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| Highlights |
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 The strategic collaboration agreement entered into
with Sanofi-Aventis in 1997 was renewed for 2005. At the end of the year, the Research phase of the collaboration
ceased with Cerep delivering drug candidates to its partner.
The strategic collaboration on BioPrint® signed with Pfizer
in 2003 and renewed in 2004 was extended for 2005 and will last into 2006.
The major scientific partnership agreement signed
in 2003 with Eli Lilly & Company and renewed in 2004 continued through 2005 and will continue through 2006.
In December 2005, Cerep announced the entry into phase I of
a second LFA-1 antagonist discovered during the collaboration with Bristol-Myers Squibb. This represented the second success of
this partnership. The first compound identified by the partners entered clinical phase I in the second half of 2003 and
started phase II of clinical trial during the first quarter of 2005. Milestones payments are associated to the success
of these programs. In addition Cerep will receive royalties on sales when a compound reaches the market*.
In December 2005, Cerep also reported encouraging interim
results of Phase I/II trials for its anti cancer drug. (see our press release dated December 20, 2005). These trials are carried
out by Cerep’s 100% subsidiary – Anceris - which acquisition was finalized on January 7, 2005.
The major service agreements concluded by Cerep during the
past two years were all renewed for 2006.
The in vivo pharmacology activity was closed during the year.
As of the month of June 2005, Cerep did not generate any revenue from this activity.
Chemistry activities, located in Rueil-Malmaison were
transferred to Villebon-sur-Yvette in the second half of the year. Facilities in Villebon were acquired by Cerep
and financed through a real-estate financial lease.
Cerep’s headquarters were transferred to Paris.
* subject to the successful completion of the clinical trials
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