Here is some information from the prospectus:
Progenitor is engaged in the discovery and functional characterization of genes to identify targets for the development of new pharmaceuticals. The Company's initial focus is on the identification of genes important in blood and immune cell development, blood vessel development, bone formation, cancer, asthma and schizophrenia. Using its core developmental biology approach and an array of genomics technologies, Progenitor has identified several potential therapeutic targets, and intends to accelerate its discovery of potential targets by accessing complementary gene discovery and characterization technologies. Consistent with this strategy, Progenitor will complete the acquisition of Mercator concurrently with the closing of the Offering. Through the Acquisition, Progenitor gains a complementary gene discovery approach, disease genetics, established discovery programs and worldwide rights to two
genes. The Company intends to use its integrated genomics system to provide its partners with in-depth functional information in support of each therapeutic target. Such well-characterized targets may have the potential to expedite product development and to reduce development costs.
Using its developmental biology approach, the Company has identified the B219 leptin receptor gene, for which it has received one issued U.S. patent and one notice of allowance from the United States Patent and Trademark Office ("USPTO"). The B219 leptin receptor may have therapeutic applications in obesity, diabetes and certain blood and immune cell disorders. The Company also has discovered a red blood cell growth factor activity that may have therapeutic applications in cancer, anemias and other diseases. In addition, the Company has discovered, with its collaborators, a gene that the Company believes may play a role in blood vessel development and bone formation, and may be useful for the development of new therapies for cancer and osteoporosis. Using its disease genetics approach, the Company has identified a gene associated with iron overload, one of the most common genetic disorders. The Company has received two
notices of allowance from the USPTO for two patent applications relating to certain diagnostic markers for this condition. The Company also hasreceived a notice of allowance from the USPTO for a patent application relating to certain genetic mutations within the gene associated with this condition. In addition, the Company has exclusive worldwide rights to the EPM1 epilepsy gene, which also was discovered using this disease genetics approach.
The Company intends to enter into partnerships with biopharmaceutical firms to support gene discovery programs in specific disease areas and, in parallel, to develop certain gene discoveries to a later stage internally before partnering. The Company has entered into a license agreement with Amgen Inc. ("Amgen") relating to certain aspects of the Company's leptin receptor technology, while retaining certain rights, including rights to small molecule screening and cell sorting, for development with potential partners. In
connection with this license agreement, Amgen has agreed to purchase directly from the Company $5.5 million of Common Stock at a price equal to the Unit Shares IPO Price concurrently with the closing of the Offering. The Company is collaborating with Novo Nordisk A/S ("Novo Nordisk") in the isolation,
development and commercialization of the Company's red blood cell growth factor activity. Under these agreements, the Company is entitled to receive milestone and royalty payments in connection with the development and commercialization ofany products.
Developmental biology is the study of the genetic events that control cell growth and differentiation. Because genes responsible for growth and differentiation are expressed at higher levels in developing systems, the Company believes that developing cells and tissues provide a rich and largely unexploited resource for the discovery and characterization of genes with fundamental biological roles. These genes may have significance in the treatment of diseases characterized by abnormal cell growth and differentiation, such as
cancer, blood and immune system disorders and osteoporosis. The Company believes that its expertise in manipulating and analyzing developing cells and tissues may allow it to isolate and characterize the function of these genes. The Company's disease genetics approach incorporates enhanced positional cloning techniques for the discovery of genes associated with complex diseases, and facilitates evaluation of genes discovered using developmental biology. Moreover, the Company's disease genetics approach can identify genes directly
associated with a specific disease that can be functionally characterized using developmental biology. |
