Nuvelo today announced that it has entered a new development collaboration with the Pharmaceutical Division of Kirin Brewery Co. to advance a potent growth factor, NU206, which entered IND-enabling studies late in 2004. Under the terms of the new agreement, Nuvelo will receive a $2 million upfront payment from Kirin for NU206 with Nuvelo leading worldwide development, manufacturing and commercialization. All expenses and operating profits will be shared in a 60(Nuvelo)/40(Kirin) ratio while Nuvelo and Kirin are both actively collaborating under the agreement.

PR Newswire (http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/04-04-2005/0003328682&EDATE=)