Our partnership with Merck & Co. is focused on developing niacin receptor agonists for the treatment of atherosclerosis and other disorders. The niacin receptor is a G protein-coupled receptor, or GPCR, generally thought to have the potential to regulate plasma lipid profiles, including high-density lipoproteins (HDL), or the "good" cholesterol.

Exploration of additional investigational niacin receptor agonists for the treatment of atherosclerosis and related disorders is ongoing under the partnership. Further, in September 2006, we announced that Merck completed a Phase 2 trial of MK-0354. Based upon the results of that trial, Merck is no longer developing MK-0354 for atherosclerosis. However, MK-0354 is being further evaluated in preclinical studies for continued development in an undisclosed indication.

Though existing drugs have been shown to be effective at lowering levels of low-density lipoproteins (LDL), the so-called "bad cholesterol," an emerging body of research has demonstrated the benefits of also maintaining high HDL levels. Currently marketed cholesterol drugs have only a modest effect upon HDL, spurring interest in novel, more effective, HDL-targeted therapies. We believe that such therapies may reduce the risk of atherosclerotic heart disease and compete in the large antidyslipidemic market.

Our product candidates have not been approved by the U.S. Food and Drug Administration or any international regulatory agency.

(NOTE: This page was last updated: October 5, 2006.)