In September 2007, Bristol-Myers Squibb Company acquired privately held Adnexus Therapeutics, developer of a new therapeutic class of biologics called Adnectins(TM). In the months before acqisition, the firm had unsuccessfully attempted an IPO. Originally dba Compund Therapeutics, the efforts of the operation were anchored in the full complement of assets of the combinatorial biology research company Phylos Inc. The acquisition of Adnexus by BMS was designed to help advance that firm's biologics strategy across multiple therapeutic areas and includes a Phase I oncology biologic, Angiocept(TM). Adnexus Therapeutics became a subsidiary of Bristol-Myers Squibb and remained based in Waltham, MA. Adnexus Therapeutics, Inc. (formerly Compound Therapeutics, Inc.) is focused on generating vital medicines through the discovery, development, and commercialization of its broadly applicable new therapeutic class, AdNectins™. AdNectins have the potential to become a dominant class of protein therapeutics, overcoming the limitations of current protein classes, including antibodies and soluble receptors. AdNectins are designed and optimized using PROfusion™, Adnexus' proprietary protein design technology that uniquely enables selection of molecules with ideal product characteristics. Together, AdNectins and PROfusion are a powerful combination that enables the design and production of product candidates with desired drug properties for a wide variety of targets and therapeutic areas. Adnexus is developing a portfolio of AdNectin therapeutic products. Angiocept™ (CT-322), an AdNectin that inhibits the activation of human vascular endothelial growth factor receptor 2 (VEGFR-2), is Adnexus' first product that was designed using this proprietary approach. Angiocept (CT-322) is scheduled to begin Phase I clinical studies in oncology in 2006.
