SOURCE: Theravance, Inc.

June 12, 2006 08:30 ET

Theravance Announces Second Compound's Entry Into Phase 2b Clinical Program in Beyond Advair Collaboration With GlaxoSmithKline

SOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- June 12, 2006 -- Theravance, Inc. (NASDAQ: THRX) announced today that GlaxoSmithKline (GSK) has enrolled the first patient in a Phase 2b clinical program with compound 642444 ('444), an investigational long-acting beta2 agonist (LABA), in patients with mild to moderate asthma. The collaboration now has two compounds in this phase of development in the Beyond Advair collaboration: '444, a GSK-discovered compound, and 159797 ('797), a Theravance-discovered compound. The goal of this collaboration is to develop a once-a-day inhaled combination medicine comprised of a LABA and a corticosteroid for the treatment of asthma and chronic obstructive pulmonary disease.

"We are pleased with the continued progress of the Beyond Advair clinical program," said Michael Kitt, MD, Senior Vice President, Development at Theravance. "The movement of a second compound into the Phase 2 program is a direct result of the commitment that both Theravance and GSK have to improving the treatment options in this important therapeutic area."

About Theravance

Theravance is a biopharmaceutical company with a pipeline of internally discovered product candidates. Theravance is focused on the discovery, development and commercialization of small molecule medicines across a number of therapeutic areas including respiratory disease, bacterial infections and gastrointestinal motility dysfunction. Of the five programs in development, two are in late stage -- its telavancin program focusing on treating serious Gram-positive bacterial infections with Astellas Pharma Inc. and the Beyond Advair collaboration with GlaxoSmithKline. By leveraging its proprietary insight of multivalency to drug discovery focused on validated targets, Theravance is pursuing a next generation drug discovery strategy designed to discover superior medicines in large markets. For more information, please visit the company's web site at

THERAVANCE®, the Theravance logo, and MEDICINES THAT MAKE A DIFFERENCE® are registered trademarks of Theravance, Inc.

This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives and future events. Theravance intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements relating to the goals of clinical studies, statements regarding the potential benefits of drug candidates, the enabling capabilities of Theravance's approach to drug discovery and its proprietary insights and statements concerning expectations for product candidates through development. These statements are based on the current estimates and assumptions of the management of Theravance as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Theravance to be materially different from those reflected in its forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to delays or difficulties in completing clinical, the potential that results of clinical studies indicate product candidates are unsafe, ineffective, inferior or not superior, delays or failure to achieve regulatory approvals, and risks of collaborating with third parties to develop and commercialize products. These and other risks are described in greater detail under the heading "Risk Factors" contained in Item 1A of Theravance's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 8, 2006, and the risks discussed in our other filings with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Theravance assumes no obligation to update its forward-looking statements.

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