Took this off the company website, seems like
the best way to kick off the new thread.
MEGABIOS AND GeneMedicine COMPLETE MERGER
COMBINED COMPANY TO BE NAMED VALENTIS, INC.
Burlingame, Calif., Match 19, 1999 -- Megabios Corp. (NASDAQ:MBIO)
and GeneMedicine Inc. (NASDAQ:GMED) announced today the completion
of the merger of the two companies. The combined company intends
to operate under the new name of Valentis, Inc. in the near future.
"The merger of Megabios and GeneMedicine creates a new company with
a stronger and broader technology platform, outstanding partners and
a diversified portfolio of products in clinical and preclinical
development," said Benjamin F. McGraw, III, Chairman, President and
CEO of Megabios. "We believe the combination of these companies will
result in Valentis emerging as the obvious partnering choice for
biotechnology and pharmaceutical companies pursuing plasmid-based
gene medicines."
The technology focus of Valentis (the combination of Megabios and
GeneMedicine) will continue to be gene delivery and its applications
in the development of gene medicines for diseases with high unmet
medical need. Valentis has seven products in clinical development.
In oncology, the Company is developing interleukin-2 (IL-2) and alpha
interferon (INF-a) in a partnership with Hoffman La Roche and a
combination of IL-2 and superantigen-B (IL-2/SEB) under a grant
from the National Cancer Institute. In the cardiovascular area,
the Company has a vascular endothelial growth factor (VEGF) in
two physician-sponsored phase II trials for peripheral vascular
disease and coronary artery disease. In the pulmonary field, Valentis
has completed a phase I/II trial of alpha-1 antitrypsin (AAT), and
has a cystic fibrosis product in clinical development with Glaxo
Wellcome.
The Company also has a number of products in preclinical development
including IL-12 and cytokine combinations for cancer applications
with Roche and partnerships with Eli Lilly for the development
of BRCA-1 for breast and ovarian cancer, Heska for animal health
products and Merck for the Company's GeneSwitch™ technology.
Valentis, through its partnership with DSM Biologics, offers a
complete solution for manufacturing ultra-pure plasmids from
laboratory scale through commercial-level production. This
partnership is currently marketing the manufacture of plasmid
DNA to the biotechnology and pharmaceutical industries. This
creates near term revenue opportunities in advance of the launch
of commercial gene medicines.
Megabios is a leader in the field of gene medicines. The Company
develops proprietary gene delivery systems and applies its preclinical
and early clinical development expertise to create gene-based
products. The Company's core technologies include multiple gene
delivery and gene expression systems, each able to be applied to
specific clinical targets. These technologies are covered by a
broad patent portfolio that includes issued U.S. and European claims
for the use of any cationic lipid combined with DNA and administered
by injection or inhalation, the most common routes of administration
in gene therapy. The Company's commercial strategy is to enter into
corporate partnerships for full-scale clinical development and
marketing and sales of products. The company is in the process of
establishing a new website at www.valentis.com. Additional information
can be found at www.megabios.com and www.gmed.com.
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