AnorMED Inc has entered into a licensing agreement with Bristol-Myers Squibb Medical Imaging, Inc. for use of AnorMED's HYNIC linker technology in the commercial development of products to be used for diagnostic medical imaging of cardiovascular diseases.

AnorMED's HYNIC linker technology provides for efficient linking of technetium, the most commonly used imaging isotope, to an agent that targets the affected tissue. Medical imaging is used for the diagnosis and prognosis of a variety of diseases including cardiovascular disease, inflammation and cancer, among others.

"The agreement with Bristol-Myers Squibb Medical Imaging is an important partnership that will allow us to maximize the potential of this innovative technology and expand our portfolio of products in development," said Mike Abrams, President and CEO of AnorMED. "Improved diagnostic imaging tools are critical to the early diagnosis of cardiovascular diseases, and we are excited about the potential of our HYNIC technology in this area," continued Abrams.

Under the terms of the licensing agreement, AnorMED will receive a non-refundable upfront payment of US$100,000 as well as annual payments ending in 2007. AnorMED will also receive milestone payments upon approval of New Drug Applications in the US as well as a royalty based on sales of products that incorporate AnorMED's HYNIC linker technology.

AnorMED's core strength involves the application of chemistry, biochemistry and biology to the discovery and development of small molecule therapeutics for the treatment of diseases including HIV, inflammation and cancer. AnorMED's clinical products include: Fosrenol, exclusively licensed to Shire Pharmaceuticals Group plc, for which, subject to regulatory approval, a launch is planned for 2003; AMD-3100, a potential new agent for stem cell transplant in cancer patients currently completing Phase I trials, with a Phase II trial planned for 2002; AMD-070 a new HIV entry inhibitor drug candidate expected to start clinical trials in 2003; and AMD-473, a new platinum based anti-cancer agent that has completed a number of Phase I andPhase II trials. AnorMED's HYNIC linker technology has also been licensed, non-exclusively, to North American Scientific Inc (NASI), for their radiopharmaceutical development program. NASI's Hynic-Annexin V, which is based on the Apomate technology platform that uses AnorMED's HYNIC linker technology, is a prognostic imaging agent currently in Phase I/II trials for cancer and other diseases.