CURRENT PARTNERSHIPS




In August 2007, we entered into a collaborative research and license agreement with

Pfizer for the discovery, development, manufacture and commercialization of

compounds and products that modulate three specific sodium ion channels as new

potential treatments for pain and related disorders. Under the terms of the agreement,

we and Pfizer are combining resources to identify compounds that target these three

ion channels in a global research and development collaboration. We and Pfizer have

formed a joint research committee to monitor and oversee the collaboration.

The ion channel targets included in the collaboration are important in the generation of

electrical signals in nerve fibers that mediate the initiation, transmission and

sensation of pain. In preclinical studies, compounds identified by us have

demonstrated efficacy in pain models. We have also established a broad portfolio of

intellectual property in this area, covering multiple promising compounds targeting

sodium channels.

Under the terms of the collaboration, we have granted Pfizer a worldwide exclusive license, with the right to grant sublicenses, to our patent rights and know-how with respect to drugs arising from the collaboration. In addition, we have granted Pfizer the first right to enforce our intellectual property rights in order to protect these drugs and have retained a right to enforce our intellectual property rights. Pfizer is responsible for funding all aspects of the collaboration and for worldwide clinical development and commercialization of drugs arising from the collaboration.