- Agreement Broadens and Accelerates Gen-Probe's Strategic Move into Oncology
Diagnostics, Moves Additional Corixa Discoveries Toward Product
Commercialization -
SAN DIEGO and SEATTLE, Jan. 5 /PRNewswire-FirstCall/ -- Gen-Probe (Nasdaq: GPRO)
has licensed from Corixa (Nasdaq: CRXA) the rights to develop molecular diagnostic tests for approximately 50 potential genetic
markers in the areas of prostate, ovarian, cervical, kidney, lung and colon cancer, the companies announced today.
"This agreement with Corixa is a significant step forward in our long-term strategy to become a leader in cancer diagnostics," said
Henry L. Nordhoff, chairman, president and chief executive officer of Gen-Probe. "We believe the next two to three years will be a time
of strong product sales growth for Gen-Probe, driven by the roll-out of the TIGRIS(R) system, continued international expansion in
blood screening, and the U.S. approvals of our Procleix(R) Ultrio(TM) and West Nile virus assays. We expect this agreement with
Corixa, together with our collaborations with DiagnoCure, AdnaGen and others, to drive another major cycle of longer-term growth."
Under the terms of the agreement, Gen-Probe will gain access to certain Corixa intellectual property covering multiple genetic
sequences related to potential markers for various cancers. These markers include AMACR for prostate and colon cancers, CA125
for ovarian cancer, and L523S for cervical and lung cancers. In exchange, Gen-Probe will pay Corixa a $1.6 million initial access fee,
and an additional $3.2 million in two equal access fees in January of 2006 and 2007, unless Gen-Probe terminates the agreement.
Gen-Probe also will pay Corixa up to $2 million on a product-by-product basis if certain regulatory and commercial milestones are
achieved. In addition, Gen-Probe will pay Corixa royalties on sales of any products developed using Corixa's intellectual property.
"We are pleased to have entered into a broad relationship with Gen-Probe for the development of multiple nucleic-acid based
diagnostics," said Steven Gillis, Ph.D. chairman and chief executive officer of Corixa. "The transaction underscores value associated
with a number of prior Corixa discoveries and our ability to move these discoveries forward toward possible commercialization. We
welcome Gen-Probe as the most recent of Corixa's diagnostic partners. Previous licensees include DakoCytomation, Abbott
Laboratories and Ortho Biotechnology."
About Gen-Probe
Gen-Probe Incorporated is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective
nucleic acid tests for diagnosing human diseases and screening donated human blood. Using its patented technologies, Gen-Probe
has received FDA approvals or clearances for a broad portfolio of products that detect a variety of infectious microorganisms,
including those causing sexually transmitted diseases, tuberculosis, strep throat, pneumonia and fungal infections. In addition,
Gen-Probe's TIGRIS instrument is the only fully automated, high-throughput system in the molecular diagnostics industry. The
Company also developed and manufactures the only FDA-approved blood screening assay for the simultaneous detection of HIV-1
and HCV, which is marketed by Chiron Corporation. Gen-Probe has more than 20 years of nucleic acid detection research and
product development experience, and its products are used daily in clinical laboratories and blood collection centers throughout the
world. Gen-Probe is headquartered in San Diego, California and employs approximately 900 people. For more information, go to
www.gen-probe.com.
About Corixa
Corixa is a biopharmaceutical company developing vaccine adjuvants and immunology based products that manage human
diseases. Corixa's products are currently in multiple clinical development programs, including several that have advanced to and
through late stage clinical trials. The company partners with numerous developers and marketers of pharmaceuticals, targeting
products that are Powered by Corixa(TM) technology with the goal of making its potential products available to patients around the
world. Corixa was founded in 1994 and is headquartered in Seattle, with additional operations in Hamilton, Montana. For more
information, please visit Corixa's Web site at www.corixa.- Agreement Broadens and Accelerates Gen-Probe's Strategic Move into Oncology
Diagnostics, Moves Additional Corixa Discoveries Toward Product
Commercialization - SAN DIEGO and SEATTLE, Jan. 5 /PRNewswire-FirstCall/ -- Gen-Probe (Nasdaq: GPRO)
has licensed from Corixa (Nasdaq: CRXA) the rights to develop molecular diagnostic tests for approximately 50 potential genetic
markers in the areas of prostate, ovarian, cervical, kidney, lung and colon cancer, the companies announced today.
"This agreement with Corixa is a significant step forward in our long-term strategy to become a leader in cancer diagnostics," said
Henry L. Nordhoff, chairman, president and chief executive officer of Gen-Probe. "We believe the next two to three years will be a time
of strong product sales growth for Gen-Probe, driven by the roll-out of the TIGRIS(R) system, continued international expansion in
blood screening, and the U.S. approvals of our Procleix(R) Ultrio(TM) and West Nile virus assays. We expect this agreement with
Corixa, together with our collaborations with DiagnoCure, AdnaGen and others, to drive another major cycle of longer-term growth."
Under the terms of the agreement, Gen-Probe will gain access to certain Corixa intellectual property covering multiple genetic
sequences related to potential markers for various cancers. These markers include AMACR for prostate and colon cancers, CA125
for ovarian cancer, and L523S for cervical and lung cancers. In exchange, Gen-Probe will pay Corixa a $1.6 million initial access fee,
and an additional $3.2 million in two equal access fees in January of 2006 and 2007, unless Gen-Probe terminates the agreement.
Gen-Probe also will pay Corixa up to $2 million on a product-by-product basis if certain regulatory and commercial milestones are
achieved. In addition, Gen-Probe will pay Corixa royalties on sales of any products developed using Corixa's intellectual property.
"We are pleased to have entered into a broad relationship with Gen-Probe for the development of multiple nucleic-acid based
diagnostics," said Steven Gillis, Ph.D. chairman and chief executive officer of Corixa. "The transaction underscores value associated
with a number of prior Corixa discoveries and our ability to move these discoveries forward toward possible commercialization. We
welcome Gen-Probe as the most recent of Corixa's diagnostic partners. Previous licensees include DakoCytomation, Abbott
Laboratories and Ortho Biotechnology."
About Gen-Probe
Gen-Probe Incorporated is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective
nucleic acid tests for diagnosing human diseases and screening donated human blood. Using its patented technologies, Gen-Probe
has received FDA approvals or clearances for a broad portfolio of products that detect a variety of infectious microorganisms,
including those causing sexually transmitted diseases, tuberculosis, strep throat, pneumonia and fungal infections. In addition,
Gen-Probe's TIGRIS instrument is the only fully automated, high-throughput system in the molecular diagnostics industry. The
Company also developed and manufactures the only FDA-approved blood screening assay for the simultaneous detection of HIV-1
and HCV, which is marketed by Chiron Corporation. Gen-Probe has more than 20 years of nucleic acid detection research and
product development experience, and its products are used daily in clinical laboratories and blood collection centers throughout the
world. Gen-Probe is headquartered in San Diego, California and employs approximately 900 people. For more information, go to
www.gen-probe.com.
About Corixa
Corixa is a biopharmaceutical company developing vaccine adjuvants and immunology based products that manage human
diseases. Corixa's products are currently in multiple clinical development programs, including several that have advanced to and
through late stage clinical trials. The company partners with numerous developers and marketers of pharmaceuticals, targeting
products that are Powered by Corixa(TM) technology with the goal of making its potential products available to patients around the
world. Corixa was founded in 1994 and is headquartered in Seattle, with additional operations in Hamilton, Montana. For more
information, please visit Corixa's Web site at www.corixa.com. |
