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Microcide Spinoff Gains $12.5 Million Funding

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MOUNTAIN VIEW, Calif.-- Microcide Pharmaceuticals here has formed Iconix Pharmaceuti cals, a chemical genetics company aimed at extending the company's microbial genomics research into a broader technology platform. The new entity has acquired a $12.5 million venture investment from Abingworth Management, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers.

Microcide will hold approximately 35 percent of Iconix's equity. The two companies have entered into a series of agreements covering the transfer of certain technologies to Iconix and joint technology development in specific drug discovery areas. Microcide will also supply services and research support of $6.1 million to Iconix for the next three years. In exchange, Iconix will apply its chemical genomics technology to an antiviral drug discovery and development collaboration with Microcide and receive milestone payments of $11 million for the first product and $10.5 million for subsequent products, plus royalties on worldwide sales.

Microcide gains worldwide development, manufacturing, and marketing rights to antiviral products that result from the partnership. Keith Bostian, formerly Microcide's chief operating officer, will be Iconix's president and CEO. He will continue on Microcide's board and serve as a consultant to the company for two years. Abingworth's Hugh Rienhoff will serve as Iconix's chairman.

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