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Parion Sciences and Gilead Sciences Sign Agreement to Advance Drug Candidates for Pulmonary Disease


    Parion Sciences, Inc. and Gilead Sciences, Inc. (Nasdaq:GILD)
    today announced that they have entered into an exclusive licensing and
    co-development agreement focused on P-680, an epithelial sodium
    channel (ENaC) inhibitor discovered by Parion, a privately-held,
    development-stage pharmaceutical company dedicated to treating serious
    diseases resulting from the failure of the body's mucosal defenses.
    The agreement grants Gilead worldwide commercialization rights to
    P-680 for the treatment of pulmonary diseases, including cystic
    fibrosis (CF), chronic obstructive pulmonary disease (COPD) and non-CF
    bronchiectasis. In addition, the companies will collaborate on a
    research program to identify other promising ENaC blocker-based drug
    candidates utilizing Parion's proprietary ENaC-based chemistry
    platform.

    According to the terms of the agreement, Gilead will provide an
    upfront payment of $5 million for the license and make an additional
    $5 million investment in Parion. In addition, under the license,
    Gilead will supply research funding and may make payments upon
    achievements of certain milestones resulting in a potential deal value
    of approximately $146 million. Parion will perform the IND-enabling
    studies for P-680 and will transition development responsibilities to
    Gilead during the Phase I clinical trial period. Parion will also be
    eligible to receive up to double-digit royalties based on potential
    future product sales.

    ENaC inhibitors are unique therapeutic agents that stimulate and
    maintain hydration on the body's mucosal surfaces, including those on
    the lung, mouth, nose, eye and gastrointestinal tract. Restoring the
    hydration of mucosal airway surfaces addresses the fundamental problem
    that produces infections in both acquired and genetic forms of chronic
    lung disease, including COPD and CF.

    "This agreement validates the importance of ENaC inhibitors in the
    treatment of diseases involving defects in the innate defenses of the
    body's mucosal surfaces," said Paul Boucher, Director of Operations of
    Parion. "This partnership enables us to accelerate our development of
    P-680 and broaden our research programs. We are pleased to have the
    support of a company with an outstanding track record in the field of
    infectious diseases and pulmonary medicine."

    "Gilead is committed to building a pipeline of novel respiratory
    therapeutics to advance the care of patients suffering from
    life-threatening diseases, and this partnership complements our
    program for development of aztreonam lysine for inhalation for
    treatment of CF-related lung infections," said A. Bruce Montgomery,
    MD, Senior Vice President, Head of Respiratory Therapeutics, Gilead
    Sciences. "We will work closely with Parion to complete preclinical
    development of P-680 in the hopes of advancing it into clinical
    studies."

    About Parion Sciences

    Based in Durham, NC, Parion Sciences is a privately-held,
    development-stage pharmaceutical company that is leveraging its
    proprietary small molecule chemistry and epithelial biology expertise
    to discover and develop an innovative pipeline of therapies for
    diseases resulting from the failure of the body's mucosal defenses,
    including chronic obstructive pulmonary disorder (COPD), cystic
    fibrosis, bronchiectasis, Sjogren's Syndrome and dry eye. Parion's
    lead product candidate, P-552, is currently in a Phase II clinical
    trial for the treatment of cystic fibrosis and Sjogren's syndrome.
    Parion was founded based on technology from University of North
    Carolina, Chapel Hill (UNC-CH) and has received grant funding from the
    National Institutes of Health (NIH) and the Cystic Fibrosis Foundation
    Therapeutics, Inc.

    For more information about Parion, please visit www.parion.com.

    For more information about the Cystic Fibrosis Foundation, please
    visit www.cff.org.

    About Gilead Sciences

    Gilead Sciences is a biopharmaceutical company that discovers,
    develops and commercializes innovative therapeutics in areas of unmet
    medical need. The company's mission is to advance the care of patients
    suffering from life-threatening diseases worldwide. Headquartered in
    Foster City, California, Gilead has operations in North America,
    Europe and Australia. Visit Gilead on the World Wide Web at
    www.gilead.com.