SAN DIEGO, June 29 /PRNewswire/ -- Diversa Corporation (Nasdaq: DVSA - news) announced today that it has agreed to release IntraBiotics Pharmaceuticals, Inc. from all obligations under the Drug Discovery, Development, and License Agreement signed in January 2001. This agreement was reached following IntraBiotics's announcement on May 31 of a major restructuring and workforce reduction intended to conserve their capital.
Under this agreement, IntraBiotics will make aggregate payments of $2.45 million to Diversa in 2001. In addition, Diversa will receive warrants to purchase 700,000 shares of IntraBiotics's stock at an exercise price of $2.00 per share. Finally, Diversa will own all of the materials and data generated under the research program, as well as the antimicrobial assays developed by IntraBiotics that were part of the research program. This arrangement does not alter the financial guidance provided by Diversa in April of this year.
``We wish the entire IntraBiotics organization success with their current clinical trial. While we are disappointed that circumstances at IntraBiotics prevent our continuing collaboration, Diversa will pursue the antimicrobial research program independently,'' stated Jay M. Short, Ph.D., President and Chief Executive Officer of Diversa. Diversa's small molecule program is focused on the discovery of novel orally active drugs, such as antibiotics, anti-fungals, and anti-tumor compounds... |
