GLPG Galapagos

    *  2006 revenues in the �33-35 million range, a three-fold increase
  over 2005
*  Cash position per 31 December 2006 of �51.5 million
*  First milestone in osteoarthritis alliance with GSK
*  Proof of Principle in osteoarthritis program
*  Rheumatoid arthritis program on track to enter the clinic in 2008
*  Rudi Pauwels joins Board of Directors, Wilson Totten and David
  Stone step down

Mechelen, Belgium; 12 January 2007 - Galapagos NV (Euronext & LSE:
GLPG) announces today that consolidated 2006 revenues will be in the
range of �33-35 million, with a year-end cash balance of �51.5
million.  Detailed financial results will be reported on 2 March
2007.  In an update of its R&D programs, the Company reports that it
has achieved significant progress in the advancement of its drug
discovery pipeline in bone and joint diseases.  In the osteoarthritis
(OA) program, it obtained its first milestone in the alliance with
GSK; furthermore, Galapagos achieved Proof of Principle in a relevant
OA animal model.  Compounds from several projects protected against
the destruction of cartilage, the aim of OA-therapy.  In the
rheumatoid arthritis (RA) program, the Company developed compounds in
lead optimization that show very promising results in animal models.
The composition of the Galapagos Board has changed with two
Non-Executive Directors stepping down and the appointment of a new
independent Non-Executive Director.

Drug discovery program advancements

Osteoarthritis
In the OA program, Galapagos achieved a first milestone of �400,000
in the turn-key drug discovery alliance with GlaxoSmithKline (LSE &
NYSE: GSK).  GSK and Galapagos collaborate to deliver
disease-modifying drugs with clinical Proof of Concept in clinical
research Phase IIA to GSK's global research and development
organization.  The alliance is worth up to �137 million in upfront,
milestone, and equity payments to Galapagos, plus up to double-digit
royalties on global product sales.

Galapagos also achieved Proof of Principle in a relevant OA animal
model, showing ex vivo protection of bovine cartilage explants
treated with compounds developed against Galapagos' OA targets.
Galapagos has several series of proprietary compounds in hit-to-lead
and lead optimization that have potential to deliver a novel
therapeutic for the treatment of OA.  Next to RA, this is the second
Proof of Principle for compounds targeting proteins identified in
Galapagos' SilenceSelect discovery platform and this further
validates the target discovery technology as well as the pipeline in
bone and joint diseases.

Rheumatoid arthritis
In its RA program, Galapagos already reported the achievement of
reduction in disease-causing cytokines and reduced paw swelling in a
therapeutic mouse RA model.  Today the Company reports that these
lead compounds also show substantial protection against bone loss in
the industry standard RA animal model.  Furthermore, the program has
achieved relevant potencies and pharmacokinetic profiles for
compounds in lead optimization.  These compounds target a proprietary
kinase protein that was identified using the Galapagos' SilenceSelect
discovery platform.  Based on these important results, Galapagos
anticipates initiation of preclinical studies in 2007, with a
candidate drug expected to enter clinical phase I in 2008.

ProSkelia
With the acquisition of ProSkelia (Romainville, France) on 22
December 2006, Galapagos enhanced its product portfolio with the
addition of three preclinical products in bone diseases (osteoporosis
and bone metastasis), and one preclinical product in cachexia (muscle
atrophy and weight loss).  The combined product development portfolio
will contribute to Galapagos' goal of having multiple clinical
programs in bone and joint diseases in 2008.  The transaction with
ProSkelia also included an exclusive option and license to oestradiol
glucoside, a product for treatment of menopausal symptoms ('hot
flashes').  Galapagos has started the preparations to initiate a
phase IIb clinical trial for this compound in Q4 of 2007.  The
ProSkelia capabilities and facilities will be used to accelerate the
development of all optimized leads in bone and joint diseases.

Galapagos board changes

The board and management are delighted to announce the addition of Dr
Rudi Pauwels  as  an  independent, Non-Executive  Board  Member  with
effect as of 1 January 2007, as Rudi brings substantial experience in
drug development.  "I  am very pleased  to have Galapagos  co-founder
Rudi Pauwels return as a member of the Board of Directors", said Onno
van de Stolpe, CEO of Galapagos.   "As a pioneer of Belgian  biotech,
Rudi brings with him  expertise in the  discovery and development  of
new drugs, and Galapagos will benefit from his experience in bringing
new drugs to the market."   "Rudi's addition to the board  highlights
Galapagos' move into drug development," added Raj Parekh, Chairman of
the Galapagos board.

Dr Pauwels (46), in addition to being a co-founder of Galapagos,  was
also co-founder of Tibotec (now a  J&J company), a leading player  in
the field of anti-HIV drug development, and Virco, a company involved
in molecular diagnostic tools for HIV resistance testing.  Dr Pauwels
is a pharmaceutical  scientist who  received several  awards for  his
scientific work and his achievements as a biotech entrepreneur.

The appointment of Dr Pauwels will  be submitted for approval at  the
next shareholders'  meeting.   There  are no  further details  to  be
disclosed under Schedule 2(g) and Rule 17 of the AIM rules.

Dr Wilson Totten decided to step down as a Board Member effective  23
December 2006.  He served as an independent Non-Executive Director on
the Galapagos board since  October 2004.  Dr  David Stone decided  to
step down as  a Board Member  effective 31 December  2006.  Dr  Stone
joined the  Galapagos Board  as  a dependent  Non-Executive  Director
after the acquisition by Galapagos of BioFocus Ltd. in October 2005.
"Both  Wilson  and  David  have  significantly  contributed  to   the
transition of Galapagos  from a  target discovery company  to a  full
fledge drug discovery  entity," commented Raj  Parekh, Chairman.  "On
behalf of  the  Galapagos  board,  I want  to  thank  them  for  this
accomplishment."

About Galapagos

Galapagos (Euronext Brussels, GLPG; Euronext Amsterdam, GLPGA; London
AiM: GLPG) is a drug discovery company with clinical and pre-clinical
programs in bone  and joint  diseases, cachexia,  and menopausal  hot
flashes.    Its  division  BioFocus  DPI  offers  a  full  suite   of
target-to-drug discovery products and services to pharmaceutical  and
biotech companies,  encompassing  target  discovery  and  validation,
screening and  drug discovery  through  to delivery  of  pre-clinical
candidates.  BioFocus DPI also provides adenoviral reagents for rapid
identification  and  validation  of  novel  drug  targets,   compound
libraries for drug  screening as well  as chemogenomics and  ADMET[1]
database  products  to  select  targets  and  compounds.    Galapagos
currently  employs  450  people  and  operates  facilities  in  eight
countries, with  global  headquarters  in Mechelen,  Belgium.    More
information  about  Galapagos  and  BioFocus  DPI  can  be  found  at
www.glpg.com.


CONTACT

Galapagos NV
Onno van de Stolpe, CEO
Tel: +31 6 2909 8028
ir@glpg.com

This  release  may  contain  forward-looking  statements,  including,
without  limitation,  statements  containing  the  words  "believes,"
"anticipates," "expects," "intends,"  "plans," "seeks,"  "estimates,"
"may," "will,"  "could," "stands  to," and  "continues," as  well  as
similar expressions.   Such  forward-looking statements  may  involve
known and unknown risks, uncertainties and other factors which  might
cause  the  actual  results,  financial  condition,  performance   or
achievements of  Galapagos, or  industry  results, to  be  materially
different from any historic or future results, financial  conditions,
performance  or   achievements   expressed   or   implied   by   such
forward-looking statements.  Given these uncertainties, the reader is
advised not  to  place any  undue  reliance on  such  forward-looking
statements.  These  forward-looking statements speak  only as of  the
date of publication of this document.  Galapagos expressly  disclaims
any obligation to update any such forward-looking statements in  this
document to  reflect  any  change in  its  expectations  with  regard
thereto or any change in events, conditions or circumstances on which
any such statement is based, unless required by law or regulation.

SilenceSelect�  is a registered trademark of Galapagos NV and/or  its
affiliates.
[1] ADMET is the acronym for Absorption, Distribution, Metabolism,
Excretion and Toxicity; meeting parameters against these five
criteria is critical to the success of a pharmaceutical compound as a
drug

- ---END OF MESSAGE---






Copyright � Hugin ASA 2007. All rights reserved.

Galapagos (LSE:GLPG)
Historical Stock Chart
From Jun 2024 to Jul 2024

Galapagos (LSE:GLPG)
Historical Stock Chart
From Jul 2023 to Jul 2024