New Windsor and Hawthorne, New York – (August 15, 2011) – Acorda Therapeutics, Inc. (Nasdaq: ACOR), a biotechnology company that develops and commercializes novel therapies to improve, repair or restore function in people with neurological disorders, has joined leading life sciences businesses located in the Hudson Valley as a founding member of NY BioHud Valley. NY BioHud Valley is an organization dedicated to recognizing and promoting the growing cluster of biotech/pharmaceutical/life sciences companies located in the Hudson Valley, home to more than 60 biotech and pharmaceutical companies.
“Acorda has been based in the Hudson Valley for over a decade and we are proud to have contributed to building a vibrant biotechnology community in the area,” said Ron Cohen, M.D., president and CEO of Acorda Therapeutics. “In collaboration with its founding members, NY BioHud Valley will be an important voice in attracting a broad range of high quality biotech companies and skilled professionals to this region to support the continued growth of the Hudson Valley biotechnology corridor.”
Hudson Valley Economic Development Corporation recognizes the area has a growing cluster of biotech/pharmaceutical companies located in the lower Hudson Valley region. The goal of the NY BioHud Valley partners, with the contribution of county, state and federal government entities, is to provide an environment allowing these businesses to expand while also attracting new businesses into the region by showcasing existing infrastructure, highly educated workforce, proximity to world-class research, ready access to venture capital and competitive real estate opportunities. In addition, NY BioHud Valley has created a pro-business advocacy campaign designed to reduce legislative burdens, foster collaboration among our biotech/pharmaceutical companies and educational institutions and assist companies with access to venture capital.
“We’re proud to have a company like Acorda Therapeutics be part of the NY BioHud Valley as a founding member,” said Mike Oates, CEO and President of the HVEDC. “Acorda is an example of the kind of innovative biotechnology company that has and can continue to grow and expand here in the Hudson Valley.”
“Acorda’s evolution from fledgling start-up to flourishing corporation embodies the best of the NY BioHud Valley region,” stated Westchester County’s Director of Economic Development, Laurence Gottlieb. “Tapping into their leadership DNA will help us replicate Acorda’s success, as we continue constructing the fastest-growing biotech cluster in the nation.”
NY BioHud Valley consists of a broad range of companies including Astellas Pharma US Inc., Aureon Biosciences Inc., BioMed Realty Trust Inc., C.W. Brown Inc., IBM, M&T Bank, National RE/Sources, New York Medical College, Better Homes and Gardens Real Estate – Rand Commercial Services, Regeneron and TD Bank.
About Acorda Therapeutics
Acorda Therapeutics is a biotechnology company developing therapies for multiple sclerosis, spinal cord injury and related nervous system disorders. The Company is commercializing and marketing AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg, in the Unites States. AMPYRA is a potassium channel blocker approved as a treatment to improve walking in patients with multiple sclerosis (MS); this was demonstrated by an improvement in walking speed. AMPYRA was developed using Elan’s Matrix Drug Absorption System (MXDAS®) technology and is manufactured by Elan based on a supply agreement with Acorda.
Acorda also markets ZANAFLEX CAPSULES® (tizanidine hydrochloride), a short-acting drug for the management of spasticity. The Company’s pipeline includes a number of products in development for the treatment, regeneration and repair of the spinal cord and brain.
About Hudson Valley Economic Development Corporation (HVEDC)
HVEDC represents seven counties in Hudson Valley. This public-private partnership markets the region as a prime business location to corporate executives, site selection consultants and real estate brokers. HVEDC also helped start the branding and promotional effort for NY BioHud Valley. For more information on Hudson Valley Economic Development Corporation or to review available business sites, visit www.hvedc.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, regarding management’s expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including Acorda Therapeutics’ ability to successfully market and sell Ampyra in the United States and to successfully market Zanaflex Capsules; third party payors (including governmental agencies) may not reimburse for the use of Ampyra at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; the risk of unfavorable results from future studies of Ampyra; the occurrence of adverse safety events with our products; delays in obtaining or failure to obtain regulatory approval of Ampyra outside of the United States and our dependence on our collaboration partner Biogen Idec in connection therewith; competition; failure to protect Acorda Therapeutics’ intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; the ability to obtain additional financing to support Acorda Therapeutics’ operations; and, unfavorable results from our research and development programs. These and other risks are described in greater detail in Acorda Therapeutics’ filings with the Securities and Exchange Commission. Acorda Therapeutics may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this release are made only as of the date hereof, and Acorda Therapeutics disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
